Much weaker automotive and political advertising lowers its television station revenue to $61.2 million, down from $77.7 million in 1Q 2008.
The Washington Post Co. today reported that revenue for its broadcast division declined 21% in the first quarter of 2009 to $61.2 million, from $77.7 million in 2008; operating income for the first quarter of 2009 declined 54% to $12.1 million, from $26.6 million in 2008.
The decrease in revenue and operating income is due to weaker advertising demand in all markets and most product categories, particularly automotive; political advertising revenue also declined by $2.8 million.
Cable television division revenue of $183.5 million for the first quarter of 2009 represents a 5% increase from $174.3 million in the first quarter of 2008. The 2009 revenue increase is due to continued growth in the division’s cable modem, telephone and digital revenues. Cable division operating income increased 23% to $42.0 million in the first quarter of 2009, versus $34.3 million in the first quarter of 2008. The increase in operating income is due to the division’s revenue growth, offset by a small increase in expenses due to higher programming costs.
The company as a whole reported a net loss of $19.5 million ($2.04 loss per share) for the first quarter, compared to net income of $39.3 million ($4.08 per share) in the first quarter of last year.