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SEC Filings

10-Q
GRAHAM HOLDINGS CO filed this Form 10-Q on 08/16/1994
Entire Document
 
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                                                                              3.



PART I.  FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS


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THE WASHINGTON POST COMPANY
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
                                                             THIRTEEN WEEKS ENDED              TWENTY-SIX WEEKS ENDED
                                                            -------------------------         -------------------------
                                                             JULY 3,          JULY 4,          JULY 3,          JULY 4,
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)                      1994             1993             1994             1993  
                                                            --------         --------         --------         --------
<S>                                                         <C>              <C>              <C>              <C>
OPERATING REVENUES
  ADVERTISING                                               $261,682         $233,078         $473,877         $447,680
  CIRCULATION AND SUBSCRIBER                                 110,098          112,779          219,263          226,207
  OTHER                                                       33,033           30,848           70,127           64,524
                                                             -------          -------          -------          -------
                                                             404,813          376,705          763,267          738,411
                                                             -------          -------          -------          -------
OPERATING COSTS AND EXPENSES
  OPERATING                                                  216,229          193,597          415,782          388,680
  SELLING, GENERAL AND ADMINISTRATIVE                         97,160           99,949          186,117          197,732
  DEPRECIATION AND AMORTIZATION OF
    PROPERTY, PLANT AND EQUIPMENT                             15,360           15,100           30,070           30,082
  AMORTIZATION OF GOODWILL AND OTHER
    INTANGIBLES                                                6,502            4,058           10,533            8,125
                                                             -------          -------          -------          -------
                                                             335,251          312,704          642,502          624,619
                                                             -------          -------          -------          -------
INCOME FROM OPERATIONS                                        69,562           64,001          120,765          113,792

OTHER INCOME (EXPENSE)
  EQUITY IN EARNINGS (LOSSES) OF AFFILIATES                    2,211             (591)          (3,174)          (2,386)
  INTEREST INCOME                                              2,030            2,488            5,595            5,094
  INTEREST EXPENSE                                            (1,413)            (985)          (2,848)          (2,431)
  OTHER                                                            2              638            2,606              587
                                                             -------          -------          -------          -------

INCOME BEFORE INCOME TAXES AND CUMULATIVE
  EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE                    72,392           65,551          122,944          114,656
                                                             -------          -------          -------          -------

PROVISION FOR INCOME TAXES
  CURRENT                                                     31,763           28,237           54,725           49,228
  DEFERRED                                                      (628)            (677)          (1,850)          (1,068)
                                                             -------          -------          -------          ------- 
                                                              31,135           27,560           52,875           48,160
                                                             -------          -------          -------          -------
INCOME BEFORE CUMULATIVE EFFECT OF
  CHANGE IN ACCOUNTING PRINCIPLE                              41,257           37,991           70,069           66,496

CUMULATIVE EFFECT OF CHANGE IN METHOD
  OF ACCOUNTING FOR INCOME TAXES                                   -                -                -           11,600
                                                             -------          -------          -------          -------

NET INCOME                                                  $ 41,257         $ 37,991         $ 70,069         $ 78,096
                                                             =======          =======          =======          =======

EARNINGS PER SHARE:
  BEFORE CUMULATIVE EFFECT OF CHANGE IN
    ACCOUNTING PRINCIPLE                                    $   3.54         $   3.23         $   5.99         $   5.65
  CUMULATIVE EFFECT OF CHANGE IN
    ACCOUNTING PRINCIPLE                                           -                -                -              .98
                                                             -------          -------          -------          -------
  NET INCOME                                                $   3.54         $   3.23         $   5.99         $   6.63
                                                             =======          =======          =======          =======

DIVIDENDS DECLARED PER SHARE                                $      -         $      -         $   2.10         $   2.10
                                                             =======          =======          =======          =======

AVERAGE NUMBER OF SHARES OUTSTANDING                          11,667           11,755           11,693           11,775
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