Washington Post 2008 Annual Report Download - page 38

Post–Newsweek Media, Inc. has approximately 434 full-time and 127 part-time employees. Robinson Terminal
Warehouse Corporation (the Company’s newsprint warehousing and distribution subsidiary), Greater Washington
Publishing, 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 2008 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 Compensation
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, NW, Washington, DC 20071.
Item 1A. Risk Factors.
The Company faces a number of significant risks and uncertainties in connection with its operations. The most significant
of these are described below. These risks and uncertainties may not be the only ones facing the Company. Additional
risks and uncertainties not presently known, or currently deemed immaterial, may adversely affect the Company in the
future. If any of the events or developments described below occurs, it could have a material adverse effect on the
Company’s business, financial condition or results of operations.
• Reductions in the Amount of Funds Available to Students, including under the Federal Title IV Programs, in Kaplan’s
Higher Education Schools Or Changes in the Terms on Which Such Funds Are Made Available
During the Company’s 2008 fiscal year, funds provided under the student financial aid programs created under Title IV of
the Federal Higher Education Act accounted for approximately $904 million of the net revenues of the schools in
Kaplan’s Higher Education Schools. Any legislative, regulatory or other development that has the effect of materially
reducing the amount of Title IV financial assistance or other funds 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 or other funds are available to students of those schools materially less
attractive could have an adverse effect on Kaplan’s operating results.
• Tighter Lending Standards Imposed by Private Lenders
Students obtain financing from a number of sources. In addition to funds available under the Federal Title IV programs in
the form of federal loans and grants, students often obtain loans from private lenders. In response to a general tightening
in the credit markets, lenders have announced that they will apply more stringent lending standards for loans to students.
In late 2008, Kaplan Higher Education experienced a significant reduction in the ability of its students to obtain loans
from private lenders, which could lead to reduced enrollment in Kaplan schools. Kaplan Higher Education estimates that
approximately 5% of its revenue comes from students who obtain loans from private lenders. To counter the loss of loans
from private lenders, Kaplan Higher Education commenced an institutional loan program directly lending to its students to
fund their education.
26 THE WASHINGTON POST COMPANY