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Washington Post Profit Tumbles 77%

Kathryn Buschman Vasel FOX Business  02/25/2009 21:44
Washington Post Profit Tumbles 77% - Washington Post


Seemingly unceasing weakness in newspaper advertising that is plaguing the entire industry took its toll on the Washington Post (WPO), pulling its earnings down 77% in the fourth quarter.



The newspaper reported earnings of $18.8 million, or $2.01 a share, compared with earnings of $82.9 million, or $8.71 a share, in the same quarter a year earlier.

The company was forced to write down the value of some assets, including a $75.7 million impairment charge related to declining value of some of its smaller newspapers along with other items.

Sales for the Washington-based company dropped 3% to $1.16 billion.

Revenue for print advertising dropped 21% percent to $101.8 million for the quarter.


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