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SEC Filings

10-Q
GRAHAM HOLDINGS CO filed this Form 10-Q on 08/02/2017
Entire Document
 


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
GRAHAM HOLDINGS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
  
Three Months Ended 
 June 30
 
Six Months Ended 
 June 30
  
 
(in thousands, except per share amounts)
2017
 
2016
 
2017
 
2016
Operating Revenues
  
 
  
 
  
 
  

Education
$
386,698

 
$
419,144

 
$
759,673

 
$
820,150

Advertising
73,532

 
70,901

 
137,648

 
139,059

Other
215,857

 
138,888

 
361,483

 
271,464

  
676,087

 
628,933

 
1,258,804

 
1,230,673

Operating Costs and Expenses
 
 
  
 
 
 
  
Operating
358,252

 
296,033

 
658,918

 
587,665

Selling, general and administrative
213,848

 
236,437

 
445,357

 
471,650

Depreciation of property, plant and equipment
15,871

 
16,045

 
30,523

 
32,806

Amortization of intangible assets
10,531

 
6,278

 
17,367

 
12,540

Impairment of goodwill and other long-lived assets
9,224

 

 
9,224

 

  
607,726

 
554,793

 
1,161,389

 
1,104,661

Income from Operations
68,361

 
74,140

 
97,415

 
126,012

Equity in earnings (losses) of affiliates, net
1,331

 
(891
)
 
1,980

 
113

Interest income
1,173

 
721

 
2,536

 
1,312

Interest expense
(9,035
)
 
(7,971
)
 
(17,164
)
 
(15,919
)
Other income, net
4,069

 
19,000

 
4,918

 
34,096

Income Before Income Taxes
65,899

 
84,999

 
89,685

 
145,614

Provision for Income Taxes
23,900

 
23,800

 
26,600

 
46,200

Net Income
41,999

 
61,199

 
63,085

 
99,414

Net Income Attributable to Noncontrolling Interests
(3
)
 
(433
)
 
(3
)
 
(868
)
Net Income Attributable to Graham Holdings Company Common Stockholders
$
41,996

 
$
60,766

 
$
63,082

 
$
98,546

Per Share Information Attributable to Graham Holdings Company Common Stockholders
  

 
  

 
  

 
  

Basic net income per common share
$
7.51

 
$
10.82

 
$
11.29

 
$
17.42

Basic average number of common shares outstanding
5,539

 
5,544

 
5,537

 
5,584

Diluted net income per common share
$
7.46

 
$
10.76

 
$
11.21

 
$
17.33

Diluted average number of common shares outstanding
5,577

 
5,574

 
5,573

 
5,613


See accompanying Notes to Condensed Consolidated Financial Statements.

1