The Washington Post Company reported yesterday net income for the second quarter increased to $17.2 million, including nonrecurring gains of $3.8 million from the sale of radio station WTOP and real estate.
Without extraordinary itens, income for the publishing company was $13.4 million, up 24 percent from the previous year's $10.8 million, which included a $500,000 nonrecurring item.
Total earnings per share were $2.11. Before nonrecurring items profits per share were up 29 percent, from $1.28 to $1.65. Earnings per share increased faster because fewer shares are outstanding as the result of the company's repurchase of stock.
Revenues were up 20 percent, from $113 million to $135.1 million, for the three months ended July 2 and increased 19 percent, from $207.5 million to $248 million, for the first half.
First half earnings, including nonrecurring items, increased to $24.3 million ($2.97 per share) from $15.8 million ($1.83 per share).
Increased earnings and income were reported by all three of The Post Company's divisions - Newspaper revenues 18 percent, with advertising lineage up 8 percent at The Washington Post and 13 percent at The Trenton (N.J.) Times.
Magazine and book division revenues increased 18 percent, with advertising revenues up 19 percent and Newsweek magazine circulation income up 16 percent.
The broadcasting division reported television revenues increased 16 percent and noted the exchange of WTOP-TV for WWJ-TV in Detroit did not significantly effect revenues for the quarter because it occured June 26, as the reporting period was ending.
Telenet Corp. of Washington reported its second quarter loss widened to $1,277,000 from $975,000 while revenues climbed to $2.1 million from $888,000.
On a per share basis the loss decreased from 74 cents to 55 cents, because the number of outstanding shares was increased from 1.3 million to 2.3 million.
PepCom an Arlington-based soft drink bottler, reported net income for the six months ended June 30 fell to $2.2 million (95 cents per share) from $2.4 million ($1.10 per share). Net sales increased from $26.2 million to $28.8 million.
Pargas Inc. reported a loss of $1,143,000 for the second quarter, compared with profits of $761,000 a year ago. Revenues for the period increased to $30.5 million from $28.7 million.
For the first half, Pargas earned $2.1 million (57 cents per share) down from $4.2 million ($1.14): sales grew to $82.4 million from $74.8 million.
The results included a loss of $1.38 million for coal inventory adjustments, the company said.