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0
8
THE WASHINGTON POST COMPANY
Annual Report

Table of contents

  • Page 1
    THE WASHINGTO N POST COMPANY 0 8 Annual Report

  • Page 2
    CONTENTS Financial Highlights...1 Letter to Shareholders...3 Form 10-K

  • Page 3
    ... (in thousands, except per share amounts) 2008 2007 % 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 $ 4,461,580 $ $ $ $ $ 174...

  • Page 4

  • Page 5
    ... companies. The Company's stock price was dramatically affected by the financial crisis of 2008. The effect on business results was less dramatic. Advertising declined still further at our media businesses; certain Kaplan businesses (mostly smaller) were hurt badly. But Kaplan's largest business...

  • Page 6
    ... has not performed as well as we had expected. The Gazette and Southern Maryland papers made far less money in 2008. The accountants reduced our goodwill accordingly. I have no quarrel with the decision. Impairment charges point to acquisitions that haven't worked The Washington Post Company 4

  • Page 7
    ... recovered to its purchase price and beyond. We sold it in the fourth quarter of 2008 for a gain of "$21 million." I put the sum in quotation marks because that gain includes the $14 million recovery of the write-down in the stock - in other words, the Company received (pre-tax) $7 million...

  • Page 8
    ...-speed and telephone subscribers. Operating income and free cash flow boomed in 2008. Results in 2009 may not be as strong, but Cable ONE is well positioned to weather the financial storm. Virtually all of Post-Newsweek Stations' revenue comes from advertising, and that revenue fell 4% in 2008. $24...

  • Page 9
    ... and Fareed Zakaria at Newsweek - did not keep our two print media companies from sliding into the red in 2008. The Post's numbers will get quite a bit worse in 2009. We are willing to lose money (as we did at Kaplan from 1994 to 2001) if the losses are on a path to a healthy, profitable business...

  • Page 10
    ...same school. Donald E. Graham Chairman of the Board and Chief Executive Officer February 24, 2009 Ten years from now, it is highly likely that customers will be getting news from profitable institutions staffed by talented reporters and editors. We're going to try to show a way. The Washington Post...

  • Page 11
    ... 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 12
    ... POST COMPANY 2008 FORM 10-K PART I Business ...Education ...Cable Television Operations ...Newspaper Publishing ...Television Broadcasting ...Magazine Publishing ...Other Activities ...Production and Raw Materials ...Competition ...Executive Officers ...Employees ...Forward-Looking Statements...

  • Page 13
    ... During 2008, the Company acquired National Paramedic Institute, Inc., a provider of online continuing education to firefighters and emergency services personnel. Higher Education Europe Kaplan's higher education businesses in Europe are Kaplan International Colleges ("KIC"), Dublin Business School...

  • Page 14
    ...full-service bar review in select states. In 2008 the Company acquired Review Services, Inc., d/b/a The Study Group, a provider of self-study bar review with home study course offerings for full-service bar review in 30 U.S. states. The English-language business, which operates under the name Kaplan...

  • Page 15
    ... of education and online training on corporate ethics. During 2008, Kaplan EduNeering provided services to more than 700,000 users at approximately 325 companies. Kaplan Compliance Solutions provides software solutions and services to assist broker/dealers, securities representatives, insurance...

  • Page 16
    ... for at least one year if more than 90% of the institution's receipts for any fiscal year were derived from Title IV programs, as calculated on a cash basis in accordance with the Federal Higher Education Act and applicable Department of Education regulations. Under 4 THE WASHINGTON POST COMPANY

  • Page 17
    ...'s Pittsburgh and Baltimore locations, which began in October 2007 and May 2008, respectively. Kaplan has responded to all requests for information and is cooperating fully in these reviews. The Department of Education has not issued final reports on these reviews. The Company is presently not aware...

  • Page 18
    ... completed introduction of its voice over Internet protocol ("VoIP"), or digital telephone, service in 2008. At year-end, Cable ONE provided VoIP service to 93,500 customers, and the service is currently available to 95% of the homes passed. In January 2008, Cable ONE purchased some cable systems...

  • Page 19
    ... in accordance with FCC rules. However, 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, cable modem services and digital telephone-and for advertising are all currently exempt from...

  • Page 20
    ... addition, the cable and DBS compulsory licenses employ different methodologies for calculating royalties, with cable using a percentage of revenues approach and DBS using a flat, per subscriber, per signal payment approach. In 2008, the Copyright Office terminated a proceeding in which it had been...

