Washington Post 2006 Annual Report Download - page 40

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Inc., Express Publications Company, LLC and El Tiempo Latino LLC each employs fewer than 100 persons. None of these
units' employees is represented by a union.
Forward-Looking Statements
All public statements made by the Company and its representatives that are not statements of historical fact, including
certain statements in this Annual Report on Form 10-K and elsewhere in the Company's 2006 Annual Report to
Stockholders, are ""forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include comments about the Company's business strategies and objectives, the prospects for
growth in the Company's various business operations, and the Company's future financial performance. As with any
projection or forecast, forward-looking statements are subject to various risks and uncertainties, including the risks and
uncertainties described in Item 1A of this Annual Report on Form 10-K, that could cause actual results or events to differ
materially from those anticipated in such statements. Accordingly, undue reliance should not be placed on any forward-
looking statement made by or on behalf of the Company. The Company assumes no obligation to update any forward-
looking statement after the date on which such statement is made, even if new information subsequently becomes available.
Available Information
The Company'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 Act as soon as reasonably
practicable after such documents are electronically filed with the Securities and Exchange Commission. In addition, the
Company's Certificate of Incorporation, its Corporate Governance Guidelines, the Charters of the Audit and Compensa-
tion 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 of such
documents may be obtained by any stockholder upon written request to the Secretary of the Company at 1150
15th Street, N.W., Washington, D.C. 20071.
Item 1A. Risk Factors.
There are a wide range of risks and uncertainties that could adversely affect the Company's various businesses and the
Company's overall financial performance. In addition to the matters discussed elsewhere in this Annual Report on
Form 10-K (including the financial statements and other items filed herewith), the Company believes the more significant of
such risks and uncertainties include the following:
‚ 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 Test Preparation and Admission
Division. Thus any significant reduction in the use of standardized tests in the college or graduate school admissions
process could have an adverse effect on Kaplan's operating results.
‚ Changes in the Extent to Which Licensing and Proficiency Examinations Are Used to Qualify Individuals to Pursue Certain
Careers
A substantial portion of the revenues of Kaplan's Professional Division comes from preparing individuals for licensing or
technical-proficiency examinations in various fields. If licensing or technical proficiency requirements are relaxed or
eliminated to any significant degree in those fields served by Kaplan's Professional Division, such actions could negatively
impact Kaplan's operating results.
‚ Reductions in the Amount of Funds Available Under the Federal Title IV Programs to Students in Kaplan's Higher Education
Division Schools Or Changes in the Terms on Which Such Funds Are Made Available
During the Company's 2006 fiscal year, funds provided under the student financial aid programs created under Title IV of
the Federal Higher Education Act accounted for approximately $580 million of the net revenues of the schools in Kaplan's
Higher Education Division. As noted above in the section titled ""EducationÓTitle IV Federal Student Financial Aid
Programs,'' any legislative, regulatory or other development that has the effect of materially reducing the amount of Title IV
financial assistance available to the students of those schools would have a significant adverse effect on Kaplan's
operating results. In addition, any development that has the effect of making the terms on which Title IV financial assistance
24 THE WASHINGTON POST COMPANY