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THE WASHINGTON POST COMPANY
NEWSPAPER/ONLINE PUBLISHING
TELEVISION BROADCASTING
MAGAZINE PUBLISHING
CABLE TELEVISION
EDUCATION
2005
Annual Report

Table of contents

  • Page 1
    T H E W A S H I N G T O N P O S T C O M PA N Y N E W S PA P E R / O N L I N E P U B L I S H I N G T E L E V I S I O N B R OA D C A S T I N G MAGAZINE PUBLISHING CABLE TELEVISION E D U C AT I O N 2005 Annual Report

  • Page 2
    CONTENTS Financial Highlights, 1 Letter to Shareholders, 2 Corporate Directory, 12 Form 10-K

  • Page 3
    ... (in thousands, except per share amounts) 2005 2004 % Change Operating revenue Income from operations Net income Diluted earnings per common share Dividends per common share Common shareholders' equity per share Diluted average number of common shares outstanding $ 3,553,887 $ $ $ $ $ 514,914...

  • Page 4
    ...You need to know them. You also need to know this: all of us at The Washington Post Company feel we have a chance to be a significantly more valuable business a few years from now. That's a chance, not a certainty (certainty departed the media business some time ago). A letter from Donald E. Graham

  • Page 5
    ...its results in the "other" segment. Last year, Kaplan's revenues were 40% of The Post Company's. The education company employs 8,980 people, 55% of the company's total full-time employees. Kaplan is thriving. And it's thriving because of outstanding management, starting with CEO Jonathan Grayer and...

  • Page 6
    .... We account annually for changes in the value of the stock options in Kaplan's compensation plan. You should note that it's a different kind of charge than public companies typically record for stock But despite rapid growth in international education under William Macpherson and in online under...

  • Page 7
    ... charge. The stock comp charges are real - they represent obligations we expect Kaplan became our most profitable business for the first time...Last year, Kaplan's revenues were 40% of The Post Company's. eventually to pay out to Kaplan managers who participate in the plan. Kaplan management has...

  • Page 8
    ... - Kaplan revenue grew 24% in 2005 - is a big challenge, bigger as the business grows. The best answer for a local station is to be number one in its market - number one in local news, for sure - to be the station advertisers have to buy. Local television stations, like local newspapers, used to...

  • Page 9
    ... newspaper in 1971; then or in After a brief hiccup in 2003 - 2004, Post - Newsweek Stations resumed its traditional place: number one in profit margins among group broadcasters. While many broadcasters and managers contributed, Post Company shareholders can congratulate PNS chief executive officer...

  • Page 10
    ... strong staff - to help us meet the challenges The Post faces. Slate, our new acquisition at the start of last year, turned in unexpectedly good results. Editor Jacob Weisberg and his team continued to put out the best site of its kind, and advertisers responded. 8 THE WASHINGTON POST COMPANY

  • Page 11
    ... the long tradition of being about the best in the industry every year. Internal research on customer satisfaction reported a new, ten-year high. External JD Power research continued to rank Cable ONE near the top of the cable industry as well. Basic subscriber growth in the second half of 2005...

  • Page 12
    ... come up with more effective ways to advertise. Thirty-five years ago, when I joined The Washington Post, the future of the media business appeared to be quite predictable. (Indeed, Warren Buffett bought stock in our company a few years later, in part because of that predictability.) Fortunately...

  • Page 13
    .... The challenge is the same as ever: to produce newspapers, magazines and programming that are important to readers and viewers, and to produce top business results. We'll keep you posted. Donald E. Graham Chairman of the Board Chief Executive Officer February 24, 2006 2005 ANNUAL REPORT 11

  • Page 14
    ... Officer, The Washington Post Company John F. Hockenberry Assistant Secretary George W. Wilson (1, 2) President, Concord (NH) Monitor Committees of the Board of Directors (1) Audit Committee (2) Compensation Committee (3) Finance Committee (4) Executive Committee 12 THE WASHINGTON POST COMPANY

  • Page 15
    ... Employer Identification No.) 1150 15th St., N.W., Washington, D.C. (Address of principal executive offices) 20071 (Zip Code) Registrant's Telephone Number, Including Area Code: (202) 334-6000 Securities Registered Pursuant to Section 12(b) of the Act: Title of each class Class B Common Stock...

