As The Washington Post Company worked to restructure its ailing Kaplan education unit, the Q3 net loss was $6.2 million, compared to net income of $60.9 million a year ago. The company’s TV division also posted a decline, although it at least had the excuse that it was an off-year for political spending.
Excluding the one-time charges, the net income attributable to common shares was $39.2 million – still a big drop from $81.4 million a year earlier.
For the Post-Newsweek Stations, revenues decline 11% to $73.8 million – with the decline almost exactly in line with the $9.6 million decline in political. Operating income for the TV division was down 5% to $24.1 million.
The newspaper division saw revenues decline 9% to $149.3 million, with print advertising revenue at the Washington Post plunging 20% to $57.6 million. Online revenues, primarily washingtonpost.com and Slate, dropped 14% to $23.3 million. The print division operating loss grew to $9.9 million from $1.7 million a year earlier.
Kaplan saw revenues decline 16% to $615.9 million. Operating income fell to $18 million from $106 million a year earlier.