The Washington Post Co. reported net income of $39.3 million for the first quarter of 2008, well down from $64.4 million in the first quarter of 2007.
Revenue for the quarter was $1.06 billion, up 8% from $986 million in 2007, while operating income dropped 27% to $66.9 million.
The company’s broadcast division reported revenue of $77.7 million, down 4% compared with the first quarter of 2007. Operating income for the broadcast division declined 10% to $26.6 million versus the same quarter last year. The company attributed the slide to “soft advertising demand overall,” partially offset by political advertising.
Its cable-TV division reported revenue of $174.3 million for the first quarter, up 17% from the first quarter of 2007. Cable’s operating income increased 22% to $34.3 million in the first quarter.
Washington Post owns six TV stations and cable-system operator Cable One.
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