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2006 Annual Report C1
0
Annual Report
6
The Washington Post Company Diversified Media and Education

Table of contents

  • Page 1
    0 The Washington Post Company Annual Report Diversified Media and Education 6 2006 Annual Report C1

  • Page 2
    Contents Financial Highlights ...1 Letter to Shareholders . . 2 Form 10-K

  • Page 3
    ... (in thousands, except per share amounts) 2006 2005 % 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 $ 3,904,927 $ $ $ $ $ 459,804...

  • Page 4
    ... for the company, which are good. The Washington Post Company owns two businesses with prospects of growing operating income. Our ownership of Kaplan and Cable ONE is not exactly a tribute to our strategic planning. We bought Kaplan because Dick Simmons, then president of The Post Company and now...

  • Page 5
    ... faith in three top managers reporting to Jonathan. Andy Rosen (who runs Kaplan Higher Education), John Polstein (who runs Kaplan Test Prep and Admissions) and William Macpherson (who has run Kaplan's international assets and now adds Kaplan Professional) are outstanding, and so are their teams...

  • Page 6
    ... several master's degrees. Early in the year, a securities firm, unbeknownst to us, surveyed graduates of for-profit, not-for-profit and online schools to determine their satisfaction with their education. Kaplan University ranked number one for quality and value for online schools. Kaplan Test Prep...

  • Page 7
    ...KP owns two important real estate assets: outstanding schools that train aspiring real estate professionals for the state licensing exams and a publishing business that includes real estate textbooks. Both these businesses started looking bleak in the early months of 2006; by year-end, few new would...

  • Page 8
    ..., Kaplan's 2006 performance was very good news. The place to begin this section of the report is with a tribute to Cable ONE's associates in Mississippi. They stayed on the job when their own homes were destroyed or badly damaged by Hurricane Katrina and were ready to offer service months before...

  • Page 9
    ... based on video to a business offering video, digital video, internet Post - Newsweek Stations had a surprisingly good year. Alan Frank's outstanding management of this business has increased my own sense of what is possible from a group television business today. The economic and demographic winds...

  • Page 10
    ...be the proud news leader in Detroit, but the city received a lot of bad news in 2006 and the market was soft. Of course, 2007 results will lack the $36 million in political and Olympics advertising we booked in 2006. The future for Kaplan and Cable ONE looks bright. Post-Newsweek Stations continues...

  • Page 11
    ... market, but only one of many. Ad revenues at washingtonpost.com were 14.5% of Post print ad revenues. Washingtonpost.Newsweek Interactive (including washingtonpost.com, Newsweek.com and Slate) had over $100 million of revenues for the first time and a 28% growth rate. > 2006 Annual Report 9

  • Page 12
    ... from outside the Washington area, giving us substantial national/international readership (and advertising) on the internet. Thus, The Post holds some cards that some other metropolitan newspapers don't: • • An extraordinary staff - journalists above all - but our circulation and production...

  • Page 13
    ... an admired writer and editor, succeeded Mark Whitaker as editor; Mark is developing several new sites for WPNI. For the first time in 15 years, I can write: International revenues led the way at Newsweek. The Post went public in 1971 and will certainly remain so. Until the past few years, I'd have...

  • Page 14
    ...'s purpose 'to publish any newspaper owned by the Company as an independent newspaper dedicated to the welfare of the community and the nation in keeping with the principles of a free press.'" Donald E. Graham Chairman of the Board Chief Executive Officer February 23, 2007 Finally, a few familiar...

  • 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 2006 FORM 10-K PART I Item 1. Business Education Newspaper Publishing Television Broadcasting Magazine Publishing Cable Television Operations Other Activities Production and Raw Materials Competition Executive OÇcers Employees Forward-Looking Statements ...

  • Page 17
    ... United States. The Company's media operations consist of newspaper publishing (principally The Washington Post ), television broadcasting (through the ownership and operation of six television broadcast stations), magazine publishing (principally Newsweek ) and the ownership and operation of cable...

