The Washington Post Company (WPO, Financial) filed Quarterly Report for the period ended 2011-04-03.
Washington Post Co. has a market cap of $3.43 billion; its shares were traded at around $420.95 with a P/E ratio of 11.6 and P/S ratio of 0.7. The dividend yield of Washington Post Co. stocks is 2.3%. Washington Post Co. had an annual average earning growth of 4.4% over the past 10 years. GuruFocus rated Washington Post Co. the business predictability rank of 2-star.
Revenue for the first quarter of 2011 was $1,063.6 million, down 7% from $1,142.0 million in 2010. The Company reported operating income of $52.0 million in the first quarter of 2011, compared to operating income of $103.1 million in 2010. Revenues were down at the education and television broadcasting divisions, while revenues at the cable television and newspaper publishing divisions were about even with 2010. Operating results declined at all of the Companys divisions for the quarter, except for a small improvement at the newspaper publishing division.
Education Division. Education division revenue totaled $640.6 million for the first quarter of 2011, a 10% decline from revenue of $711.4 million for the first quarter of 2010. Kaplan reported first quarter 2011 operating income of $15.5 million, down from $57.9 million in the first quarter of 2010.
Television Broadcasting Division. Revenue for the broadcast division declined 2% in the first quarter of 2011 to $72.2 million, from $73.5 million in 2010; operating income for the first quarter of 2011 decreased 6% to $19.6 million, from $20.9 million in the first quarter of 2010. The decline in revenue and operating income is due to the absence of $4.7 million in incremental winter Olympics-related advertising at the Companys NBC affiliates in the first quarter of 2010, and a $1.8 million decrease in political advertising revenue, offset by increases in other categories.
Other Non-Operating Income (Expense). The Company recorded other non-operating expense, net, of $24.0 million for the first quarter of 2011, compared to other non-operating expense, net, of $3.3 million for the first quarter of 2010. The 2011 non-operating expense, net, included a $30.7 million write-down of a marketable equity security (Corinthian Colleges, Inc.), offset by a $3.8 million gain on the sale of a cost method investment and $2.7 million in unrealized foreign currency gains and other items. The 2010 non-operating expense, net, included $3.3 million in unrealized foreign currency losses.
Liquidity. The Companys borrowings have increased by $0.1 million, to $399.8 million at April 3, 2011, as compared to borrowings of $399.7 million at January 2, 2011. At April 3, 2011, the Company has $329.2 million in cash and cash equivalents, compared to $437.7 million at January 2, 2011. The Company had money market investments of $187.4 million and $308.9 million that are classified as cash and cash equivalents in the Companys condensed consolidated Balance Sheet as of April 3, 2011 and January 2, 2011, respectively.
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Washington Post Co. has a market cap of $3.43 billion; its shares were traded at around $420.95 with a P/E ratio of 11.6 and P/S ratio of 0.7. The dividend yield of Washington Post Co. stocks is 2.3%. Washington Post Co. had an annual average earning growth of 4.4% over the past 10 years. GuruFocus rated Washington Post Co. the business predictability rank of 2-star.
Highlight of Business Operations:
The Company reported net income available for common shares of $15.2 million ($1.87 per share) for its first quarter ended April 3, 2011, compared to net income available for common shares of $45.4 million ($4.91 per share) in the first quarter of last year. Net income includes $6.2 million ($0.67 per share) in losses from discontinued operations for the first quarter of 2010. Income from continuing operations available for common shares was $51.6 million ($5.58 per share) for the first quarter of 2010. As a result of the Companys share repurchases, there were 12% fewer diluted average shares outstanding in 2011.Revenue for the first quarter of 2011 was $1,063.6 million, down 7% from $1,142.0 million in 2010. The Company reported operating income of $52.0 million in the first quarter of 2011, compared to operating income of $103.1 million in 2010. Revenues were down at the education and television broadcasting divisions, while revenues at the cable television and newspaper publishing divisions were about even with 2010. Operating results declined at all of the Companys divisions for the quarter, except for a small improvement at the newspaper publishing division.
Education Division. Education division revenue totaled $640.6 million for the first quarter of 2011, a 10% decline from revenue of $711.4 million for the first quarter of 2010. Kaplan reported first quarter 2011 operating income of $15.5 million, down from $57.9 million in the first quarter of 2010.
Television Broadcasting Division. Revenue for the broadcast division declined 2% in the first quarter of 2011 to $72.2 million, from $73.5 million in 2010; operating income for the first quarter of 2011 decreased 6% to $19.6 million, from $20.9 million in the first quarter of 2010. The decline in revenue and operating income is due to the absence of $4.7 million in incremental winter Olympics-related advertising at the Companys NBC affiliates in the first quarter of 2010, and a $1.8 million decrease in political advertising revenue, offset by increases in other categories.
Other Non-Operating Income (Expense). The Company recorded other non-operating expense, net, of $24.0 million for the first quarter of 2011, compared to other non-operating expense, net, of $3.3 million for the first quarter of 2010. The 2011 non-operating expense, net, included a $30.7 million write-down of a marketable equity security (Corinthian Colleges, Inc.), offset by a $3.8 million gain on the sale of a cost method investment and $2.7 million in unrealized foreign currency gains and other items. The 2010 non-operating expense, net, included $3.3 million in unrealized foreign currency losses.
Liquidity. The Companys borrowings have increased by $0.1 million, to $399.8 million at April 3, 2011, as compared to borrowings of $399.7 million at January 2, 2011. At April 3, 2011, the Company has $329.2 million in cash and cash equivalents, compared to $437.7 million at January 2, 2011. The Company had money market investments of $187.4 million and $308.9 million that are classified as cash and cash equivalents in the Companys condensed consolidated Balance Sheet as of April 3, 2011 and January 2, 2011, respectively.
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