Originally published at www.seclive.com
The Washington Post Company (WPO) reported second quarter earnings that dropped 14%, due mostly to declines in newspaper sales, though that decline was mostly covered thanks to an increase in online newspaper advertising revenue. Net income for the quarter was $44.7M, down from $51.8M a year ago this quarter, while revenues for the company increased 4% to $1.02B. Kaplan education, the company's largest division, reported a spike in profits, increasing from $3.7M to $23.7M thanks to cost savings. Though profits increased for Kaplan, its enrollment fell amidst plans to shut down nine campuses. Cable television operating income increased 16% to $44.7M while revenues climbed 5% from a year ago this quarter to $204.6M.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.