Washington Post 2005 Annual Report Download - page 4

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Aletter from Donald E. Graham
2005 was a somewhat disappointing year.Our newspaper,TV and magazine businesses turned in poor-
er results than their managers expected when the year began. Cable ONE was having a spectacular year
until Hurricane Katrina devastated our Mississippi Gulf Coast systems. Kaplan’s brick-and-mortar college
business missed its goals badly, disappointing Jonathan Grayer and me.
These are the facts, and I’ll set them out for you in detail. 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 sig-
nificantly more valuable business a few years from now. That’s a chance, not a certainty (certainty departed
the media business some time ago).
TO OUR SHAREHOLDERS