Washington Post 1999 Annual Report Download - page 8

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Fiscal year ended
January 2, January 3, December 28,
(in thousands, except share amounts) 2000 1999 1997
Operating Revenues
Advertising . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,330,560 $ 1,297,621 $ 1,236,877
Circulation and subscriber .................................................. 579,693 547,450 519,620
Education..................................................................... 240,075 171,372 117,268
Other .......................................................................... 65,243 93,917 82,488
2,215,571 2,110,360 1,956,253
Operating Costs and Expenses
Operating ..................................................................... 1,189,734 1,139,177 1,019,869
Selling, general and administrative....................................... 474,586 453,149 449,996
Depreciation of property, plant and equipment .......................... 104,235 89,248 71,478
Amortization of goodwill and other intangibles ......................... 58,563 49,889 33,559
1,827,118 1,731,463 1,574,902
Income from Operations..................................................... 388,453 378,897 381,351
Equity in (losses) earnings of affiliates................................... (8,814) (5,140) 9,955
Interest income .............................................................. 1,097 1,137 3,471
Interest expense ............................................................. (26,786) (11,538) (1,252)
Other income, net............................................................ 21,435 304,703 69,549
Income Before Income Taxes......................................... 375,385 668,059 463,074
Provision for I ncome Taxes ............................................... 149,600 250,800 181,500
Net Income..................................................................... 225,785 417,259 281,574
Redeemable Preferred Stock Dividends.................................. (950) (956) (956)
Net Income Available for Common Shares.............................. $224,835 $ 416,303 $ 280,618
Basic Earnings Per Common Share ....................................... $22.35 $ 41.27 $ 26.23
Diluted Earnings Per Common Share..................................... $22.30 $ 41.10 $ 26.15
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Fiscal year ended
January 2, January 3, December 28,
(in thousands) 2000 1999 1997
Net Income..................................................................... $225,785 $ 417,259 $ 281,574
Other Comprehensive (Loss) Income
Foreign currency translation adjustments................................ (3,289) (1,136) (5,127)
Change in net unrealized gain on available-for-sale securities .......... (48,176) 68,768 (5,121)
Less reclassification adjustment for realized gains
included in net income ................................................... (11,995) — —
(63,460) 67,632 (10,248)
Income tax benefit (expense) related to other
comprehensive (loss) income ............................................ 23,460 (26,819) 1,997
(40,000) 40,813 (8,251)
Comprehensive Income................................................ $ 185,785 $ 458,072 $ 273,323
The information on pages 44 through 55 is an integral part of the financial statements.
39THE WASHINGTON POST COMPANY
CONSOLIDATED STATEMENTS OF INCOME