Washington Post 2003 Annual Report Download - page 41

PART II
Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities.
The Company's Class B Common Stock is traded on the New York Stock Exchange under the symbol ""WPO.'' The
Company's Class A Common Stock is not publicly traded.
The high and low sales prices of the Company's Class B Common Stock during the last two years were:
2003 2002
Quarter High Low High Low
January Ó MarchÏÏÏÏÏÏÏ $764 $659 $618 $520
April Ó June ÏÏÏÏÏÏÏÏÏÏÏ 741 679 634 545
July Ó SeptemberÏÏÏÏÏÏÏ 752 650 675 516
October Ó December ÏÏÏ 820 667 743 646
During 2003 the Company repurchased 910 shares of its Class B Common Stock.
At January 30, 2004, there were 28 holders of record of the Company's Class A Common Stock and 998 holders of
record of the Company's Class B Common Stock.
Both classes of the Company's Common Stock participate equally as to dividends. Quarterly dividends were paid at the
rate of $1.45 per share during 2003 and $1.40 per share during 2002.
Item 6. Selected Financial Data.
See the information for the years 1999 through 2003 contained in the table titled ""Ten-Year Summary of Selected
Historical Financial Data'' which is included in this Annual Report on Form 10-K and listed in the index to financial information
on page 25 hereof (with only the information for such years to be deemed filed as part of this Annual Report on
Form 10-K).
Item 7. Management's Discussion and Analysis of Financial Condition and Results of
Operations.
See the information contained under the heading ""Management's Discussion and Analysis of Results of Operations and
Financial Condition'' which is included in this Annual Report on Form 10-K and listed in the index to financial information on
page 25 hereof.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
The Company is exposed to market risk in the normal course of its business due primarily to its ownership of marketable
equity securities, which are subject to equity price risk, and to its borrowing activities, which are subject to interest rate risk.
Equity Price Risk
The Company has common stock investments in several publicly traded companies (as discussed in Note C to the
Company's consolidated Financial Statements) that are subject to market price volatility. The fair value of these common
stock investments totaled $247,958,000 at December 28, 2003.
The following table presents the hypothetical change in the aggregate fair value of the Company's common stock
investments in publicly traded companies assuming hypothetical stock price fluctuations of plus or minus 10%, 20% and
30% in the market price of each stock included therein:
Value of Common Stock Investments Value of Common Stock Investments
Assuming Indicated Decrease in Assuming Indicated Increase in
Each Stock's Price Each Stock's Price
¿30% ¿20% ¿10% °10% °20% °30%
$173,571,000 $198,366,000 $223,162,000 $272,754,000 $297,550,000 $322,345,000
During the 20 quarters since the end of the Company's 1998 fiscal year, market price movements caused the aggregate
fair value of the Company's common stock investments in publicly traded companies to change by approximately 20% in
one quarter, 15% in five quarters and by less than 10% in each of the other 14 quarters.
2003 FORM 10-K 21