  • Page 21
    ... for the delivery of two-way broadband digital data and high-speed Internet access services capable of covering large areas. Initially, these services were going to be provided on a fixed basis, delivering access to houses and businesses, but they now are expected to accommodate mobile devices, such...

  • Page 22
    ... revenue is not material). Other Requirements. Various other provisions in current federal law may significantly affect the costs or profits of cable television systems. These matters include a prohibition on exclusive franchises, restrictions on the ownership of competing video delivery services...

  • Page 23
    ... Internet access service. These laws include copyright laws, prohibitions on obscenity and requirements governing unsolicited commercial e-mail. Voice Services Voice Over Internet Protocol. Cable companies (including the Company's Cable ONE subsidiary) and others offer telephone service using...

  • Page 24
    ... 2007, the FCC required providers of interconnected VoIP service and their "numbering partners" to ensure that their subscribers have the ability to port their telephone numbers when changing service providers. The order also clarified that local exchange carriers and commercial mobile radio service...

  • Page 25
    ... WP Company also publishes The Washington Post National Weekly Edition, a tabloid that contains selected articles and features from The Washington Post edited for a national audience. The National Weekly Edition has a basic subscription price of $78.00 per year and is delivered by second-class mail...

  • Page 26
    ... classified advertising databases for cars, apartment rentals and residential real estate. The other owners are Tribune Company, The McClatchy Company, Gannett Co., Inc. and A.H. Belo Corporation. Listings for these databases come from print and online-only sales of classified ads by the newspaper...

  • Page 27
    ... advertising that is sold specifically for the site. The Gazette Newspapers and Southern Maryland Newspapers together employ approximately 159 editors, reporters and photographers. This division also operates a commercial printing business in suburban Maryland. The Herald The Company owns The Daily...

  • Page 28
    ... circulation of approximately 75,000 copies. El Tiempo Latino El Tiempo Latino LLC, publishes El Tiempo Latino, a weekly Spanish-language newspaper that is distributed free of charge in northern Virginia, suburban Maryland and Washington, DC, using sidewalk news boxes and retail locations that...

  • Page 29
    ... of free video programming on the DTV channel. Broadcasters that offer ancillary and supplementary services must pay a fee to the FCC of 5% of the gross revenues generated from such services. No Company station currently offers ancillary and supplementary services. While most full-power television...

  • Page 30
    ... over the Internet if they have a website; and (iii) include an on-air notice twice daily that consumers may view the station's public file on its website. These requirements will not become effective until they are approved by the Office of Management and Budget ("OMB"). In July 2008, the FCC...

  • Page 31
    ... its review. In its 2008 order, the FCC declined to modify its other ownership rules, including the local television multiple ownership rule, which generally permits one company to own two television stations in the same market if there are at least eight independently owned full-power television...

  • Page 32
    ... market areas or demographic groups. Newsweek is sold through subscription mail order sales derived from a number of sources, principally direct-mail promotion, as well as online and on newsstands. Newsweek's published advertising rates are based on its average weekly circulation rate base and are...

  • Page 33
    ...Prince George's County, MD. The Herald, The Enterprise Newspapers, the SCBJ and La Raza del Noroeste are produced at The Daily Herald Company's plant in Everett, WA, while The Gazette Newspapers and Southern Maryland Newspapers are printed at the commercial printing facilities owned by Post-Newsweek...

  • Page 34
    ... handles and sells to recycling industries old newspapers, paper and other recyclable materials collected in Washington, DC, Maryland and northern Virginia. Newsweek's domestic edition is produced by two independent contract printers at four separate plants in the United States; advertising inserts...

  • Page 35
    ... websites, television, radio, magazines and other advertising media, including direct-mail advertising. Express similarly competes with various other advertising media in its service area, including both daily and weekly freedistribution newspapers. The websites produced by Washington Post Digital...

  • Page 36
    ...available in the Washington, DC, area, including several other Spanish-language newspapers. The Company's television stations compete for audiences and advertising revenues with television and radio stations, cable television systems and video services offered by telephone companies serving the same...

  • Page 37
    ... Officer of the Company in June 2008. Mr. Cooney joined the Company in 2001 as Controller, and prior to that had been with Gannett Co., Inc. and Price Waterhouse LLP. Employees The Company and its subsidiaries employ approximately 20,000 persons on a full-time basis. Worldwide, Kaplan employs...

  • Page 38
    ...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, NW, Washington, DC 20071. Item 1A. Risk Factors. The Company faces a number of...

