By Frank Ahrens
Washington Post Staff Writer
WASHINGTON – The Washington Post Co. today reported an 86 percent decline in third-quarter earnings compared with the same period last year, as a significant loss at the flagship newspaper offset gains at the company’s education and cable divisions.
For the quarter, The Post Co. had net income of $10.3 million ($1.08 per share) on $1.1 billion in revenue, compared with net income of $72.5 million ($7.60) on $1 billion in revenue in 2007.
The company’s newspaper division — which includes The Post, the Everett (Wash.) Herald and several community papers — reported an operating loss of $82.7 million for the quarter, largely resulting from a $59.7 million goodwill impairment charge at the Herald and the small papers, reflecting their diminished value. The loss also includes $12.5 million in accelerated depreciation of The Post’s College Park printing presses
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