The Washington Post Co. on Friday reported bad news for its newspaper division, with revenue totaling $127.3 million for the first quarter of this year — down four percent from 2012 — and an operating loss of $34.5 million.Every dark, dark cloud has it's silver lining:
Overall, the company posted a profit of just $4.7 million, an 85 percent drop in earnings from the net income of $31 million for the first quarter of last year.
In the newspaper division, daily and Sunday circulation at the Post dropped 7.2 and 7.7 percent, respectively, compared to 2012. Average daily circulation totaled 457,100 copies, with Sundays at 659,500. The report also noted that in January of this year, the Post increased the paper’s price for daily home delivery and daily and Sunday single copies. And print advertising revenue at the Post in the first quarter of 2013 dropped 8 percent to $48.6 million, down from $52.7 million in the first quarter of 2012.
As for online — primarily washingtonpost.com and Slate — the company had better news to report. Revenue generated by the company’s online publishing increased 8 percent to $25.8 million for the first quarter of 2013, compared to $23.9 million for the first quarter of 2012. The company also posted a 16 percent increase in online display advertising, although online classified advertising revenue on washingtonpost.com fell 6 percent for the first quarter of 2013.I wonder how that's working out for the Boston Globe? We'll find out when the 10-K comes out, which should be in the very near future. Astute observers of this site will note this has not been an issue here in quite a few months; it's amazing what can happen when you put your mind towards solving a problem and trading notes with others.
The company, meanwhile, has announced plans for a paywall this summer.