The Washington Post Co. said on Friday that revenue was flat in its newspaper publishing division in the first quarter but net profit fell by two-thirds on lower enrollment in its education business.
The Post Co., which owns the Kaplan chain of schools and television outlets in addition to its flagship newspaper The Washington Post, said net profit was down 67 per cent in the quarter at $15.2 million.
Revenue was down seven per cent in the quarter that ended on April 3 to $1.06 billion while earnings per share fell to $1.87 from $4.91 per share a year ago.
The Post Co.'s results for the quarter included a $30.7 million write-down of its investment in Corintian Colleges.
The Post Co. said newspaper publishing division revenue was nearly unchanged during the quarter at $155.0 million compared to $155.8 million a year ago.
Print advertising revenue at The Washington Post fell eight per cent to $63.2 million while online publishing revenue at the WashingtonPost.com and Slate rose eight per cent to $25.7 million.
Daily circulation for The Washington Post declined 2.9 per cent during the period and Sunday circulation was down 3.4 per cent.
Like other US newspapers, the Post has been grappling with declining print advertising revenue and circulation and the migration of readers to free news online.
The newspaper division reported an operating loss of $12.8 million compared to an operating loss of $13.8 million a year ago.
The Post Co. said education division revenue fell 10 percent to $640.6 million on lower student enrollment at its Kaplan schools.
Cable television division revenue edged up to $190.3 million from $189.4 million a year ago and while television broadcasting division revenue fell two per cent to $72.2 million.
Washington Post Co. shares were down 2.45 per cent at $421.97 in early trading on Wall Street.