Washington Post 2009 Annual Report Download - page 100

THE WASHINGTON POST COMPANY
TEN-YEAR SUMMARY OF SELECTED HISTORICAL FINANCIAL DATA
See Notes to consolidated financial statements for the summary of significant accounting policies and additional information relative to the
years 2007–2009. Operating results prior to 2002 include amortization of goodwill and certain other intangible assets that are no longer
amortized under GAAP.
(in thousands, except per share amounts) 2009 2008 2007
Results of Operations
Operating revenues .......................................................... $4,569,731 $4,461,580 $4,180,406
Income from operations ....................................................... $ 193,992 $ 174,208 $ 477,016
Income before cumulative effect of change in accounting principle ........................ $ 92,774 $ 65,722 $ 288,607
Cumulative effect of change in method of accounting .................................. ———
Net income attributable to The Washington Post Company .............................. $ 92,774 $ 65,722 $ 288,607
Per Share Amounts
Basic earnings per common share:
Before cumulative effect of change in accounting principle .............................. $ 9.78 $ 6.89 $ 30.31
Cumulative effect of change in accounting principle ................................... ———
Net income available for common shares .......................................... $ 9.78 $ 6.89 $ 30.31
Basic average shares outstanding ................................................ 9,322 9,408 9,492
Diluted earnings per share:
Before cumulative effect of change in accounting principle .............................. $ 9.78 $ 6.87 $ 30.19
Cumulative effect of change in accounting principle ................................... ———
Net income available for common shares .......................................... $ 9.78 $ 6.87 $ 30.19
Diluted average shares outstanding ............................................... 9,392 9,430 9,528
Cash dividends ............................................................. $ 8.60 $ 8.60 $ 8.20
Common shareholders’ equity ................................................... $ 317.21 $ 305.12 $ 363.72
Financial Position
Current assets ............................................................... $1,388,064 $1,351,540 $ 994,970
Working capital ............................................................. 398,481 257,292 (18,503)
Property, plant and equipment ................................................... 1,239,692 1,302,334 1,280,737
Total assets ................................................................ 5,186,206 5,158,434 6,004,509
Long-term debt .............................................................. 396,236 400,003 400,519
Common shareholders’ equity ................................................... 2,939,550 2,857,540 3,461,159
Impact from certain unusual items (after-tax and diluted EPS amounts):
2009
• charges of $40.0 million ($4.26 per share) related to early retirement program expense, primarily at The Washington Post and Newsweek
• charges of $20.6 million ($2.19 per share) in connection with the restructuring of Kaplan’s Score and Test Preparation operations
• $21.0 million ($2.23 per share) in accelerated depreciation related to the closing of The Washington Post’s College Park, MD, plant and
the consolidation of operations at The Washington Post newspaper
• goodwill and other long-lived assets impairment charge of $18.8 million ($2.00 per share) related to Kaplan Ventures
• impairment charges of $18.8 million ($2.00 per share) at two of the Company’s affiliates
• gains, net, $10.3 million ($1.10 per share) from non-operating unrealized foreign currency gains on intercompany loans arising from the
weakening of the U.S. dollar
2008
• goodwill, intangible assets and other impairment charges of $115.7 million ($12.35 per share) at the Company’s online lead generation
business, included in other businesses and corporate office segment; at the Company’s community newspapers, The Herald and other
operations included in the newspaper publishing segment; and at two of the Company’s equity affiliates
• charges of $67.2 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 $6.8 million ($0.72 per share) in connection with the restructuring of Test Preparation’s professional training businesses
• gains of $28.9 million ($3.09 per share) from the sales of marketable securities
• losses, net, of $28.5 million ($3.04 per share) from non-operating unrealized foreign currency losses on intercompany loans arising from the
strengthening of the U.S. dollar
• charge of $9.5 million ($1.01 per share) in income tax expense related to valuation allowances provided against certain state and local
income tax benefits, net of U.S. Federal income tax benefits
2007
• charge of additional net income tax expense of $6.6 million ($0.70 per share), as the result of a $12.9 million increase in taxes associated
with Bowater Mersey, offset by a tax benefit of $6.3 million associated with changes in certain state income tax laws
• charges of $10.3 million ($1.08 per share) in connection with the restructuring of Kaplan’s Score and Test Preparation operations
• gain of $5.9 million ($0.62 per share) from the sale of property at the Company’s television station in Miami
• gains of $5.5 million ($0.58 per share) from non-operating unrealized foreign currency gains on intercompany loans
86 THE WASHINGTON POST COMPANY