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Investor Relations

SEC Filings

10-K
GRAHAM HOLDINGS CO filed this Form 10-K on 03/29/1994
Entire Document
 
<PAGE>   26

                          THE WASHINGTON POST COMPANY
                          ---------------------------


<TABLE>
<CAPTION>
                                                       CONSOLIDATED STATEMENTS
                                                              OF INCOME
                                                       =======================

- --------------------------------------------------------------------------------------------------------------------
                                                                               Fiscal year ended
                                                           ---------------------------------------------------------
                                                            January 2,              January 3,           December 29,
(in thousands, except share amounts)                           1994                    1993                  1991
- --------------------------------------------------------------------------------------------------------------------
<S>                                                        <C>                     <C>                    <C>
OPERATING REVENUES
  Advertising . . . . . . . . . . . . . . . . . . . .      $   913,529             $  895,645             $  852,438
  Circulation and subscriber  . . . . . . . . . . . .          444,385                436,193                412,937
  Other . . . . . . . . . . . . . . . . . . . . . . .          140,277                119,029                114,886
                                                           -----------             ----------             ----------
                                                             1,498,191              1,450,867              1,380,261
                                                           -----------             ----------             ----------
OPERATING COSTS AND EXPENSES
  Operating . . . . . . . . . . . . . . . . . . . . .          790,256                787,256                775,936
  Selling, general and administrative . . . . . . . .          393,196                356,799                337,492
  Depreciation and amortization of property, plant
    and equipment . . . . . . . . . . . . . . . . . .           59,543                 59,222                 58,695
  Amortization of goodwill and other intangibles  . .           16,216                 15,478                 15,272
                                                           -----------             ----------             ----------
                                                             1,259,211              1,218,755              1,187,395
                                                           -----------             ----------             ----------
INCOME FROM OPERATIONS  . . . . . . . . . . . . . . .          238,980                232,112                192,866
  Equity in losses of affiliates  . . . . . . . . . .           (1,994)               (11,730)                (1,856)
  Interest income . . . . . . . . . . . . . . . . . .           11,085                 11,854                 17,382
  Interest expense  . . . . . . . . . . . . . . . . .           (4,983)                (6,385)               (17,759)
  Other income (expense), net . . . . . . . . . . . .           20,379                 (1,655)                  (412)
                                                           -----------             ----------             ----------
INCOME BEFORE INCOME TAXES AND CUMULATIVE
  EFFECT OF CHANGES IN ACCOUNTING PRINCIPLE . . . . .          263,467                224,196                190,221

PROVISION FOR INCOME TAXES  . . . . . . . . . . . . .          109,650                 96,400                 71,500
                                                           -----------             ----------             ----------

INCOME BEFORE CUMULATIVE EFFECT OF CHANGES
  IN ACCOUNTING PRINCIPLE . . . . . . . . . . . . . .          153,817                127,796                118,721

CUMULATIVE EFFECT OF CHANGE IN METHOD
  OF ACCOUNTING FOR:
   INCOME TAXES . . . . . . . . . . . . . . . . . . .           11,600                     --                     --
   OTHER POSTRETIREMENT BENEFITS
    (NET OF TAXES OF $30,311) . . . . . . . . . . . .               --                     --                (47,897)
                                                           -----------             ----------             ----------
NET INCOME  . . . . . . . . . . . . . . . . . . . . .      $   165,417             $  127,796             $   70,824
                                                           ===========             ==========             ==========
EARNINGS PER SHARE:
  BEFORE CUMULATIVE EFFECT OF CHANGES IN
   ACCOUNTING PRINCIPLE . . . . . . . . . . . . . . .      $     13.10             $    10.80             $    10.00
  CUMULATIVE EFFECT OF CHANGES IN
   ACCOUNTING PRINCIPLE . . . . . . . . . . . . . . .              .98                     --                  (4.04)
                                                           -----------             ----------             ----------
  NET INCOME  . . . . . . . . . . . . . . . . . . . .      $     14.08             $    10.80             $     5.96
                                                           ===========             ==========             ==========
</TABLE>



The information on pages 30 through 39 is an integral part of the financial
statements.

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