  • Page 16
    THE WASHINGTON POST COMPANY 2005 FORM 10-K PART I Item 1. Business Newspaper Publishing Television Broadcasting Magazine Publishing Cable Television Operations Education Other Activities Production and Raw Materials Competition Executive OÇcers Employees Forward-Looking Statements ...

  • Page 17
    ...home delivery in the Washington, D.C. metropolitan area, including large portions of Virginia and Maryland. The following table shows the average paid daily (including Saturday) and Sunday circulation of The Post for the 12-month periods ended September 30 in each of the last five years, as reported...

  • Page 18
    ... from The Washington Post edited for a national audience. The National Weekly Edition has a basic subscription price of $78 per year and is delivered by second-class mail to approximately 40,000 subscribers. The Post has about 675 full-time editors, reporters and photographers on its staff; draws...

  • Page 19
    ...is sold specifically for the site. The Gazette Newspapers and Southern Maryland Newspapers together employ approximately 165 editors, reporters and photographers. This division also operates two commercial printing businesses in suburban Maryland. The Herald The Company owns The Daily Herald Company...

  • Page 20
    ... table sets forth certain information with respect to each of the Company's television stations: Station Location and Year Commercial Operation Commenced National Market Ranking(a) Expiration Date of FCC License Expiration Date of Network Agreement Total Commercial Stations in DMA(b) Allocated...

  • Page 21
    ... may negotiate for compensation from cable systems in the form of such things as mandatory advertising purchases by the system operator, station promotional announcements on the system, and cash payments to the station. The analog signal of each of the Company's television stations is being carried...

  • Page 22
    ... and removed the national ownership limit from the periodic FCC review process. In 1999 the FCC amended its local television ownership rule to permit one company to own two television stations in the same market if there are at least eight independently owned full-power television stations in that...

  • Page 23
    ...enable advertisers to direct messages to specific market areas or demographic groups. Domestically, Newsweek ranks second in circulation among the three leading weekly news magazines ( Newsweek, Time and U.S. News & World Report ). For each of the last five years, Newsweek 's average weekly domestic...

  • Page 24
    ... and online information services for the government information technology industry. Specifically, PostNewsweek Tech Media publishes Government Computer News, a news magazine published 34 times per year serving government managers who buy information technology products and services; Washington...

  • Page 25
    ... services, for digital video and cable modem services, and for advertising are all currently exempt from regulation. As previously discussed in the section titled ""Television Broadcasting,'' under the ""must-carry'' requirements of the 1992 Cable Act, a commercial television broadcast station...

  • Page 26
    ...-largest local telephone company in the country, obtained cable franchises in a few states and announced plans to obtain cable franchises covering most of its service territory. Verizon plans to use a fiber-to-the-home technology that will enable it to deliver high-speed data and Internet access...

  • Page 27
    ... that a telephone company's offering of digital subscriber line (""DSL'') Internet access service is also an ""information service.'' At that time, the FCC adopted a general policy statement that the providers of cable modem and DSL services should not interfere with the use of the Internet by their...

  • Page 28
    ...in improving student performance using print- and computer-based supplemental programs, preparing students for state assessment tests and for the SAT and ACT, providing curriculum consulting services and providing professional training for teachers); Graduate and Pre-College (serving high school and...

  • Page 29
    ...offers online test preparation courses for technical certifications in the information technology industry. The courses offered by Kaplan's Professional Division are provided in various formats (including classroom-based instruction, online programs, printed study guides, in-house training and audio...

  • Page 30
    ..., suspended or terminated at the discretion of the Department of Education. A school whose cohort default rate equals or exceeds 25% for three consecutive years will automatically lose its Title IV eligibility for at least two years unless the school can demonstrate 14 THE WASHINGTON POST COMPANY

  • Page 31
    ... by the Department of Education. At the present time schools in four of Kaplan's Title IV reporting units (which collectively accounted for approximately 6% of the Title IV funds received in 2005 by the schools in Kaplan's Higher Education Division) have unresolved show cause orders issued against...

