The Washington Post Company
) third-quarter 2013 adjusted earnings from continuing operations
came in at $7.26 per share, down from $7.69 earned in the
Including one-time items and discontinued operations, this
Zacks Rank #3 (Hold) stock posted quarterly earnings of $4.05
compared with $12.64 per share in the year-ago quarter.
The Washington Post Company, which competes with
Apollo Group Inc.
), said that revenue for the quarter came in at $902.5 million,
up 3% from $877.6 million in the prior-year quarter, reflecting
strength across Cable Television division and Other businesses,
offset by soft performance in the Education and Television
division's revenue went down 1% to $546.5 million, reflecting a
3% fall in Higher Education revenue and 5% drop in Test
Preparation revenue, partly offset by a 4% increase in Kaplan
International revenue. The Education division registered
operating income of $17 million, up 16% from $14.7 million in the
prior-year quarter. Total student enrollment fell 11%
year-over-year but climbed 5% sequentially to 65,158.
revenue plunged 18% to $87.1 million during the quarter, whereas
operating income plummeted 33% to $36.3 million, attributable to
lower political advertising revenue and the absence of summer
Olympics-related advertising that benefited the year-ago quarter.
Revenue from political advertising fell by $15.9 million. These
were partly offset by jump in advertising revenue from the
broadcast of NBA finals at the segment's ABC affiliates in San
Antonio and Miami, and rise in retransmission revenue.
division's revenue rose 1% to $202.4 million. The division
benefited from higher rates, rise in commercial sales and lower
promotional discounts but was offset by fall in basic video
subscribers' base. The division's operating income tumbled
marginally to $39.7 million from $39.9 million in the prior-year
Basic video subscribers fell 7% to 561,119 and telephony
subscribers dropped 2% to 182,643. On the other hand, high-speed
data subscribers increased 1% to 469,296.
Revenue from Other businesses came in at $66.6 million, up
significantly from $20.2 million.
The Washington Post Company completed the divestment of its
newspaper publishing businesses to Jeffrey P. Bezos, founder of
) for $250 million. The sell-off, which includes the flagship
The Washington Post'
, comes as a major development amid bleak economic conditions.
The Washington Post
The Gazette Newspapers
Southern Maryland Newspapers
Fairfax County Times
El Tiempo Latino
and Greater Washington Publishing have been sold.
Earlier, the company had divested its daily and Sunday
, based in Everett, Wash., La Raza, to Black Press Ltd. and its
subsidiary Sound Publishing.
The New York Times Company
) is yet another example of publishing companies which are
shedding assets. Last year in September, the company completed
the sale of About Group, which it acquired in 2005. Moreover, in
May 2012, the company divested its remaining stake (210 Class B
units) in the Fenway Sports Group. The company in Dec 2011 sold
the Regional Media Group. Most recently on Oct 24, 2013, it
completed the sale of New England Media Group.
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