华盛顿邮报三季度财报英文版.docx

华盛顿邮报三季度财报英文版.docx

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华盛顿邮报三季度财报英文版

WASHINGTON--（BUSINESSWIRE）--TheWashingtonPostCompany（NYSE:

WPO-News）todayreportednetincomeavailableforcommonsharesof$60.9million（$6.84pershare）forthethirdquarterendedOctober3,2010,comparedtonetincomeavailableforcommonsharesof$17.1million（$1.81pershare）forthethirdquarteroflastyear.Netincomeincludes$20.3million（$2.28pershare）and$8.9million（$0.95pershare）inlossesfromdiscontinuedoperationsforthethirdquarterof2010and2009,respectively.Incomefromcontinuingoperationsavailableforcommonshareswas$81.2million（$9.12pershare）forthethirdquarterof2010,comparedto$25.9million（$2.76pershare）forthethirdquarterof2009.Therewerefewerdilutedaveragesharesoutstandingin2010.

Kaplan’shighereducationbusinessesaresubjecttoanumberofrecentlyenactedandpendingregulationsbytheDepartmentofEducation.Also,Kaplanislaunchinganewprogramentitledthe“KaplanCommitment”thatincludesa“risk-freeperiod”ofenrollment.Therecentandpotentialrulemakingactivitiesandthe“KaplanCommitment”couldhaveamaterialadverseeffectonKaplan’soperatingresults.

OnSeptember30,2010,theCompanycompletedthesaleofNewsweek.Consequently,theCompany’sincomefromcontinuingoperationsforthethirdquarterandyear-to-dateperiodsexcludesNewsweekresults,whichhavebeenreclassifiedtodiscontinuedoperations.

ItemsincludedintheCompany’sincomefromcontinuingoperationsforthethirdquarterof2010:

∙A$27.5milliongoodwillandotherlong-livedassetsimpairmentchargeattheCompany’sonlineleadgenerationbusiness,includedinotherbusinesses（after-taximpactof$26.3million,or$2.96pershare）;and

∙$11.9millioninnon-operatingunrealizedforeigncurrencygainsarisingfromtheweakeningoftheU.S.dollar（after-taximpactof$7.5million,or$0.84pershare）.

ItemsincludedintheCompany’sincomefromcontinuingoperationsforthethirdquarterof2009:

∙$6.1millioninaccelerateddepreciationatTheWashingtonPost（after-taximpactof$3.8million,or$0.40pershare）;

∙A$25.4milliongoodwillandotherlong-livedassetsimpairmentchargerelatedtoKaplanVentures（after-taximpactof$18.8million,or$2.00pershare）;and

∙Adeclineinequityinearnings（losses）ofaffiliatesassociatedwith$29.0millioninimpairmentchargesattwooftheCompany’saffiliates（after-taximpactof$18.8million,or$2.00pershare）.

Revenueforthethirdquarterof2010was$1,189.7million,up7%from$1,108.8millioninthethirdquarterof2009,duetoincreasedrevenuesattheeducation,televisionbroadcastingandnewspaperpublishingdivisions,offsetbyasmalldecreaseatthecabletelevisiondivision.Operatingincomeincreasedinthethirdquarterof2010to$130.6million,from$74.6millioninthethirdquarterof2009,duetoimprovedoperatingresultsattheeducation,televisionbroadcastingandnewspaperpublishingdivisions.

Forthefirstninemonthsof2010,theCompanyreportednetincomeavailableforcommonsharesof$198.2million（$21.75pershare）,comparedtonetincomeavailableforcommonsharesof$10.1million（$1.08pershare）forthesameperiodof2009.Netincomeincludes$28.8million（$3.16pershare）and$35.4million（$3.77pershare）inlossesfromdiscontinuedoperationsforthefirstninemonthsof2010and2009,respectively.Incomefromcontinuingoperationsavailableforcommonshareswas$227.0million（$24.91pershare）forthefirstninemonthsof2010,comparedto$45.6million（$4.85pershare）forthefirstninemonthsof2009.Therewerefewerdilutedaveragesharesoutstandingin2010.

ItemsincludedintheCompany’sincomefromcontinuingoperationsforthefirstninemonthsof2010:

∙A$20.4millionchargerecordedatTheWashingtonPostinconnectionwiththeplannedwithdrawalfromamultiemployerpensionplan（after-taximpactof$12.7million,or$1.38pershare）;

∙A$27.5milliongoodwillandotherlong-livedassetsimpairmentchargeattheCompany’sonlineleadgenerationbusiness,includedinotherbusinesses（after-taximpactof$26.3million,or$2.96pershare）;and

∙$4.8millioninnon-operatingunrealizedforeigncurrencygainsarisingfromtheweakeningoftheU.S.dollar（after-taximpactof$3.1million,or$0.36pershare）.

