The Washington Post Co. reported its 1Q 2010 earnings this morning.
Total revenue rose 11% (newspaper revenue was down 3%) and net income was $45.4 million, or $4.91 per share, compared with a net loss of $19.2 million during last year’s first quarter.
But there was more bad news for Newsweek, which was put on the block earlier this week.
The Post Co.’s magazine division had an operating loss of $2.3 million, which is better than last year’s first quarter operating loss of $20.3 million.
Revenue for the magazine publishing division totaled $29.4 million for the first quarter of 2010, a 36% decrease from $46.1 million for the first quarter of 2009. The decline is due primarily to a 38% reduction in advertising revenue at Newsweek from fewer ad pages at the domestic and international editions, one less issue of the domestic edition in the first quarter of 2010 versus 2009, and the December 2009 sale of Newsweek Budget Travel. In February 2009, Newsweek announced a circulation rate base reduction at its domestic edition, from 2.6 million to 1.5 million by January 2010. Subscription revenue also declined at the domestic edition in the first quarter of 2010 due to the rate base reduction.
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