Washington Post 2008 Annual Report Download - page 67

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THE WASHINGTON POST COMPANY
CONSOLIDATED STATEMENTS OF INCOME
Fiscal Year Ended
(in thousands, except per share amounts) December 28,
2008 December 30,
2007 December 31,
2006
Operating Revenues
Education .......................................................... $2,331,580 $2,030,889 $1,684,141
Advertising ......................................................... 1,083,084 1,234,643 1,358,739
Circulation and subscriber .............................................. 901,898 817,807 772,250
Other ............................................................. 145,018 97,067 89,797
4,461,580 4,180,406 3,904,927
Operating Costs and Expenses
Operating .......................................................... 2,023,816 1,882,984 1,738,918
Selling, general and administrative ........................................ 1,839,986 1,581,596 1,484,003
Depreciation of property, plant and equipment ............................... 265,606 221,239 205,295
Amortization of intangible assets .......................................... 22,525 17,571 7,043
Impairment of goodwill and other intangible assets ............................ 135,439 — 9,864
4,287,372 3,703,390 3,445,123
Income from Operations ................................................... 174,208 477,016 459,804
Equity in (losses) earnings of affiliates ...................................... (7,837) 5,975 790
Interest income ....................................................... 5,672 11,338 10,431
Interest expense ...................................................... (24,658) (24,046) (25,343)
Other (expense) income, net ............................................. (2,263) 10,824 73,452
Income Before Income Taxes and Cumulative Effect of Change in Accounting
Principle .............................................................. 145,122 481,107 519,134
Provision for Income Taxes ................................................. 79,400 192,500 189,600
Income Before Cumulative Effect of Change in Accounting Principle ................. 65,722 288,607 329,534
Cumulative Effect of Change in Method of Accounting for Share-based Payments,
Net of Taxes .......................................................... —— (5,075)
Net Income ............................................................. 65,722 288,607 324,459
Redeemable Preferred Stock Dividends ....................................... (946) (952) (981)
Net Income Available for Common Shares ..................................... $ 64,776 $ 287,655 $ 323,478
Basic Earnings per Common Share:
Before Cumulative Effect of Change in Accounting Principle ....................... $ 6.89 $ 30.31 $ 34.34
Cumulative Effect of Change in Accounting Principle ............................. —— (0.53)
Net Income Available for Common Shares ..................................... $ 6.89 $ 30.31 $ 33.81
Diluted Earnings per Common Share:
Before Cumulative Effect of Change in Accounting Principle ....................... $ 6.87 $ 30.19 $ 34.21
Cumulative Effect of Change in Accounting Principle ............................. —— (0.53)
Net Income Available for Common Shares ..................................... $ 6.87 $ 30.19 $ 33.68
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
Fiscal Year Ended
(in thousands) December 28,
2008 December 30,
2007 December 31,
2006
Net Income $ 65,722 $288,607 $324,459
Other Comprehensive (Loss) Income
Foreign currency translation adjustments .................................... (51,172) 26,653 17,650
Change in net unrealized gain on available-for-sale securities .................... (87,513) 115,269 64,858
Pension and other postretirement plan adjustments ............................. (630,574) 42,777 —
Less reclassification adjustment for realized gains included in net income ............ (47,308) (394) (19,560)
(816,567) 184,305 62,948
Income tax benefit (expense) related to other comprehensive income (loss) ........... 311,351 (67,330) (18,997)
(505,216) 116,975 43,951
Comprehensive (Loss) Income ............................................... $(439,494) $405,582 $368,410
The information on pages 60 through 84 is an integral part of the financial statements.
2008 FORM 10-K 55