ItemsincludedintheCompany’sincomefromcontinuingoperationsforthefirstninemonthsof2009:

∙$56.8millioninearlyretirementprogramexpenseatTheWashingtonPost（after-taximpactof$35.2million,or$3.77pershare）;

∙$33.0millioninrestructuringchargesrelatedtoKaplan’sScoreandTestPreparationoperations（after-taximpactof$20.5million,or$2.18pershare）;

∙$33.8millioninaccelerateddepreciationatTheWashingtonPost（after-taximpactof$21.0million,or$2.23pershare）;

∙A$25.4milliongoodwillandotherlong-livedassetsimpairmentchargerelatedtoKaplanVentures（after-taximpactof$18.8million,or$2.00pershare）;

∙Adeclineinequityinearnings（losses）ofaffiliatesassociatedwith$29.0millioninimpairmentchargesattwooftheCompany’saffiliates（after-taximpactof$18.8million,or$2.00pershare）;and

∙$18.4millioninnon-operatingunrealizedforeigncurrencygainsarisingfromtheweakeningoftheU.S.dollar（after-taximpactof$11.4million,or$1.21pershare）.

Revenueforthefirstninemonthsof2010was$3,533.6million,up10%from$3,200.3millioninthefirstninemonthsof2009.TheCompanyreportedoperatingincomeof$397.2millionforthefirstninemonthsof2010,comparedto$103.1millionforthefirstninemonthsof2009.RevenueandoperatingresultsimprovedatalloftheCompany’sdivisionsforthefirstninemonthsof2010.

DivisionResults

Education

Educationdivisionrevenuetotaled$743.3millionforthethirdquarterof2010,a9%increaseoverrevenueof$684.5millionforthesameperiodof2009.Kaplanreportedoperatingincomeof$99.1millionforthethirdquarterof2010,upfrom$45.9millioninthethirdquarterof2009.Resultsforthethirdquarterof2009includedagoodwillandotherlong-livedassetsimpairmentchargeof$25.4millionrelatedtotwobusinessesatKaplanVentures.

Forthefirstninemonthsof2010,educationdivisionrevenuetotaled$2,202.0million,a14%increaseoverrevenueof$1,927.4millionforthesameperiodof2009.Kaplanreportedoperatingincomeof$266.0millionforthefirstninemonthsof2010,upfrom$115.2millionforthefirstninemonthsof2009.Resultsforthefirstninemonthsof2010included$7.8millioninrestructuringcostsrelatedtoKaplan’sK12business;resultsforthefirstninemonthsof2009included$33.0millioninrestructuringchargesrelatedtoScoreandTestPreparationoperationsanda$25.4milliongoodwillandotherlong-livedassetsimpairmentchargerelatedtotwobusinessesatKaplanVentures.

AsummaryofKaplan’soperatingresultsforthethirdquarterandthefirstninemonthsof2010comparedto2009isasfollows:

ThirdQuarter

YTD

（Inthousands）

%

%

2010

2009

Change

2010

2009

Change

Revenue

Highereducation

$

465,703

$

408,537

14

$

1,383,396

$

1,118,971

24

Testpreparation,excludingScore

101,491

108,386

（6

）

313,006

332,314

（6

）

Score

–

205

–

–

8,557

–

Kaplaninternational

151,208

138,089

10

422,582

382,066

11

Kaplanventures

24,865

31,102

（20

）

85,903

91,628

（6

）

Kaplancorporate

1,375

728

89

3,949

1,941

–

Intersegmentelimination

（1,323

）

（2,531

）

–

（6,812

）

（8,108

）

–

$

743,319

$

684,516

9

$

2,202,024

$

1,927,369

14

OperatingIncome

Highereducation

$

117,319

$

90,026

30

$

329,455

$

203,744

62

Testpreparation,excludingScore

（2,368

）

3,898

–

（9,731

）

20,882

–

Score

–

（371

）

–

–

（36,539

）

–

Kaplaninternational

14,904

8,311

79

32,376

27,304

19

Kaplanventures

（11,428

）

（7,864

）

（45

）

（25,351

）

（14,134

）

（79

）

Kaplancorporate

（16,756

）

（15,484

）

（8

）

（45,148

）

（38,535

）

（17

）

Kaplanstockcompensation

2,397

（1,697

）

–

1,310

（5,155

）

–

Amortizationofintangibleassets

（4,998

）

（5,617

）

11

（16,629

）

（17,247

）

4

Impairmentofgoodwillandotherlong-livedassets

–

（25,387

）

–

–

（25,387

）

–

Intersegmentelimination

30

85

–

（252

）

236

–

$

99,100

$

45,900

–

$

266,030

$

115,169

–

KaplanHigherEducation（KHE）includesKaplan’sdomesticpostsecondaryeducationbusinesses,madeupoffixed-facilitycollegesandonlinepostsecondaryandcareerprograms.Highereducationrevenueandoperatingincomegrewinthefirstninemonthsof2010duetoenrollmentgrowth,improvedstudentretentionandincreasedmargins.TotalKHEenrollmentsincreased8%comparedtoenrollmentsatSeptember30,2009;KHEenrollmentsintheprioryearincreased28%com