Washington Post reports surge in 2Q earnings

In this file photograph taken Nov. 1, 2007, the masthead of The Washington Post is displayed on the office building, in Washington. The Washington Post Co. is reporting a surge in second-quarter earnings, helped by a big jump in profits at its education division and lower expenses. (AP Photo/Charles Dharapak, file)

August 6, 2010 8:10:10 AM PDT
The Washington Post Co. is reporting a surge in second-quarter earnings, helped by a big jump in profits at its education division and lower expenses.

The company, which is selling Newsweek magazine as it pulls back from its traditional identity as a publisher, has relied for several years now on the Kaplan education business for growth.

Kaplan delivered again in the second quarter with a 15 percent increase in revenue and an 88 percent jump in operating profit.

Overall, the Post Co. reported net income of $91.9 million, or $10 per share, for the three months ended July 4. That's up from $12.2 million, or $1.30 per share, a year ago, when the company absorbed $56.8 million in expenses tied to an early retirement program at the namesake newspaper.

It says revenue climbed 11 percent to $1.2 billion.


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