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10-K
GRAHAM HOLDINGS CO filed this Form 10-K on 03/29/1994
Entire Document
 
<PAGE>   39
                          THE WASHINGTON POST COMPANY
                          ---------------------------


N.  SUMMARY OF QUARTERLY OPERATING RESULTS
    (UNAUDITED)

Quarterly results of operations for the years ended January 2, 1994, and
January 3, 1993, are as follows (in thousands, except per share amounts):


<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------
                                                             First           Second           Third          Fourth
                                                            Quarter         Quarter         Quarter         Quarter
- ---------------------------------------------------------------------------------------------------------------------
<S>                                                         <C>             <C>             <C>             <C>
1993
  Operating revenues
    Advertising . . . . . . . . . . . . . . . . . . . .     $214,602        $ 233,078       $ 208,972       $ 256,877
    Circulation and subscriber  . . . . . . . . . . . .      113,428          112,779         110,091         108,087
    Other . . . . . . . . . . . . . . . . . . . . . . .       33,676           30,848          45,059          30,694
                                                            --------        ---------       ---------       ---------
                                                             361,706          376,705         364,122         395,658
                                                            --------        ---------       ---------       ---------
  Operating costs and expenses
    Operating . . . . . . . . . . . . . . . . . . . . .      195,083          193,597         199,287         202,289
    Selling, general and administrative . . . . . . . .       97,783           99,949          92,224         103,240
    Depreciation and amortization of
      property, plant and equipment . . . . . . . . . .       14,982           15,100          14,773          14,688
    Amortization of goodwill and other intangibles  . .        4,067            4,058           4,058           4,033
                                                            --------        ---------       ---------       ---------
                                                             311,915          312,704         310,342         324,250
                                                            --------        ---------       ---------       ---------
  Income from operations  . . . . . . . . . . . . . . .       49,791           64,001          53,780          71,408
  Other income (expense)
    Equity in (losses) earnings of affiliates . . . . .       (1,795)            (591)            (11)            403
    Interest income . . . . . . . . . . . . . . . . . .        2,606            2,488           2,653           3,338
    Interest expense  . . . . . . . . . . . . . . . . .       (1,446)            (985)         (1,029)         (1,523)
    Other . . . . . . . . . . . . . . . . . . . . . . .          (51)             638          20,500            (708)
                                                            --------        ---------       ---------       ---------
  Income before income taxes and cumulative effect of
    change in accounting principle  . . . . . . . . . .       49,105           65,551          75,893          72,918
  Provision for income taxes  . . . . . . . . . . . . .       20,600           27,560          31,050          30,440
                                                            --------        ---------       ---------       ---------
  Income before cumulative effect of change in
    accounting principle  . . . . . . . . . . . . . . .       28,505           37,991          44,843          42,478
  Cumulative effect of change in method of accounting
    for income taxes  . . . . . . . . . . . . . . . . .       11,600               --              --              --
                                                            --------        ---------       ---------       ---------
  Net income  . . . . . . . . . . . . . . . . . . . . .     $ 40,105        $  37,991       $  44,843       $  42,478
                                                            ========        =========       =========       =========
  Earnings per share:
    Before cumulative effect of change
      in accounting principle . . . . . . . . . . . . .     $   2.42        $    3.23       $    3.82       $    3.63
    Cumulative effect of change in accounting principle          .98               --              --              --
                                                            --------        ---------       ---------       ---------
    Net income  . . . . . . . . . . . . . . . . . . . .     $   3.40        $    3.23       $    3.82       $    3.63
                                                            ========        =========       =========       =========
  Average number of shares outstanding  . . . . . . . .       11,796           11,755          11,731          11,718
</TABLE>


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