logo-loader

Shares in The Washington Post fall 7% after second quarter update

Published: 03:03 07 Aug 2010 BST

no_picture_pai

The Washington Post Company (“Washington Post) (NYSE: WPO) announced that revenue for the second quarter increased by 11% to $1.2 billion compared to $1.08 billion in the corresponding period last year.  Operating income increased in the second quarter of 2010 to $163.5 million from $19.5 million in the second quarter of 2009, primarily due to a 26% reduction in depreciation charges. 


Revenues from the Kaplan Education division totalled $747.3 million, a 15% rise on the comparable period of 2009.  The division netted $109 million in operating income, an 88% increase from the second quarter of 2009. 

Washington Post expressed that the division may be impacted negatively if its education programs do not qualify for financial aid under the Department of Education's new rules. 


Due to increased monthly rates for basic subscribers, revenues from the Cable and Television division totalled $190.6 million, a 2% increase from the comparable period of 2009.  The division netted $43.8 million in operating income and $39.8 million, respectively, a 10% increase.  The number of total subscribers declined slightly by 1% due to a reduction in basic subscribers and digital subscribers. 


Newspaper Publishing's revenue rose 2% to $172.7 million compared to the second quarter of 2009.  The division’s operating loss stood at $(14.3) million as its print media continues to struggle. 


Television Broadcasting's revenue increased 24% to $66.7 million compared to second quarter of 2009.  

Operating income for the second quarter of 2010 increased by 108% to $29.8 million.  Improved advertising demand in all markets and most product categories, particularly automotive, was responsible for the increase in revenue and operating income.


Washington Post's stock closed down 7.6% to $377.56.

Ariana Resources updates resource and reserve; realises long-term strategy

Joining Jonathan Jackson in the Proactive studio is Ariana Resources PLC (AIM:AAU) managing director Kerim Sener, who sits down to discuss the latest resource and reserve update for the Zenit Mining Operations in Western Türkiye. The update encompasses the Kiziltepe and Tavsan sectors, operated...

5 hours, 27 minutes ago