Decreases in all ad categories, especially auto and political, lead to the drop from $78 million in 3Q 2008 to $64.4 million this year.
Washington Post revenue for its television broadcasting division decreased 17% in the third quarter of 2009 to $64.6 million, from $78 million in 2008.
The company said the decrease in revenue is due to weaker advertising demand in all markets and most product categories, particularly automotive; political advertising revenue also declined by $3.9 million for the third quarter.
Additionally, in the third quarter of 2008, the television broadcasting division benefited from $6.3 million in incremental summer Olympics-related advertising at the company’s NBC affiliates.
In the third quarter of 2008, the television broadcasting division recorded $4.9 million in non-cash property, plant and equipment gains as a reduction to expense due to new digital equipment received at no cost from Sprint/Nextel in connection with an FCC mandate reallocating a portion of the broadcast spectrum in order to eliminate interference with public safety wireless communication systems.
Operating income for the third quarter of 2009 declined 50% to $15.1 million, from $30.1 million in 2008. The operating income decline for the quarter was due to the revenue decreases discussed above and the $4.9 million in non-cash gains in the third quarter of 2008.
The company as a whole reported net income of $17.1 million ($1.81 per share) for its third quarter, compared to net income of $10.4 million ($1.08 per share) for the third quarter of last year. Revenue for the third quarter of 2009 was $1,148.7 million, up 2% from $1,128.7 million in the third quarter of 2008. The increase, the company said, is due to revenue growth at the education and cable television divisions.