  • Page 39
    ... from offering post-secondary education and render students ineligible to participate in Title IV programs. Loss of authorization at those state campus locations or, in states that require it for Kaplan University online, could have a material adverse effect on Kaplan Higher Education's business...

  • Page 40
    ...operating results of the Company's newspaper publishing businesses. Item 1B. Unresolved Staff Comments. Not applicable. Item 2. Properties. Directly or through subsidiaries, Kaplan owns a total of 11 properties: a 30,000-square-foot six-story building located at 131 West 56th Street in New York City...

  • Page 41
    ... for Post-Newsweek Media. The Company closed a printing facility in Waldorf, MD, in 2008 that served as the headquarters for the Southern Maryland Newspapers. In May 2007, the Company finished construction of a one-story brick building in St. Mary's County and moved that county's editorial and sales...

  • Page 42
    ... sales representatives in New York City, Chicago, San Francisco and Los Angeles. In January of 2008, WPNI entered into a two-year sublease for office space in Washington, DC, to house Foreign Policy magazine. Greater Washington Publishing's offices are located in leased space in Vienna, VA, while...

  • Page 43
    ...of Business & Medical Careers et al. The Plaintiff's complaint contains, among other things, allegations under the False Claims Act, 31 U.S.C. Sec. 3729 et seq. related to eligibility for Title IV funding. The U.S. Government filed notice that it is not intervening as of August 18, 2008. The Company...

  • Page 44
    ... The Washington Post Company Incentive Compensation Plan, which plan has been approved by the stockholders of the Company. At December 28, 2008, there were 9,775 shares of restricted stock outstanding under the 2005 - 2008 Award Cycle and 11,430 shares of restricted stock outstanding under the 2007...

  • Page 45
    ... on a quarterly basis in the case of the Standard & Poor's 500 Index, the Standard & Poor's Publishing Index and the custom peer group index of education companies. COMPARISON OF CUMULATIVE FIVE YEAR TOTAL RETURN $150 $100 $50 $0 2003 2004 2005 2006 2007 2008 The Washington Post Company S&P 500...

  • Page 46
    ...Company has common stock investments in several publicly traded companies (as discussed in Note D to the Company's Consolidated Financial Statements) that are subject to market price volatility. The fair value of these common stock investments totaled $333,319,000 at December 28, 2008. Interest Rate...

  • Page 47
    ... LLP, an independent registered public accounting firm, as stated in their report included herein. Changes in Internal Control Over Financial Reporting There has been no change in the Company's internal control over financial reporting during the quarter ended December 28, 2008 that has materially...

  • Page 48
    ... Chief Financial Officer filed as exhibits to this Annual Report on Form 10-K, on June 6, 2008, the Company's Chief Executive Officer submitted to the New York Stock Exchange the annual certification regarding compliance with the NYSE's corporate governance listing standards required by Section 303A...

  • Page 49
    ... Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on February 25, 2009. THE WASHINGTON POST COMPANY (Registrant) By /s/ Hal S. Jones Hal...

  • Page 50
    ... TO FINANCIAL INFORMATION THE WASHINGTON POST COMPANY Management's Discussion and Analysis of Results of Operations and Financial Condition (Unaudited) ...Financial Statements and Schedule: Report of Independent Registered Public Accounting Firm ...Consolidated Statements of Income and Consolidated...

  • Page 51
    ... print advertising revenue decline at The Washington Post in 2007 and a 4% decline in 2006. Circulation volume also continued a downward trend. The Company's online publishing businesses, Washingtonpost.Newsweek Interactive and The Slate Group, reported a 7% revenue increase in 2008; however, online...

  • Page 52
    ... retirement program expense at The Washington Post newspaper, the corporate office and Newsweek (after-tax impact of $67.2 million, or $7.07 per share); • $22.3 million in accelerated depreciation related to the planned closing of The Washington Post's College Park, MD, plant (after-tax impact of...

  • Page 53
    ...in 2007. The 2008 revenue increase is due to continued growth in the division's cable modem, telephone and digital Higher education includes Kaplan's domestic and international postsecondary education businesses, including fixed-facility colleges as well as online post-secondary and career programs...

  • Page 54
    ... Washington Post newspaper, and 231 employees accepted the offer. Early retirement program expense of $79.8 million was recorded in the second quarter of 2008, which is being funded mostly from the assets of the Company's pension plans. Also, The Post will close its College Park, MD, printing plant...

