Washington Post Posts Loss, Though 2012 Performance Remained Stable
The Washington Post Co. (NYSE:WPO) posted a fourth quarter loss, as reported by none other than, well, the Washington Post.
The loss equated to $45.7 million, or $6.57 per share. The company took $113 million in after-tax charges for writedowns, mostly for restructuring purposes at Kaplan, the Post’s education-based subsidiary.
In the same period last year, the Post had a profit of $61.7 million, or $8.03 per share.
The Washington Post Co. also says that were it not for the writedowns, the company made $78.8 million in the fourth quarter, representing a 15 percent increase over 2011. Cash flow and the company’s cash positions was strong and in good shape, despite ad revenue being down by about 12 percent for the quarter.
Shares were up 13 percent year over year for 2012, having risen from $14.70 in 2011 to $17.39 in 2012. The Post’s four main subsidiaries, though, had mixed results in contributing to the growth…