Print Page  |  Close Window

Investor Relations

SEC Filings

10-K
GRAHAM HOLDINGS CO filed this Form 10-K on 03/29/1994
Entire Document
 
<PAGE>   29
                          THE WASHINGTON POST COMPANY
                          ---------------------------


<TABLE>
<CAPTION>
                                                       CONSOLIDATED STATEMENTS
                                                            OF CASH FLOWS
                                                       =======================

- --------------------------------------------------------------------------------------------------------------------
                                                                                       Fiscal year ended
                                                                            ----------------------------------------
                                                                            January 2,     January 3,    December 29,
(in thousands)                                                                 1994           1993           1991
- --------------------------------------------------------------------------------------------------------------------
<S>                                                                         <C>            <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     $ 165,417      $ 127,796      $  70,824
  Adjustments to reconcile net income to net cash provided
   by operating activities:
     Cumulative effect of change in accounting principle  . . . . . . .       (11,600)            --         78,208
     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
     Amortization of program rights . . . . . . . . . . . . . . . . . .        18,927         20,308         28,939
     Provision for doubtful accounts and returns  . . . . . . . . . . .        56,631         57,629         52,920
     Gain from sale of business . . . . . . . . . . . . . . . . . . . .       (13,371)            --             --
     (Decrease) increase in accrued interest and income taxes payable .        (5,141)       (14,162)           391
     Provision for deferred income taxes  . . . . . . . . . . . . . . .        (1,669)        (1,577)       (34,336)
     Change in assets and liabilities:
      (Increase) in accounts receivable . . . . . . . . . . . . . . . .       (68,901)       (47,393)       (59,685)
      Decrease (increase) in inventories  . . . . . . . . . . . . . . .         3,839           (695)         5,639
      (Decrease) increase in accounts payable and accrued liabilities .       (17,054)        16,102           (978)
      (Increase) in other assets and other liabilities, net . . . . . .        (9,628)       (14,347)        (2,388)
     Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .         9,440         23,886         16,400
                                                                            ---------      ---------      ---------
       Net cash provided by operating activities  . . . . . . . . . . .       202,649        242,247        229,901
                                                                            ---------      ---------      ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Net proceeds from sale of business  . . . . . . . . . . . . . . . . .        64,947             --             --
  Purchases of property, plant and equipment  . . . . . . . . . . . . .       (79,139)       (58,889)       (55,657)
  Purchases of marketable securities  . . . . . . . . . . . . . . . . .      (520,114)      (533,082)      (249,057)
  Proceeds from sales of marketable securities  . . . . . . . . . . . .       509,937        465,891        180,203
  Investments in certain businesses . . . . . . . . . . . . . . . . . .        (1,591)       (32,353)       (19,301)
  Payments for program rights . . . . . . . . . . . . . . . . . . . . .       (20,232)       (22,013)       (19,917)
  Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .           663            978            969
                                                                            ---------      ---------      ---------
       Net cash (used) by investing activities  . . . . . . . . . . . .       (45,529)      (179,468)      (162,760)
                                                                            ---------      ---------      ---------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Principal payments on debt  . . . . . . . . . . . . . . . . . . . . .            --        (25,000)       (75,000)
  Dividends paid  . . . . . . . . . . . . . . . . . . . . . . . . . . .       (49,376)       (49,699)       (49,872)
  Common shares repurchased . . . . . . . . . . . . . . . . . . . . . .       (23,133)        (7,484)        (7,430)
  Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            61            122            150
                                                                            ---------      ---------      ---------
       Net cash (used) by financing activities  . . . . . . . . . . . .       (72,448)       (82,061)      (132,152)
                                                                            ---------      ---------      ---------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS  . . . . . . . . .        84,672        (19,282)       (65,011)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR  . . . . . . . . . . . .        86,840        106,122        171,133
                                                                            ---------      ---------      ---------
CASH AND CASH EQUIVALENTS AT END OF YEAR  . . . . . . . . . . . . . . .     $ 171,512      $  86,840      $ 106,122
                                                                            =========      =========      =========

SUPPLEMENTAL CASH FLOW INFORMATION:
  Cash paid during the year for:
    Income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . .     $ 110,300      $ 110,700      $  72,300
    Interest  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     $   5,600      $   7,200      $  19,500

NONCASH INVESTING ACTIVITIES:
  Program rights acquired . . . . . . . . . . . . . . . . . . . . . . .     $   5,800      $  25,200      $  19,800
</TABLE>


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

                                       28