The Washington Post Co. said yesterday that its fourth-quarter profit was down 7 percent, to $95.5 million from $102.4 million in the fourth quarter of 2005, despite a 10 percent gain in revenue.
The company had a profit of $324.5 million ($33.68 a share) on $3.9 billion in revenue in 2006, up from $314.3 million ($32.59) on $3.55 billion in revenue in 2005.
Revenue at The Post Co.'s
The company does not break out profit for its divisions.
The Post Co. attributed the fourth-quarter slump to several one-time expenses, including early retirement buyouts for about 170 Post employees, $14 million worth of stock compensation for Kaplan executives and $13 million for settling part of a class-action lawsuit in which
Advertising at The Washington Post was down 8 percent in the fourth quarter and 4 percent for the year, to $573.2 million. Online advertising -- primarily at washingtonpost.com -- was up 28 percent, to $102.7 million, for the year, breaking the $100 million mark for the first time.
Daily circulation at The Post for 2006 was down 2.9 percent, to 673,900, and Sunday circulation was down 3.2 percent, to 937,700. The numbers represent an improvement from 2005's declines, when daily and Sunday circulations each dropped more than 4 percent from 2004.
Post Co. stock closed down $3.24 a share yesterday, at $766.
Elsewhere in the industry yesterday, Cincinnati's E.W. Scripps