Washington Post 2004 Annual Report Download - page 13

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2004 ANNUAL REPORT
11
Our earnings will fluctuate. Post–Newsweek Stations makes much more in even-
numbered (election/Olympics) years than in odd-numbered years. All our media
businesses are cyclical, some highly so. We make no effort to smooth things out;
we pay no attention to quarterly results or to Wall Street’s estimates of them.
Acquisitions or other important decisions are carefully reviewed by a strong-minded
board of directors. Here, we know we were fortunate in 2004. Melinda Gates, co-
founder of the Bill and Melinda Gates Foundation, the world’s largest non-profit,
joined our board.
Donald E. Graham
Chairman of the Board
Chief Executive Officer
February 25, 2005
ALL OUR INTEREST FOCUSES ON MAKING THE COMPANY AS VALUABLE
AS POSSIBLE MANY YEARS FROM NOW.