  • Page 32
    ... Company in Fairfax County, Virginia and Prince George's County, Maryland. The Herald and The Enterprise Newspapers are produced at The Daily Herald Company's plant in Everett, Washington, while The Gazette Newspapers and Southern Maryland Newspapers are printed at the commercial printing facilities...

  • Page 33
    ...television, radio, magazines and other advertising media, including direct mail advertising. Express similarly competes with various other advertising media in its service area, including both daily and weekly free-distribution newspapers. The websites produced by Washingtonpost.Newsweek Interactive...

  • Page 34
    ... zip-code targeted home delivery in their respective service areas. The Washington Examiner competes in varying degrees with The Gazette Newspapers, Express and The Washington Post. Late in 2005 Clarity Media Group announced that it will begin publishing a similar type of free-distribution newspaper...

  • Page 35
    ... the Company provides cable television service. In December 2003 News Corporation (""News Corp.''), a global media company that in the United States owns the Fox Television Network, 35 broadcast television stations, a group of regional sports networks and a number of nationally distributed cable...

  • Page 36
    ... also compete for readers' and viewers' time with various other leisure-time activities. Executive Officers The executive officers of the Company, each of whom is elected for a one-year term at the meeting of the Board of Directors immediately following the Annual Meeting of Stockholders held in May...

  • Page 37
    ..., its Corporate Governance Guidelines, the Charters of the Audit and Compensation Committees of the Company's Board of Directors, and the codes of conduct adopted by the Company and referred to in Item 10 of this Annual Report on Form 10-K are each available on the Company's website; printed copies...

  • Page 38
    ... negatively affect the operating results of the Company's newspaper publishing businesses. ‚ Changes in the Extent to Which Standardized Tests Are Used in the Admissions Process by Colleges or Graduate Schools A substantial portion of Kaplan's revenues and operating income are generated by its...

  • Page 39
    ...of land owned by WP Company. In March 2005 WP Company sold the undeveloped land it owned near Dulles Airport in Fairfax County, Virginia (39 acres) and in Prince George's County, Maryland (34 acres). The Daily Herald Company owns its plant and office building in Everett, Washington; it also owns two...

  • Page 40
    ...The Washington Post's Virginia printing plant and include several warehouses. In 1992 Robinson purchased approximately 23 acres of undeveloped land on the Potomac River in Charles County, Maryland, for the possible construction of additional warehouse capacity. The offices of Washingtonpost.Newsweek...

  • Page 41
    ... 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...

  • Page 42
    ...an increase in the interest rates on commercial paper would increase the Company's interest income on commercial paper investments it held at the time and would also increase the Company's interest expense on any commercial borrowings it had outstanding at the time. Assuming a hypothetical 100 basis...

  • Page 43
    ...2005, the Company's Chief Executive Officer submitted to the New York Stock Exchange the annual certification regarding compliance with the NYSE's corporate governance listing standards required by Section 303A.12(a) of the NYSE Listed Company Manual. Item 11. Executive Compensation. The information...

  • Page 44
    ... and Related Stockholder Matters. The information contained under the heading ""Stock Holdings of Certain Beneficial Owners and Management'' and in the table titled ""Equity Compensation Plan Information'' in the definitive Proxy Statement for the Company's 2006 Annual Meeting of Stockholders is...

  • Page 45
    ...Jr. Attorney-in-Fact John B. Morse, Jr. Warren E. BuÃ...ett Christopher C. Davis Barry Diller John L. Dotson Jr. Melinda French Gates George J. Gillespie, III Ronald L. Olson Alice M. Rivlin Richard D. Simmons George W. Wilson An original power of attorney authorizing Donald E. Graham, John B. Morse...

