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Investor Relations

SEC Filings

GRAHAM HOLDINGS CO filed this Form 10-Q on 11/15/1995
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<PAGE>   10

write-off of the investment in Mammoth Micro Productions, operating income rose
10.0 percent.

NEWSPAPER DIVISION.  Newspaper division revenues were up 3.0 percent in the
first three quarters of 1995 over the comparable period of 1994.  Although
advertising volume at The Washington Post fell 4.4 percent from 2,491,300
inches to 2,380,600 inches in the first nine months of 1995, advertising
revenues for the division rose 2.6 percent in the period due mainly to rate
increases for retail and classified advertising, as well as improvement in
recruitment and preprint volume at the Post.  Circulation revenues for the
division increased 1.9 percent when compared with the first three quarters of
1994.  At The Washington Post, average paid Daily circulation and average paid
Sunday circulation decreased 2.0 percent and 1.2 percent, respectively,
compared to the prior year.

BROADCAST DIVISION.  Revenues at the broadcast division, which include the
results of the two Texas television stations purchased at the end of April
1994, increased 25.6 percent over the first nine months of 1994. In the first
three quarters of 1995 local advertising revenues rose 23.2 percent and
national advertising revenues increased 13.1 percent.  Approximately two-thirds
of the total increase in revenues is attributable to the newly acquired
stations.  Costs and expenses at the broadcast division increased 16.7 percent
in the first nine months of 1995 compared with the same period last year. The
increase was due almost entirely to the newly acquired television stations.

MAGAZINE DIVISION.  At Newsweek revenues increased 5.2 percent in the first
three quarters of 1995.  Advertising revenues increased 9.8 percent for the
period.  The major contributor to the increase was improved advertising volume
at both the domestic and international editions, as well as higher revenues per
page realized at certain international editions.  In the first nine months of
1995, circulation revenues remained essentially unchanged.  Higher rates in
1995 offset the publication of one less weekly and one less newsstand-only
special issue.  In the first three quarters of 1995 thirty-eight weekly issues
and one newsstand-only special issue were published versus thirty-nine weekly
issues and two newsstand-only special issues in 1994.

CABLE DIVISION.  Cable division revenues were up 5.8 percent in the first three
quarters of 1995.  Subscriber revenues increased 6.0 percent in the first nine
months of 1995, principally due to an increase in the number of subscribers.
At the end of September 1995, cable operations had 511,000 basic
subscribers as compared to 492,000 basic subscribers at the same time last

OTHER BUSINESSES.  At the company's other businesses, revenues rose 13.5
percent in the first three quarters of 1995.  Improved results at Kaplan
Educational Centers and Moffet, Larson & Johnson were the major contributors to
the increase over 1994.