  • Page 18
    ... preparation courses for the Certified Public Accounting Exam; Kaplan Professional Schools, a provider of courses for real estate, financial services and home inspection licensing examinations as well as continuing education in those areas; Kaplan Professional Publishing (formerly known as Dearborn...

  • Page 19
    ... various pre-university, undergraduate, post-graduate and professional programs, primarily in law and business, with its students receiving degrees from affiliated universities in the United Kingdom. Most of Holborn's students come from outside the United Kingdom and the European Union. At year-end...

  • Page 20
    ... locations certified to participate in this program. During 2006 students holding F-1 visas accounted for approximately 4.7% of the enrollment at Kaplan's Test Preparation and Admissions Division and an insignificant number of students at Kaplan's Higher Education Division. Title IV Federal Student...

  • Page 21
    ... and Sunday newspaper primarily distributed by home delivery in the Washington, D.C. metropolitan area, including large portions of Maryland and northern Virginia. The following table shows the average paid daily (including Saturday) and Sunday circulation of The Post for the 12-month periods ended...

  • Page 22
    ... National Weekly Edition has a basic subscription price of $78 per year and is delivered by second-class mail to approximately 31,000 subscribers. The Post has about 625 full-time editors, reporters and photographers on its staff; draws upon the news reporting facilities of the major wire services...

  • Page 23
    ... advertising databases for cars, apartment rentals and residential real estate. The other owners are Tribune Company, The McClatchy Company, Gannett Co., Inc. and Belo Corp. Listings for these databases come from print and online-only sales of classified ads by the newspaper and online sales staffs...

  • Page 24
    ... base guides and other features, as well as articles from the print newspapers. Each website also contains display advertising that is sold specifically for the site. The Gazette Newspapers and Southern Maryland Newspapers together employ approximately 170 editors, reporters and photographers. This...

  • Page 25
    ... local television advertising and network compensation were as follows: National Local Network Total 133,367,000 206,145,000 13,210,000 $352,722,000 The following table sets forth certain information with respect to each of the Company's television stations: Station Location and Year Commercial...

  • Page 26
    ... a subscription basis or for which broadcasters receive compensation other than from advertising revenue. In its decision, the FCC imposed a fee of 5% of the gross revenues generated by such services. In September 2004 the FCC established certain rules for the DTV operations of low-power television...

  • Page 27
    ..., but the cost of captioning locally originated and certain syndicated programming must be borne by the broadcast stations themselves. Pursuant to the ""must-carry'' requirements of the Cable Television Consumer Protection and Competition Act of 1992 (the ""1992 Cable Act''), a commercial television...

  • Page 28
    ... of the total weekly domestic circulation rate base of the three leading weekly news magazines has been 34.0%. Newsweek is sold on newsstands and through subscription mail order sales derived from a number of sources, principally direct mail promotion. The basic one-year subscription price is $41...

  • Page 29
    Newsweek's published advertising rates are based on its average weekly circulation rate base and are competitive with those of the other weekly news magazines. As is common in the magazine industry, advertising typically is sold at varying discounts from Newsweek 's published rates. Effective with ...

  • Page 30
    ...rates charged by cable television systems for tiers of service other than the basic tier, for pay-per-view and per-channel premium program services, for digital video and cable modem services, and for advertising are all currently exempt from regulation. As previously discussed in the section titled...

  • Page 31
    .... A number of cable operators (including the Company's Cable One subsidiary) are using their cable systems to provide not only television programming but also Internet access and digital telephony. In 2002 the U.S. Supreme Court held, based on a prior FCC ruling that Internet access service provided...

  • Page 32
    ... in a number of states and announced plans to obtain cable franchises covering most of its service territory. Verizon is using a fiber-to-the-home technology that permits it to deliver high-speed data and Internet access, voice over Internet protocol (VoIP) digital telephone service, and a variety...