  • Page 46
    INDEX TO FINANCIAL INFORMATION THE WASHINGTON POST COMPANY Page Management's Discussion and Analysis of Results of Operations and Financial Condition (Unaudited Financial Statements and Schedules: Report of Independent Registered Public Accounting Firm Consolidated Statements of Income and ...

  • Page 47
    ... 53 weeks in 2004), with declines in national and retail, offset by increases in zoned and classified recruitment advertising. Circulation volume continued a downward trend. However, the Company's online publishing businesses, Washingtonpost.Newsweek Interactive and Slate, showed 29% revenue growth...

  • Page 48
    ... in circulation revenue at The Post, and a 3% decline in Newsweek circulation revenues due primarily to subscription rate declines at the domestic and international editions of Newsweek. Revenue growth at Kaplan, Inc. (about 27% of which was from acquisitions) accounted for the increase in education...

  • Page 49
    ... in Houston ranked fourth. Magazine Publishing Division. Revenue for the magazine publishing division totaled $344.9 million for 2005, a 6% decline from $366.1 million in 2004. The revenue decline in 2005 reflects the weak domestic and international advertising environment at Newsweek, particularly...

  • Page 50
    ... certain intangibles. Under the stock-based incentive plan, the amount of compensation expense varies directly with the estimated fair value of Kaplan's common stock and the number of stock options and stock awards outstanding. The Company recorded total stock compensation expense of $3.0 million in...

  • Page 51
    ... compared to 2003. Circulation revenue at The Post was up 2% for 2004 due to an increase in home delivery prices in 2003 and an extra week in fiscal 2004. Daily circulation at The Post declined 2.6% and Sunday circulation declined 2.3% in 2004; average daily circulation totaled 726,000 (unaudited...

  • Page 52
    ... decline in costs associated with the Kaplan stock option plan and the establishment of the Kaplan Educational Foundation, as discussed previously. A summary of operating results for 2004 compared to 2003 is as follows (in thousands): 2004 2003 % Change Revenue Supplemental educationÏÏÏÏ $ 575...

  • Page 53
    ...from the sale of the Company's interest in the International Herald Tribune. FINANCIAL CONDITION: CAPITAL RESOURCES AND LIQUIDITY Acquisitions, Exchanges and Dispositions. During 2005, Kaplan acquired ten businesses in its higher education, professional and test preparation divisions for a total of...

  • Page 54
    ...were no share repurchases. During 2003, the Company repurchased 910 shares of its Class B common stock at a cost of $0.7 million. At January 1, 2006, the Company had authorization from the Board of Directors to purchase up to 542,800 shares of Class B common stock. The annual dividend rate for 2006...

  • Page 55
    ... customer. Accounts receivable also have been reduced by an estimate of advertising rate adjustments and discounts, based on estimates of advertising volumes for contract customers who are eligible for advertising rate adjustments and discounts. Pension Costs. Excluding special termination benefits...

  • Page 56
    .... In December 2004, Statement of Financial Accounting Standards No. 123R (SFAS 123R), ""Share-Based Payment,'' was issued, which requires companies to record the cost of employee services in exchange for stock options based on the grant-date fair value of 40 THE WASHINGTON POST COMPANY

  • Page 57
    ... cumulative effect of change in accounting for Kaplan equity awards. Note G to the Consolidated Financial Statements provides additional details surrounding The Washington Post Company and Kaplan stock compensation plans. EITF Topic D-108, ""Use of the Residual Method to Value Acquired Assets Other...

  • Page 58
    REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Shareholders of The Washington Post Company: We have completed integrated audits of The Washington Post Company's 2005 and 2004 consolidated financial statements referred to under Item 15(1) on page 28 and listed...

  • Page 59
    CONSOLIDATED STATEMENTS OF INCOME Fiscal year ended January 2, 2005 (in thousands, except per share amounts) January 1, 2006 December 28, 2003 Operating Revenues Advertising Circulation and subscriber Education Other 1,317,484 747,079 1,412,394 76,930 3,553,887 1,909,615 931,337 Ì 190,543 ...