  • Page 55
    ... The magazine publishing division reported an operating loss in 2008; operating margin was 11% in 2007, including the pension credit. Excluding the pension credit, the division would have reported an operating loss in 2007. Other Businesses and Corporate Office. In October 2007, the Company acquired...

  • Page 56
    ... 8%. The decline in advertising revenue is due to declines in print advertising at The Washington Post, the absence of significant political and Olympics-related television advertising in 2007 and declines in the magazine publishing division. The increase in circulation and subscriber revenue is due...

  • Page 57
    ... elimination ...(244) $ 149,037 Higher education includes Kaplan's domestic and international postsecondary education businesses, including fixed-facility colleges, as well as online post-secondary and career programs. Higher education revenue grew by 19% for 2007. Enrollments increased 13% to 77...

  • Page 58
    ... of The Washington Post newspaper and the Company's corporate office, funded primarily from the assets of the Company's pension plans. The Company also announced that The Post will close its College Park, MD, printing plant. Television Broadcasting Division. Revenue for the television broadcasting...

  • Page 59
    ... the first quarter of 2008; it will be funded primarily from the assets of the Company's pension plans. Other Businesses and Corporate Office. In October 2007, the Company acquired the outstanding stock of CourseAdvisor, Inc., a premier online lead generation provider, headquartered in Wakefield, MA...

  • Page 60
    ... October 2007, the Company acquired the outstanding stock of CourseAdvisor, Inc., a premier online lead generation provider, headquartered in Wakefield, MA. Through its search engine marketing expertise and proprietary technology platform, CourseAdvisor generates student leads for the post-secondary...

  • Page 61
    ... Dividend Rate. During 2008, 2007 and 2006, the Company repurchased 167,642 shares, 54,506 shares and 77,300 shares, respectively, of its Class B common stock at a cost of $99.0 million, $42.0 million and $56.6 million, respectively. At December 28, 2008, the Company had authorization from the Board...

  • Page 62
    ... 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 was $25.7 million, $22.3 million and $21.8 million for 2008, 2007...

  • Page 63
    ... In the first quarter of 2006, the Company adopted Statement of Financial Accounting Standards No. 123R (SFAS 123R), "ShareBased 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. The adoption...

  • Page 64
    ...of a market participant and long-term growth rates to determine a reporting unit's estimated fair value. The Company recorded $135.4 million in pretax impairment charges in 2008. Additionally, in 2007 and 2008, Kaplan implemented restructuring plans at Kaplan Professional (U.S.) and Score to improve...

  • Page 65
    [This page intentionally left blank] 2008 FORM 10-K 53

  • Page 66
    REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Shareholders of The Washington Post Company: In our opinion, the consolidated financial statements referred to under Item 15 (1) on page 36 and listed in the index on page 38 present fairly, in all material ...

  • Page 67
    THE WASHINGTON POST COMPANY CONSOLIDATED STATEMENTS OF INCOME December 28, 2008 Fiscal Year Ended December 30, December 31, 2007 2006 (in thousands, except per share amounts) Operating Revenues Education ...Advertising ...Circulation and subscriber ...Other ...Operating Costs and Expenses ...

  • Page 68
    THE WASHINGTON POST COMPANY CONSOLIDATED BALANCE SHEETS As of December 28, December 30, 2008 2007 (in thousands) Assets Current Assets Cash and cash equivalents ...Investments in marketable equity securities and other investments ...Accounts receivable, net ...Deferred income taxes ...Inventories ...

  • Page 69
    ... income, net of taxes Cumulative foreign currency translation adjustment ...Unrealized gain on available-for-sale securities ...Unrealized (loss) gain on pensions and other postretirement plans ...Cost of 10,634,768 and 10,483,953 shares of Class B common stock held in treasury ... 11,826 - 11...

  • Page 70
    ... funding for acquisition ...Net proceeds from sale of businesses ...Other ...Net cash used in investing activities ...Cash Flows from Financing Activities: Common shares repurchased ...Dividends paid ...Issuance (repayment) of commercial paper, net ...Principal payments on debt ...Other ...Net cash...

  • Page 71
    THE WASHINGTON POST COMPANY CONSOLIDATED STATEMENTS OF CHANGES IN COMMON SHAREHOLDERS' EQUITY Unrealized Cumulative Unrealized (Loss) Gain Foreign Gain on on Pensions Currency Available- and Other Translation for-Sale Postretirement Adjustment Securities Plans (in thousands) Class A Class B ...

  • Page 72
    ... of The Washington Post. Through the Company's other newspaper publishing businesses, the Company also publishes other weekly publications and tabloids distributed nationally and within the Washington, DC, metropolitan area and produces other websites and online magazines. Television broadcasting...

