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TEN-YEAR SUMMARY OF SELECTED HISTORICAL FINANCIAL DATA
See Notes to Consolidated Financial Statements for the summary of significant accounting policies and additional information relative to the years
2005–2007. Operating results prior to 2002 include amortization of goodwill and certain other intangible assets that are no longer amortized
under SFAS 142.
2007 2006 2005(In thousands, except per share amounts)
Results of Operations
Operating revenues ................................................ $4,180,406 $3,904,927 $3,553,887
Income from operations .............................................. $477,016 $ 459,805 $ 514,914
Income before cumulative effect of change in accounting principle ..................... $288,607 $ 329,534 $ 314,344
Cumulative effect of change in method of accounting ............................ —(5,075) —
Net income ..................................................... $288,607 $ 324,459 $ 314,344
Per Share Amounts
Basic earnings per common share
Before cumulative effect of change in accounting principle . . ...................... $30.31 $ 34.34 $ 32.66
Cumulative effect of change in accounting principle ............................ —(0.53) —
Net income available for common shares .................................. $30.31 $ 33.81 $ 32.66
Basic average shares outstanding . . . .................................... 9,492 9,568 9,594
Diluted earnings per share
Before cumulative effect of change in accounting principle . . ...................... $30.19 $ 34.21 $ 32.59
Cumulative effect of change in accounting principle ............................ —(0.53) —
Net income available for common shares .................................. $30.19 $ 33.68 $ 32.59
Diluted average shares outstanding . . .................................... 9,528 9,606 9,616
Cash dividends ................................................... $8.20 $ 7.80 $ 7.40
Common shareholders’ equity........................................... $363.72 $ 331.32 $ 274.79
Financial Position
Current assets .................................................... $994,970 $ 934,825 $ 818,326
Working capital ................................................... (18,503) 123,184 123,605
Property, plant and equipment .......................................... 1,280,737 1,218,309 1,142,632
Total assets ...................................................... 6,004,509 5,381,372 4,584,773
Long-term debt .................................................... 400,519 401,571 403,635
Common shareholders’ equity........................................... 3,461,159 3,159,514 2,638,423
Impact from certain unusual items (after-tax and diluted EPS amounts):
2007
• charge of additional net income tax expense of $6.6 million ($0.70 per share), as the result of a $12.9 million increase in taxes associated with Bowater
Mersey, offset by a tax benefit of $6.3 million associated with recent changes in certain state income tax laws.
• charges of $6.7 million ($0.70 per share) related to lease obligations, severance and accelerated depreciation of fixed assets in connection with Kaplan’s
restructuring of the Score! business
• charge of $3.6 million ($0.38 per share) related to Kaplan Professional’s write-off of an integrated software product under development, and severance
costs at Kaplan Professional (U.S.)
• gain of $5.9 million ($0.62 per share) from the sale of property at the Company’s television station in Miami
2006
• charge of $31.7 million ($3.30 per share) related to early retirement plan buyouts
• charge of $9.0 million ($0.94 per share) from the write-down of a marketable equity security
• charge of $8.3 million ($0.86 per share) related to an agreement to settle a lawsuit at Kaplan
• 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 acquisitions and startups for 2006 of $8.0 million ($0.83 per share)
• charge of $5.1 million ($0.53 per share) for the cumulative effect of a change in accounting for Kaplan equity awards in connection with the Company’s
adoption of SFAS 123R
• gain of $27.4 million ($2.86 per share) on the sale of the Company’s 49% interest in BrassRing
• insurance recoveries of $6.4 million ($0.67 per share) from cable division losses related to Hurricane Katrina
• gains of $21.1 million ($2.19 per share) from the sales of marketable equity securities
2005
• charges and lost revenue of $17.3 million ($1.80 per share) associated with Hurricane Katrina and other hurricanes
• gain of $11.2 million ($1.16 per share) from sales of non-operating land and marketable equity securities
84 THE WASHINGTON POST COMPANY