  • Page 60
    ... Investments in Affiliates Goodwill, Net Indefinite-Lived Intangible Assets, Net Amortized Intangible Assets, Net Prepaid Pension Cost Deferred Charges and Other Assets The information on pages 48 through 63 is an integral part of the financial statements. 44 THE WASHINGTON POST COMPANY

  • Page 61
    ...879,281 and 7,853,822 shares outstanding Capital in excess of par value Retained earnings Accumulated other comprehensive income, net of taxes Cumulative foreign currency translation adjustment Unrealized gain on available-for-sale securities Unearned stock compensation Cost of 10,398,469 and...

  • Page 62
    ... (849) (5,976) Ì 65,000 (156,981) Cash Flows from Financing Activities: Repayment of commercial paper, net Principal payments on debt Dividends paid Common shares repurchased Proceeds from exercise of stock options Cash overdraft 50,201) (6,964) (71,979) Ì 6,832 6,534 (138,116) (19,253) (67...

  • Page 63
    ... stock compensation ÏÏÏÏ Change in foreign currency translation adjustment (net of taxes Change in unrealized gain on available-for-sale securities (net of taxes Stock option expense Tax benefits arising from employee stock plans ÏÏÏ Balance, January 2, 2005 Net income for the year...

  • Page 64
    .... EITF Topic D-108, ""Use of the Residual Method to Value Acquired Assets Other than Goodwill,'' required companies that had applied the residual method to value intangible assets to perform an impairment test on those intangible assets using the direct method by the 48 THE WASHINGTON POST COMPANY

  • Page 65
    ... underlying advertisement is published or broadcast. Revenues from newspaper and magazine subscriptions and retail sales are recognized upon the later of delivery or cover date, with adequate provision made for anticipated sales returns. Cable subscriber revenue is recognized monthly as services are...

  • Page 66
    ... 8,041 $443,332 Book overdrafts of $33.7 million and $27.2 million are included in accounts payable and accrued expenses at January 1, 2006 and January 2, 2005, respectively. C. INVESTMENTS BrassRing Bowater Mersey Paper Company Los Angeles TimesÃ"Washington Post News Service $11,349 54,407...

  • Page 67
    ... the Company sold its 50% interest in The International Herald Tribune newspaper for $65 million; the Company reported a $49.8 million pre-tax gain that is included in ""Other income (expense), net'' in the Consolidated Statements of Income. Cost Method Investments. Most of the companies represented...

  • Page 68
    ... 2008 2009 2010 2011 to 2023 Total 4.3 3.5 3.8 7.7 8.6 152.3 $180.2 $ Interest on the 5.5% unsecured notes is payable semi-annually on February 15 and August 15. At January 2, 2005, the average interest rate on the Company's outstanding commercial paper borrowings was 2.2%. During the third...

  • Page 69
    ...right to require the Company to purchase their shares at the redemption price during an annual 60-day election period; the Ã'rst such period began on February 23, 2001. Dividends on the Series A Preferred Stock are payable four times a year at the annual rate of $80.00 per share and in preference to...

  • Page 70
    ... (generally 4 to 5 years) at the time of the grant. Upon exercise, an option holder receives cash equal to the difference between the exercise price and the then fair value. The fair value of Kaplan's common stock is determined by the Company's compensation committee of the Board of Directors. In...

  • Page 71
    ... age and service requirements. The Company uses a measurement date of December 31 for its pension and other postretirement benefit plans. In 2005, 2004, and 2003, the Company offered several early retirement programs to certain groups of employees at The Washington Post newspaper, Newsweek and the...

  • Page 72
    ... largest of these included BISYS Education Services, a provider of licensing education and compliance solutions for financial service institutions and professionals, The Kidum Group, the leading provider of test preparation services in Israel, and Asia Pacific Manage- 56 THE WASHINGTON POST COMPANY

  • Page 73
    ... the Company's goodwill and intangible assets during 2005 was as follows (in thousands): Newspaper Publishing Television Broadcasting Magazine Publishing Cable Television Education Total Goodwill, Net Beginning of year ÏÏÏ $ 72,770 Acquisitions 7,881 Foreign currency exchange rate ÏÏÏÏ End...

