Washington Post 2002 Annual Report Download - page 57

N. SUMMARY OF QUARTERLY OPERATING RESULTS AND COMPREHENSIVE INCOME (UNAUDITED)
Quarterly results of operations and comprehensive income for the years ended December 29, 2002 and December 30, 2001 are as
follows (in thousands, except per share amounts):
First Second Third Fourth
Quarter Quarter Quarter Quarter
2002 Quarterly Operating Results
Operating revenues
Advertising****************************************************************** $273,564 $316,102 $292,523 $344,645
Circulation and subscriber *************************************************** 161,298 168,614 171,535 173,689
Education ******************************************************************* 146,929 149,695 160,454 164,047
Other *********************************************************************** 18,531 13,292 15,781 13,504
600,322 647,703 640,293 695,885
Operating costs and expenses
Operating******************************************************************* 333,239 335,443 342,411 358,862
Selling, general and administrative ******************************************* 176,866 160,387 162,642 164,200
Depreciation of property, plant and equipment ******************************** 41,173 41,286 45,808 43,641
Amortization of goodwill and other intangibles ******************************** 152 159 172 172
551,430 537,275 551,033 566,875
Income from operations ******************************************************** 48,892 110,428 89,260 129,010
Equity in losses of affiliates*************************************************** (6,506) (9,183) (1,254) (2,366)
Interest income ************************************************************** 133 59 69 71
Interest expense ************************************************************* (8,867) (8,797) (8,717) (7,438)
Other income (expense), net************************************************** 6,454 (5,963) 1,115 27,268
Income before income taxes and cumulative effect of change in accounting
principle ******************************************************************** 40,106 86,544 80,473 146,545
Provision for income taxes****************************************************** 16,400 35,400 32,700 52,800
Income before cumulative effect of change in accounting principle**************** 23,706 51,144 47,773 93,745
Cumulative effect of change in method of accounting for goodwill and other
intangible assets,net of taxes(1)
*********************************************** (12,100) — — —
Net income ******************************************************************* 11,606 51,144 47,773 93,745
Redeemable preferred stock dividends ****************************************** (525) (259) (249) —
Net income available for common shares *************************************** $ 11,081 $ 50,885 $ 47,524 $ 93,745
Basic earnings per common share:
Before cumulative effect of change in accounting principle *********************** $ 2.44 $ 5.35 $ 5.00 $ 9.86
Cumulative effect of change in accounting principle ***************************** (1.27) — — —
Net income available for common shares *************************************** $ 1.17 $ 5.35 $ 5.00 $ 9.86
Diluted earnings per common share:
Before cumulative effect of change in accounting principle *********************** $ 2.43 $ 5.34 $ 4.99 $ 9.83
Cumulative effect of change in accounting principle ***************************** (1.27) — — —
Net income available for common shares *************************************** $ 1.16 $ 5.34 $ 4.99 $ 9.83
Basic average number of common shares outstanding**************************** 9,498 9,503 9,506 9,509
Diluted average number of common shares outstanding ************************** 9,512 9,521 9,523 9,537
2002 Quarterly Comprehensive Income***************************************** $ 3,380 $ 47,493 $ 58,333 $ 90,861
The sum of the four quarters may not necessarily be equal to the annual amounts reported in the Consolidated Statements of Income due
to rounding.
(1) Cumulative effect charge presented in the first quarter as required by SFAS 142.
2002 FORM 10-K 55