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Q. SUMMARY OF QUARTERLY OPERATING RESULTS AND COMPREHENSIVE INCOME (UNAUDITED)
Quarterly results of operations and comprehensive income for the years ended December 28, 2008 and December 30, 2007 are as follows:
(in thousands, except per share amounts) First
Quarter Second
Quarter Third
Quarter Fourth
Quarter
2008 Quarterly Operating Results
Operating revenues
Education .................................................. $ 543,256 $ 576,464 $ 602,739 $ 609,121
Advertising .................................................. 267,726 268,699 261,475 285,184
Circulation and subscriber ...................................... 218,608 224,214 226,186 232,890
Other ..................................................... 33,550 36,840 38,258 36,370
1,063,140 1,106,217 1,128,658 1,163,565
Operating costs and expenses
Operating .................................................. 491,153 507,985 516,115 508,563
Selling, general and administrative ................................ 440,048 525,655 434,150 440,133
Depreciation of property, plant and equipment ....................... 60,460 61,479 73,524 70,143
Amortization of intangible assets .................................. 4,610 6,282 4,912 6,721
Impairment of goodwill and other intangible assets ..................... — — 59,690 75,749
996,271 1,101,401 1,088,391 1,101,309
Income from operations 66,869 4,816 40,267 62,256
Equity in (losses) earnings of affiliates ............................... (3,243) (5,653) (609) 1,668
Interest income ............................................... 2,096 1,286 1,173 1,117
Interest expense .............................................. (6,534) (6,098) (6,882) (5,144)
Other income (expense), net ..................................... 4,079 2,848 (21,120) 11,930
Income (loss) before income taxes ................................... 63,267 (2,801) 12,829 71,827
Provision (benefit) for income taxes .................................. 24,000 (100) 2,500 53,000
Net income (loss) ............................................... 39,267 (2,701) 10,329 18,827
Redeemable preferred stock dividends ............................... (473) (237) (236) —
Net income (loss) available for common shares ......................... $ 38,794 $ (2,938) $ 10,093 $ 18,827
Basic earnings (loss) per common share .............................. $ 4.09 $ (0.31) $ 1.08 $ 2.02
Diluted earnings (loss) per common share ............................. $ 4.08 $ (0.31) $ 1.08 $ 2.01
Basic average shares outstanding ................................... 9,484 9,480 9,334 9,332
Diluted average shares outstanding .................................. 9,513 9,480 9,358 9,354
2008 Quarterly comprehensive income .............................. $ 14,611 $ 3,943 $ 33,549 $ (491,597)
The sum of the four quarters may not necessarily be equal 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 2008.
82 THE WASHINGTON POST COMPANY