  • Page 33
    ... to prioritize the delivery of particular types of content, applications or services over their networks. Cable companies (including the Company's Cable One subsidiary) and others have begun to offer telephone service using a technology known as voice over Internet protocol (VoIP) which permits...

  • Page 34
    ... Fairfax County, Virginia and Prince George's County, Maryland. The Herald, The Enterprise Newspapers and La Raza del Noroeste 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...

  • Page 35
    ...Capitol Fiber Inc., which handles and sells to recycling industries old newspapers, paper and other recyclable materials collected in Washington, D.C., Maryland and northern Virginia. In 2006 the operations of The Daily Herald Company and Post-Newsweek Media, Inc. consumed approximately 6,400 and 22...

  • Page 36
    ...aggregate employment listings. All of these vertical-niche sites can be searched for local listings, typically by using zip codes. Finally, several new services have been launched in the past several years that have challenged established business models. Many of these are free classified sites, one...

  • Page 37
    ... news. The Company believes the three editions of The Washington Examiner are currently being distributed primarily by 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...

  • Page 38
    ..., Newsweek ranked sixth in total advertising revenues in 2006, when it received approximately 2.0% of all advertising revenues of the magazines included in the report. The magazine industry is highly competitive, both within itself and with other advertising media (including Internet-based media...

  • Page 39
    ... bargaining agreement that expires on January 1, 2009). Post-Newsweek Media, Inc. has approximately 530 full-time and 200 part-time employees. Robinson Terminal Warehouse Corporation (the Company's newsprint warehousing and distribution subsidiary), Greater Washington Publishing, 2006 FORM 10-K 23

  • Page 40
    ...'s Internet address is www.washpostco.com. The Company makes available free of charge through its website its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange...

  • Page 41
    ... to obtain news, entertainment and local shopping information from Internet-based or other media. ‚ Changing Perceptions About the Effectiveness of Publishing and Television Broadcasting in Delivering Advertising Historically, newspaper and magazine publishing and television broadcasting have...

  • Page 42
    .... Unresolved Staff Comments. Not applicable. Item 2. Properties. Directly or through subsidiaries Kaplan owns a total of 12 properties: a 26,000-square-foot six-story building located at 131 West 56th Street in New York City, which serves as an educational center primarily for international students...

  • Page 43
    ... renovated, will house the St. Mary's County offices of the Southern Maryland Newspapers. Post-Newsweek Media also leases editorial and sales office space for its newspaper operations in a total of six other locations in Alexandria, Virginia, and in Montgomery, Prince George's, Frederick, Carroll...

  • Page 44
    ...from time to time awarded special discretionary grants of restricted stock to employees of the Company and its subsidiaries. At December 31, 2006, there were a total of 4,800 shares of restricted stock outstanding under special discretionary grants approved by the Compensation Committee of the Board...

  • Page 45
    ... into cash or surrenders of owned shares to pay for the exercise price of stock options occurred during the period covered by this table. Performance Graph The following graph is a comparison of the yearly percentage change in the Company's cumulative total shareholder return with the cumulative...

  • Page 46
    ...(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 $354,728,000 at December 31, 2006. The following table presents the hypothetical change in the aggregate fair value of the...

  • Page 47
    ... Financial Statements titled ""Summary of Quarterly Operating Results and Comprehensive Income (Unaudited),'' which are included in this Annual Report on Form 10-K and listed in the index to financial information on page 35 hereof. Item 9. Changes in and Disagreements With Accountants on Accounting...

  • Page 48
    ... Compensation,'' ""Executive Compensation'' and ""Compensation Committee Report on Executive Compensation'' in the definitive Proxy Statement for the Company's 2007 Annual Meeting of Stockholders is incorporated herein by reference thereto. Item 12. Security Ownership of Certain Beneficial Owners...

