The Washington Post Co. reported sharply higher earnings in the third quarter of this year, bolstered by cable television profits, political and summer Olympic Games advertising on its local television broadcast stations, and a one-time accounting benefit.
But the company’s flagship newspaper continued to lose circulation and print ad revenue at a steady pace, while revenue and operating income fell at the Kaplan education division.
The company warned that it expected “to incur significant additional restructuring costs” in the fourth quarter and next year at its once-lucrative Kaplan higher education unit, which recently said it was closing or consolidating 13 campuses.
Overall, The Post Co. reported net income of $93.8 million, or $12.64 a share, for the third quarter, compared with a loss of $6.2 million, or 82 cents a share, a year earlier. Revenue for the quarter was flat at $1.01 billion.
But after subtracting discontinued operations, one-time tax benefits and one-time charges such as early retirement and restructuring charges at the newspaper and Kaplan, the company had third-quarter net income of $50.4 million, or $6.79 a share — still more than the net income of $40.9 million, or $5.18 a share, for continuing operations in the third quarter of 2011.