Washington Post 2010 Annual Report Download - page 112

Download and view the complete annual report

Please find page 112 of the 2010 Washington Post annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 118

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118

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 2008–2010 and refer to Note C for discussion of discontinued operations. 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) 2010 2009 2008
Results of Operations
Operating revenues .......................................................... $4,723,573 $4,386,516 $4,211,715
Income from operations ....................................................... 546,832 257,879 231,920
Income from continuing operations ............................................... 306,824 136,287 96,308
Net income available for The Washington Post Company common stockholders ............. 277,192 91,846 64,776
Per Share Amounts
Basic earnings per common share attributable to The Washington Post Company common
stockholders:
Income from continuing operations ............................................. $ 34.28 $ 14.58 $ 10.13
Net income .............................................................. 31.06 9.78 6.89
Diluted earnings per common share attributable to The Washington Post Company common
stockholders:
Income from continuing operations ............................................. $ 34.26 $ 14.58 $ 10.11
Net income .............................................................. 31.04 9.78 6.87
Weighted average shares outstanding:
Basic .................................................................. 8,869 9,332 9,408
Diluted ................................................................. 8,931 9,392 9,430
Cash dividends per common share .............................................. $ 9.00 $ 8.60 $ 8.60
The Washington Post Company common shareholders’ equity per common share ............ $ 343.47 $ 317.21 $ 305.12
Financial Position
Working capital ............................................................ $ 353,621 $ 398,481 $ 257,292
Total assets ................................................................ 5,158,367 5,186,206 5,158,434
Long-term debt ............................................................. 396,650 396,236 400,003
The Washington Post Company common shareholders’ equity ........................... 2,814,364 2,939,550 2,857,540
Impact from certain items included in income from continuing operations (after-tax and diluted EPS amounts):
2010
• charge of $12.7 million ($1.38 per share) at The Washington Post in connection with the withdrawal from a multiemployer pension plan
• goodwill and other long-lived assets impairment charge of $26.3 million ($2.96 per share) at the Company’s online lead generation
business
• charges of $19.3 million ($2.31 per share) related to severance and restructuring
• gains, net, of $4.2 million ($0.47 per share) from non-operating unrealized foreign currency gains on intercompany loans
2009
• charges of $35.9 million ($3.82 per share) related to early retirement program expense at the newspaper publishing division
• 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, of $10.3 million ($1.10 per share) from non-operating unrealized foreign currency gains on intercompany loans
2008
• goodwill, intangible assets and other impairment charges of $115.7 million ($12.35 per share) at the Company’s online lead generation
business; 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 $50.1 million ($5.27 per share) related to early retirement program expense at The Washington Post newspaper and the
corporate office
• $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
• 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
96 THE WASHINGTON POST COMPANY