Washington Post 2007 Annual Report Download - page 92

Download and view the complete annual report

Please find page 92 of the 2007 Washington Post annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 106

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106

severance costs in connection with the restructuring; severance
and other restructuring related expenses of an estimated
$3.0 million are expected to be incurred in 2008.
Newspaper publishing includes the publication of newspapers in
the Washington, D.C., area and Everett, WA; newsprint ware-
housing 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, which has one domestic and
three English-language international editions (and, in conjunction
with others, publishes seven foreign-language editions around the
world) and the publication of Arthur Frommer’s Budget Travel. The
2006 results of the magazine publishing division also include
revenue of $23.4 million and an operating loss of $8.8 million
for PostNewsweek Tech Media, up to the sale date of December 22,
2006.
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 the Detroit, Houston, Miami,
San Antonio, Orlando and Jacksonville television markets. All
stations are network-affiliated (except for WJXT in Jacksonville)
with revenues derived primarily from 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 revenue
is monthly subscription fees charged for services.
In 2007, other businesses and corporate office includes the
expenses associated with the Company’s corporate office and
the operating results of CourseAdvisor since its October 2007
acquisition. In 2006 and 2005, other businesses and
corporate office includes expenses of the Company’s
corporate office. CourseAdvisor is a lead generation
provider for the post-secondary education market.
The Company’s foreign revenues in 2007, 2006 and 2005
totaled approximately $488 million, $347 million and
$248 million, respectively, principally from Kaplan’s foreign
operations and the publication of the international editions of
Newsweek. The Company’s long-lived assets in foreign
countries (excluding goodwill and other intangibles),
principally in the United Kingdom, totaled approximately
$62millionatDecember30,2007and$44millionat
December 31, 2006.
Income from operations is the excess of operating revenues
over operating expenses. In computing income from
operations by segment, the effects of equity in earnings of
affiliates, interest income, interest expense, other non-
operating income and expense items and income taxes are
not included.
Identifiable assets by segment are those assets used in the
Company’s operations in each business segment. Investments
in marketable equity securities are discussed in Note C.
76 THE WASHINGTON POST COMPANY