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SEC Filings

GRAHAM HOLDINGS CO filed this Form 10-Q on 11/15/1995
Entire Document
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NEWSPAPER DIVISION.  At the newspaper division 1995 third quarter revenues were
essentially unchanged compared to the third quarter of 1994.  Advertising
revenues for the division declined 1.0 percent, with a 7.4 percent decrease in
advertising linage at The Washington Post from 822,200 inches in the third
quarter of 1994 to 761,200 inches in the same period this year.  Classified
volume fell 3.2 percent in the quarter though recruitment advertising remained
strong.  Retail linage was down 11.6 percent and general declined 8.0 percent
compared with the same period last year; however, preprint volume increased 5.9
percent for the quarter.  Circulation revenues for the division rose 1.8 
percent compared to the third quarter of 1994.

BROADCAST DIVISION.  Revenues at the broadcast division increased 3.0 percent
over the third quarter of 1994.  Local advertising revenues increased 4.8
percent while national advertising revenues fell 2.1 percent in the third
quarter of 1995.  Network advertising revenues increased 21.1 percent.  The
third quarter of 1994 included $4.0 million of political revenue which did not
reoccur in 1995.

MAGAZINE DIVISION.  Newsweek revenues in the third quarter of 1995 increased
7.3 percent. Advertising revenues rose 11.2 percent, primarily due to an
increase in advertising volume at both the domestic and international editions,
as well as higher revenues per page realized by certain international editions.
Circulation revenues were up 3.3 percent for the quarter.  In the third quarter
Newsweek published the same number of weekly issues (13) as in 1994.

CABLE DIVISION.  At the cable division third quarter 1995 revenues were up 9.2
percent over 1994, resulting from a 3.9 percent increase in basic subscribers,
as well as higher rates.

OTHER BUSINESSES.  In the third quarter of 1995, revenues from other
businesses, principally Kaplan Educational Centers, PASS Sports, Legi-Slate,
Digital Ink and Moffet, Larson, & Johnson (MLJ) increased 17.5 percent. At
Kaplan, revenues rose 10.1 percent in the third quarter reflecting improved
results in the company's core courses, while at MLJ, increased demand for
engineering services by the expanding wireless communications industry
generated more than a three-fold jump in revenues.  In July, Digital Ink
launched commercial service of its on-line version of The Washington Post
newspaper.  In September, the company wrote-off its investment in Mammoth Micro
Productions, which had provided multimedia production services to independent

EQUITY IN EARNINGS AND LOSSES OF AFFILIATES.  The company's equity in earnings
of affiliates in the third quarter of 1995 was income of $6.3 million, compared
with income of $11.1 million in the third quarter of 1994.  A one-time
after-tax gain of $8.4 million on the sale of land at one of the company's
newsprint affiliates is included in 1994 earnings.  Excluding this one-time
gain, the company's share of earnings of affiliates more than doubled for the
quarter due to better results at