  • Page 73
    ... decline is considered other than temporary, the Company will record a writedown, which is included in earnings. Fair Value of Financial Instruments - The carrying amount reported in the Company's consolidated financial statements for cash and cash equivalents, accounts receivable, accounts payable...

  • Page 74
    ... fees for video, high-speed Internet and phone services and from advertising. Cable subscriber revenue is recognized monthly as services are delivered. Advertising revenue is recognized when the commercials or programs are aired. Newspaper and magazine publishing and television broadcasting: Revenue...

  • Page 75
    ... income. Gains and losses on foreign currency transactions are recognized in the Consolidated Statements of Income. Equity-Based Compensation - The Company accounts for sharebased payments in accordance with SFAS No. 123 (Revised 2004), "Share-Based Payment" ("SFAS 123R"). SFAS 123R requires that...

  • Page 76
    ...should be treated. The Company is in the process of evaluating the impact EITF 08-6 will have on its consolidated financial statements. In December 2008, the FASB issued FSP No. 132R-1, "Employers' Disclosures about Postretirement Benefit Plan Assets" ("FSP 132R-1"). 64 THE WASHINGTON POST COMPANY

  • Page 77
    ... 132R-1 on its consolidated financial statements. C. ACCOUNTS RECEIVABLE AND ACCOUNTS PAYABLE AND ACCRUED LIABILITIES At December 28, 2008 and December 30, 2007, the Company owned 2,214 and 2,634 shares of Berkshire Hathaway Inc. ("Berkshire") Class A common stock, respectively, and 3,870 and 9,845...

  • Page 78
    ... student leads for the post-secondary education market. CourseAdvisor operates as an independent subsidiary of the Company. The purchase price allocations for these acquisitions mostly comprised goodwill and other intangible assets. Also in 2007, the cable television division acquired subscribers...

  • Page 79
    ... non-solicitation agreement entered into between the Company and the former Kaplan chief executive officer, who resigned in November 2008. This asset will be amortized over three years. In the third quarter of 2006, as a result of a challenging advertising environment, the Company completed a review...

  • Page 80
    ... ...Other, net ...Provision for income taxes ...2008 $50,793 2007 $168,387 2006 $181,697 Education ...$ 845,754 Cable Television ...Newspaper Publishing ...Television Broadcasting ...Magazine Publishing ...Other Businesses and Corporate Office ...912 $1,240,251 85,666 79,739 203,165 25,015 $19,124...

  • Page 81
    ... the Internal Revenue Service is not currently examining any of the post-2004 returns filed by the Company. The Company implemented FIN 48 in the first quarter of 2007, and there was no impact on the Company's financial position or results of operations as a result of the implementation. 2008 FORM...

  • Page 82
    ...right to require the Company to purchase their shares at the redemption price during an annual 60-day election period; the first such period began on February 23, 2001. Dividends on the Series A preferred stock are payable four times a year at the annual rate of $80.00 per share and in preference to...

  • Page 83
    ... and revert to Company ownership if the participant's employment terminates before the end of a specified period of service to the Company. At December 28, 2008, there were 166,600 shares reserved for issuance under the incentive compensation plan. Of this number, 32,785 shares were subject to...

  • Page 84
    ... with an average exercise price of $1,883. The fair value of Kaplan stock options at December 28, 2008 and December 30, 2007 was estimated using the Black-Scholes method utilizing the following assumptions: December 28, 2008 Expected life (years) ...Interest rate ...Volatility ...Dividend yield...

  • Page 85
    ... from the assets of the Company's pension plans. The Company offered a Voluntary Retirement Incentive Program in the first quarter 2008 to some employees of The Washington Post newspaper and the corporate office; 236 employees have accepted the offer. The early retirement program expense of $82...

  • Page 86
    ... made up of a relatively small number of stocks and highquality fixed-income securities that are held by a third-party trustee. As of December 31, 2008 and December 31, 2007, the assets of the Company's pension plans were allocated as follows: Pension Plan Asset Allocations December 31, December 31...

  • Page 87
    ...: Pension Plans 2008 Discount rate ...Expected return on plan assets ...Rate of compensation increase ...4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 6.5% 6.5% 6.5% - - - 6.0% 2007 6.0% 2006 5.75% 2008 6.0% SERP 2007 6.0% 2006 5.75% In determining the expected rate of return on plan assets, the Company considers...

