Print Page  |  Close Window

Investor Relations

SEC Filings

10-Q
GRAHAM HOLDINGS CO filed this Form 10-Q on 05/18/1994
Entire Document
 
<PAGE>   6



The Washington Post Company

Notes to Condensed Consolidated Financial Statements (Unaudited)


Note 1:  Results of operations, when examined on a quarterly basis, reflect the
seasonality of advertising that affects the newspaper, magazine and
broadcasting operations.  Advertising revenues in the second and fourth
quarters are typically higher than first and third quarter revenues.  All
adjustments reflected in the interim financial statements are of a normal
recurring nature.

Note 2:  Summarized combined (unaudited) results of operations for the first
quarters of 1994 and 1993 for the company's affiliates are as follows (in
thousands):


<TABLE>                                 
<CAPTION>                               
                                                           First Quarter      
                                                     ------------------------
                                                        1994           1993   
                                                     ---------      ---------
<S>                                                  <C>            <C>
Operating revenues                                   $167,142       $162,301
Operating income                                        2,454         (4,129)
Net loss                                               (4,204)        (3,323)
                                        
</TABLE>
                                
                                        
Note 3:  Effective January 3, 1994, the company adopted Statement of Financial
Accounting Standards No. 115, "Accounting for Certain Investments in Debt and
Equity Securities" (SFAS No. 115).  The adoption of SFAS No. 115 requires that
certain investments in equity securities held by the company be classified as
"available-for-sale" and measured at fair value.  At April 3, 1994, the fair
value of such equity securities was $14,341,000, which exceeded cost by
approximately $11,026,000.  The unrealized gain, net of deferred taxes of
$4,741,000, is included as a separate item in shareholders' equity.

                                     6