Lower ad money, especially automotive, along with fewer political ad dollars lead to the drop from last year’s $83 million to $67 million.
The Washington Post Co. today reported revenue for its television broadcasting division decreased 20% in the second quarter of 2009 to $66.7 million, from $82.8 million in 2008.
Operating income declined 52% to $14.3 million, from $29.7 million in 2008. For the first six months of 2009, revenue decreased 20% to $127.8 million, from $160.5 million in 2008; operating income for the first six months of 2009 declined 53% to $26.4 million, from $56.3 million in 2008.
It said 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 $0.4 million and $3.2 million for the second quarter and first six months of 2009, respectively.
The company as a whole reported net income of $11.4 million ($1.30 earnings per share) for its second quarter ended June 28, 2009, compared to a net loss of $2.7 million ($0.31 loss per share) for the second quarter of last year.