  • Page 88
    ... 4.8 $ 5.1 $ 5.5 $ 5.8 $33.1 During 2009, the Company expects to recognize the following amortization components of net periodic cost for the postretirement plans: (in thousands) Actuarial gain recognition ...Prior service credit recognition ...2009 $(2,122) (4,968) 76 THE WASHINGTON POST COMPANY

  • Page 89
    ...580 million, respectively, of the Company's education division revenue was derived from financial aid received by students under Title IV programs. Management believes that the A summary of non-operating (expense) income for the years ended December 28, 2008, December 30, 2007 and December 31, 2006...

  • Page 90
    ..., 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. Newspaper publishing includes the publication of newspapers in the Washington, DC...

  • Page 91
    ... the post-secondary education market. The Company's foreign revenues in 2008, 2007 and 2006 totaled approximately $582 million, $488 million and $347 million, respectively, principally from Kaplan's foreign operations and the publication of the international editions of Newsweek. The Company's long...

  • Page 92
    (in thousands) Education Cable Television Newspaper Television Magazine Publishing Broadcasting Publishing Other Businesses and Corporate Office Intersegment Elimination Consolidated $(5,792) $ - $4,461,580 $ 174,208 (7,837) (18,986) (2,263) $ 145,122 2008 Operating revenues ...$2,331,580 $ ...

  • Page 93
    The Company's education division comprises the following operating segments: (in thousands) 2008 Operating revenues ...Income (loss) from operations ...Identifiable assets ...Depreciation of property, plant and equipment ...Amortization expense ...Kaplan stock-based incentive compensation ...Capital...

  • Page 94
    ... comprehensive income for the years ended December 28, 2008 and December 30, 2007 are as follows: (in thousands, except per share amounts) 2008 Quarterly Operating Results Operating revenues Education ...Advertising ...Circulation and subscriber ...Other ...First Quarter Second Quarter Third Quarter...

  • Page 95
    ...Quarter 2007 Quarterly Operating Results Operating revenues Education ...Advertising ...Circulation and subscriber ...Other...to the annual amounts reported in the Consolidated Statements of Income due to rounding. Refer to page 84 for quarterly impact from certain unusual items in 2007. 2008 FORM 10...

  • Page 96
    ... related to early retirement program expense at The Washington Post newspaper, the corporate office and Newsweek ($14.3 million and $52.9 million in the first and second quarters, respectively) ...Goodwill, intangible assets and other impairment charges of $115.7 million at the Company's online lead...

  • Page 97
    THE WASHINGTON POST COMPANY SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS Description Balance at Beginning of Period Additions - Charged to Costs and Expenses Deductions Balance at End of Period Year Ended December 31, 2006 Allowance for doubtful accounts and returns ...$71,125,000 $136,663,...

  • Page 98
    ....2 million ($7.07 per share) related to early retirement program expense at The Washington Post newspaper, the corporate office and Newsweek • $13.9 million ($1.48 per share) in accelerated depreciation related to the planned closing of The Washington Post's College Park, MD, plant • charges of...

  • Page 99
    ... Company's 50% interest in the International Herald Tribune • gain of $25.5 million ($2.66 per share) on sale of land at The Washington Post newspaper • charge of $20.8 million ($2.18 per share) for early retirement programs at The Washington Post newspaper • Kaplan stock compensation expense...

  • Page 100
    [This page intentionally left blank] 88 THE WASHINGTON POST COMPANY

  • Page 101
    ... Company's Annual Report on Form 10-K for the fiscal year ended December 30, 2007).* List of subsidiaries of the Company. Consent of independent registered public accounting firm. Power of attorney dated February 24, 2009. Rule 13a-14(a)/15d-14(a) Certification of the Chief Executive Officer. Rule...

  • Page 102
    ...Kids & Schools Kaplan Test Prep and Admissions Kaplan Higher Education Kaplan Professional Cable Television Cable ONE CableONE.net Newspaper Publishing The Washington Post washingtonpost.com WashPost.com The Washington Post National Weekly Edition NationalWeekly.com The Washington Post Writers Group...

  • Page 103
    ... report to shareholders. All of the Company's SEC filings are accessible from the Company's website, washpostco.com. ANNUAL MEETING The annual meeting of stockholders will be held on May 14, 2009, at 9 a.m., at The Washington Post Company, 1150 15th Street, NW, Washington, DC. COMMON STOCK PRICES...

  • Page 104
    The Washington Post Company 1150 15th Street, NW Washington, DC 20071 (202) 334-6000 washpostco.com