  • Page 49
    ...filed as part of this report: 1. Financial Statements As listed in the index to financial information on page 35 hereof. 2. Financial Statement Schedules As listed in the index to financial information on page 35 hereof. 3. Exhibits As listed in the index to exhibits on page 77 hereof. 2006 FORM 10...

  • Page 50
    ... C. Davis Barry Diller John L. Dotson Jr. Melinda French Gates Thomas S. Gayner Ronald L. Olson Richard D. Simmons George W. Wilson An original power of attorney authorizing Donald E. Graham, John B. Morse, Jr. and Veronica Dillon, and each of them, to sign all reports required to be filed by the...

  • Page 51
    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 52
    ...of the year. Overall, print advertising revenue at The Washington Post newspaper declined 4%, with declines in classified, national and retail, offset by increases in zoned advertising. Circulation volume continued a downward trend. However, the Company's online publishing businesses, Washingtonpost...

  • Page 53
    ... domestic edition and international editions of Newsweek and subscription rate base declines at certain of the international editions. Revenue growth at Kaplan, Inc. (about 31% of which was from acquisitions) accounted for the increase in education revenue. Operating costs and expenses for the year...

  • Page 54
    ...services for accountants and financial services professionals, with training centers in the U.K. and Asia. FTC revenue grew by 25% in 2006 due to favorable exchange rates, higher enrollments, price increases and an acquisition. Supplemental education also includes professional real estate, insurance...

  • Page 55
    ... for 2006 reflects declines in both Newsweek circulation revenue and revenue at PostNewsweek Tech Media, offset by a 1% increase in Newsweek advertising revenue related to increased ad pages at the international editions of Newsweek. Operating income totaled $27.9 million for 2006, compared to...

  • Page 56
    ... services are being oÃ...ered to about half of homes passed. A summary of RGUs broken down by Gulf Coast and all other regions is as follows: Cable Television Division Subscribers December 31, 2006 December 31, 2005* buyouts at the corporate office, increased technology costs and other compensation...

  • Page 57
    ... 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 revenue. Operating costs and expenses for the year increased 11% to $3,039...

  • Page 58
    ... 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 59
    ...results at the Company's trade magazines and a $1.5 million early retirement charge at Newsweek International, offset by a reduction in subscription acquisition, distribution and advertising expenses at Newsweek's domestic and international editions, and an increased pension credit. Operating margin...

  • Page 60
    ... tax rate benefited from lower taxes provided on foreign earnings and an increase in foreign tax credits. FINANCIAL CONDITION: CAPITAL RESOURCES AND LIQUIDITY acquired El Tiempo Latino, a leading Spanish-language weekly newspaper in the greater Washington area. Most of the purchase price for...

  • Page 61
    ... other than pensions. The Company has other long-term liabilities excluded from the table above, including obligations for deferred compensation, long-term incentive plans and longterm deferred revenue. Other Commercial Commitments (in thousands) Fiscal Year Line of Credit 2007 2008 2009...

  • Page 62
    ... 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 related to early retirement programs, the Company's net pension credit...

  • Page 63
    ...stock-based compensation totaled $68.0 million. If Kaplan's profits increase and the value of education companies increases in 2007, there will be significant Kaplan stock-based compensation in 2007. Note G to the Consolidated Financial Statements provides additional details surrounding Kaplan stock...

  • Page 64
    ... 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 consolidated Ã'nancial statements, referred to under Item 15(1) on page 33 and listed in the index on page 35 and of its internal...

  • Page 65
    CONSOLIDATED STATEMENTS OF INCOME Fiscal year ended January 1, 2006 (in thousands, except per share amounts) December 31, 2006 January 2, 2005 Operating Revenues Education Advertising Circulation and subscriber Other 1,684,141 1,358,739 782,527 79,520 3,904,927 2,042,393 1,180,528 205,295 16...