  • Page 74
    ... Kaplan, Inc., the Company also provides educational services for individuals, schools and businesses. Newspaper publishing includes the publication of newspapers in the Washington, D.C. area and Everett, Washington; newsprint warehousing and recycling facilities; and the Company's electronic...

  • Page 75
    ... services industry and the Washington-area technology community. Revenues from both newspaper and magazine publishing operations are derived from advertising and, to a lesser extent, from circulation. Television broadcasting operations are conducted through six VHF television stations serving...

  • Page 76
    ... income taxes Identifiable assets Investments in marketable equity securities Investments in affiliates Total assets Depreciation of property, plant and equipment Amortization expense Pension credit (expense Kaplan stock-based incentive compensation ÏÏÏÏ Capital expenditures 957,082...

  • Page 77
    ...) Higher Education Supplemental Education Corporate Overhead and Other Total Education 2005 Operating revenues Income (loss) from operations Identifiable assets Depreciation of property, plant and equipment Amortization expense Kaplan stock-based incentive compensation Capital expenditures...

  • Page 78
    ..., except per share amounts): First Quarter Second Quarter Third Quarter Fourth Quarter 2005 Quarterly Operating Results Operating revenues Advertising Circulation and subscriber Education Other 305,550 186,222 325,383 16,775 833,930 Operating costs and expenses Operating Selling, general and...

  • Page 79
    ... except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter 2004 Quarterly Operating Results Operating revenues Advertising Circulation and subscriber Education Other 299,127 180,259 258,271 21,312 758,969 Operating costs and expenses Operating Selling, general and...

  • Page 80
    (This page intentionally left blank) 64 THE WASHINGTON POST COMPANY

  • Page 81
    SCHEDULE II THE WASHINGTON POST COMPANY SCHEDULE II Ì VALUATION AND QUALIFYING ACCOUNTS Column A Column B Column C Column D Column E Description Year Ended December 28, 2003 Allowance for doubtful accounts and returns Allowance for advertising rate adjustments and discounts Year Ended January 2,...

  • Page 82
    ... the establishment of the Kaplan Educational Foundation 2002 ‚ gain of $16.7 million ($1.75 per share) on the exchange of certain cable systems ‚ charge of $11.3 million ($1.18 per share) for early retirement programs at Newsweek and The Washington Post newspaper 66 THE WASHINGTON POST COMPANY

  • Page 83
    ... parcel of land and certain cost-method investments to their estimated fair value 2000 ‚ charge of $16.5 million ($1.74 per share) for an early retirement program at The Washington Post newspaper 1999 ‚ gains of $18.6 million ($1.81 per share) on the sales of marketable equity securities 1998...

  • Page 84
    (This page intentionally left blank) 68 THE WASHINGTON POST COMPANY

  • Page 85
    ... Washington Post Company Supplemental Executive Retirement Plan as amended and restated through March 14, 2002 (incorporated by reference to Exhibit 10.4 to the Company's Annual Report on Form 10-K for the Ã'scal year ended December 30, 2001).* The Washington Post Company Deferred Compensation Plan...

  • Page 86
    ....com Express El Tiempo Latino Slate The Herald The Enterprise Community Newspaper Group The Gazette Southern Maryland Newspapers Comprint Military Publications Comprint Printing Greater Washington Publishing Robinson Terminal Warehouse Capitol Fiber Post - Newsweek Stations WDIV - Detroit (NBC...

  • Page 87
    ... at The Washington Post Company, 1150 15th Street, NW, Washington, DC. COMMON STOCK PRICES AND DIVIDENDS Guide to Retirement Living retirement-living.com Autobuyers Guide theautobuyersguide.com The Resource Guide resourceguide.info Washington Spaces washingtonspaces.com Robinson Terminal Warehouse...

  • Page 88
    T H E W A S H I N G T O N P O S T C O M PA N Y 1150 15th Street, NW, Washington, DC 20071 (202) 334-6000 washpostco.com â-¼