Washington Post, publisher of the Washington Post, Newsweekmagazine and owner of educational services provider Kaplan, said today its third-quarter profit rose ten per cent, boosted by the sale of property and marketable securities and a lower tax rate.
Net income after paying preferred dividends increased to $73.1 million, or $7.60 per share, from $66.3 million, or $6.89 per share, in the year-ago period.
This year's results were impacted by a gain of $2.8 million, or 29 cents per share, from the sale of property and marketable securities.
The company also recorded a charge of $6.3 million, or 65 cents per share, for goodwill impairment charge at PostNewsweek Tech Media, which is part of the magazine publishing segment.
Quarterly revenue climbed eight per cent to $946.9 million versus $873.7 million in the prior year, on growth in its education, cable television and television broadcasting divisions. Revenue fell at newspaper publishing and magazine publishing units.