  • Page 66
    ... 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 54 through 72 is an integral part of the Ã'nancial statements. 50 THE WASHINGTON POST COMPANY

  • Page 67
    ... comprehensive income, net of taxes Cumulative foreign currency translation adjustment Unrealized gain on available-for-sale securities Unrealized gain on pensions and other postretirement plans Cost of 10,463,810 and 10,398,469 shares of Class B common stock held in treasury 1,722 18,278 205...

  • Page 68
    ...: Principal payments on debt Dividends paid Common shares repurchased Proceeds from exercise of stock options Repayment of commercial paper, net Cash overdraft Excess tax benefit on stock options Other Net cash used in financing activities Effect of Currency Exchange Rate Change Net...

  • Page 69
    ... unearned stock compensation ÏÏÏ 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 plansÏÏ Balance, January 1, 2006 Net income for the year...

  • Page 70
    ...January 2, 2005, included 53 weeks. With the exception of most of the newspaper publishing operations, subsidiaries of the Company report on a calendar-year basis. Principles of Consolidation. The accompanying financial statements include the accounts of the Company and its subsidiaries; significant...

  • Page 71
    ..., for the year ended December 31, 2006, the Company reported a $5.1 million after-tax charge for the cumulative effect of change in accounting for Kaplan equity awards ($8.2 million in pre-tax Kaplan stock compensation expense). B. ACCOUNTS RECEIVABLE AND ACCOUNTS PAYABLE AND ACCRUED LIABILITIES...

  • Page 72
    ...common stock and 9,845 shares of Berkshire Class B common stock accounted for $325.8 million or 92% and $262.3 million or 80%, respectively, of the total fair value of the Company's investments in marketable equity securities. Berkshire is a holding company owning subsidiaries engaged in a number of...

  • Page 73
    ... to write-down cost method investments are included in ""Other income (expense), net'' in the Consolidated Statements of Income. Cash and Cash Equivalents. As of December 31, 2006, the Company had commercial paper and money market investments of $142.9 million that were classified as ""Cash and...

  • Page 74
    ... SFAS 123R. In the first quarter of 2006, the Company adopted Statement of Financial Accounting Standards No. 123R (SFAS 123R), ""Share-Based Payment.'' SFAS 123R requires companies to record the cost of employee services in exchange for stock options based on the grant-date fair value of the awards...

  • Page 75
    ... stock option plan, of which 109,175 shares were subject to options outstanding, and 286,875 shares were available for future grants. Changes in options outstanding for the years ended December 31, 2006, January 1, 2006 and January 2, 2005, were as follows: 2006 Number of Shares Average Option Price...

  • Page 76
    ... 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 January 2007, the...

  • Page 77
    ... Mersey Paper Company, in which the Company holds a 49% interest. Defined Benefit Plans. The Company's defined benefit pension plans consist of various pension plans and a Supplemental Executive Retirement Plan (SERP) offered to certain executives of the Company. The Washington Post implemented...

  • Page 78
    .... The total cost (income) arising from the Company's defined benefit pension plans for the years ended December 31, 2006, January 1, 2006 and January 2, 2005, consists of the following components (in thousands): Pension Plans 2006 2005 2004 2006 SERP 2005 2004 Discount rate Rate of compensation...

  • Page 79
    ... total cost arising from the Company's postretirement plans for the years ended December 31, 2006, January 1, 2006 and January 2, 2005 consists of the following components (in thousands): Postretirement Plans 2006 Service cost 5,270 Interest cost 6,611 Amortization of prior service credit 2,551...

  • Page 80
    ... cable division completed two small transactions for $2.8 million. In May 2004, the Company acquired El Tiempo Latino, a leading Spanish-language weekly newspaper in the greater Washington area. Most of the purchase price for the 2004 acquisitions was allocated to goodwill and other intangibles. The...

  • Page 81
    ...as follows (in thousands): Newspaper Education Publishing Television Broadcasting Magazine Publishing Cable Television Total Goodwill, Net Beginning of year 686,532 $80,651 $203,165 $ 69,556 $ 85,666 $1,125,570 Acquisitions 133,340 133,340 Foreign currency exchange rate 25,882 25,882 Impairment...

