Washington Post 2006 Annual Report Download - page 4

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ToOur Shareholders
ALetter from Donald E. Graham
Our company owns four large businesses, and it was a
terrific year for three of them.
It was a poor year, however, for the business we are
named for, The Washington Post. Circulation continued
to fall and a sharp drop in classified advertising raised
questions about the future of the business. I don’t have
all the answers for these questions.
This is a report to shareholders so it will begin with the
overall prospects for the company, which are good.
The Washington Post Company owns two businesses with
prospects of growing operating income. Our ownership
of Kaplan and Cable ONE is not exactly a tribute to our
strategic planning.
We bought Kaplan because Dick Simmons, then presi-
dent of The Post Company and now a director, got a tip
from a former colleague that Stanley Kaplan, a great
teacher and the founder of the test preparation business,
was ready to sell his company.