  • Page 82
    ... of newspapers in the Washington, D.C. area and Everett, Washington; newsprint warehousing and recycling facilities; and the Company's electronic media publishing business (primarily washingtonpost.com). The magazine publishing division consists of the publication of a weekly news magazine, Newsweek...

  • Page 83
    ... sales of advertising time. Cable television operations consist of cable systems offering basic cable, digital cable, pay television, cable modem, telephony and other services to subscribers in midwestern, western, and southern states. The principal source of revenues is monthly subscription fees...

  • Page 84
    ... 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 1,412,394...

  • Page 85
    ...: Corporate Overhead and Other (in thousands) Higher Education Supplemental Education Total Education 2006 Operating revenues Income (loss) from operations Identifiable assets Depreciation of property, plant and equipment Amortization expense Kaplan stock-based incentive compensation...

  • Page 86
    ..., except per share amounts): First Quarter Second Quarter Third Quarter Fourth Quarter 2006 Quarterly Operating Results Operating revenues Education Advertising Circulation and subscriber Other 408,934 327,165 189,319 22,862 948,280 Operating costs and expenses Operating Selling, general and...

  • Page 87
    ... except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter 2005 Quarterly Operating Results Operating revenues Education Advertising Circulation and subscriber Other 325,383 305,550 186,222 16,775 833,930 Operating costs and expenses Operating Selling, general and...

  • Page 88
    ... million for the cumulative effect of a change in accounting for Kaplan equity awards in connection with the adoption of SFAS 123R Insurance recoveries of $6.4 million from cable division losses related to Hurricane Katrina Gains of $21.1 million from the sales of marketable equity securities ($19...

  • Page 89
    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 January 2, 2005 Allowance for doubtful accounts and returns Allowance for advertising rate adjustments and discounts Year Ended January 1, ...

  • Page 90
    ... ($3.30 per share) related to early retirement plan buyouts ‚ goodwill impairment charge of $6.3 million ($0.65 per share) at PostNewsweek Tech Media and a loss of $1.0 million ($0.10 per share) on the sale of PostNewsweek Tech Media ‚ transition costs and operating losses at Kaplan related to...

  • Page 91
    ... at The Washington Post newspaper ‚ Kaplan stock compensation expense of $6.4 million ($0.67 per share) for the 10% premium associated with the purchase of outstanding Kaplan stock options ‚ charge of $3.9 million ($0.41 per share) in connection with the establishment of the Kaplan Educational...

  • Page 92
    (This page intentionally left blank) 76 THE WASHINGTON POST COMPANY

  • Page 93
    ... common stock. List of subsidiaries of the Company. Consent of independent registered public accounting Ã'rm. Power of attorney dated February 27, 2007. Rule 13a-14(a)/15d-14(a) CertiÃ'cation of the Chief Executive OÇcer. Rule 13a-14(a)/15d-14(a) CertiÃ'cation of the Chief Financial OÇcer. Section...

  • Page 94
    ... include: The Washington Post Company washpostco.com Post - Newsweek Media The Gazette gazette.net Southern Maryland Newspapers somdnews.com Comprint Military Publications dcmilitary.com Comprint Printing Greater Washington Publishing gwpi.net Apartment Showcase apartmentshowcase.com New Homes Guide...

  • Page 95
    ... meeting of stockholders will be held on May 10, 2007, at 8 a.m., at The Washington Post Company, 1150 15th Street, NW, Washington, DC. C o m m o n S t o c k Pr i c e s a n d D i v i d e n d s High and low sales prices during the past two years were: 2006 Quarter January - March April - June July...

  • Page 96
    The Washington Post Company 1150 15th Street, NW, Washington, DC 20071 (202) 334-6000 washpostco.com