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FORM 10-K the Washington Post Company SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED JANUARY 2, 2005 Commission file number 1-6714 The Washington Post Company (Exact name of registrant as specified in its charter) Delaware 53-0182885 (State or other jurisdiction of incorporation or (I.R.S. Employer Identification No.) organization) 1150 15th St., N.W., Washington, D.C. 20071 (Address of principal executive offices) (Zip Code) Registrant’s Telephone Number, Including Area Code: (202) 334-6000 Securities Registered Pursuant to Section 12(b) of the Act: Name of each exchange Title of each class on which registered Class B Common Stock, Par Value New York Stock Exchange $1.00 Per Share Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. o Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act). Yes þ No o Aggregate market value of the Company’s voting stock held by non-affiliates on June 27, 2004, based on the closing price for the Company’s Class B Common Stock on the New York Stock Exchange on such date: approximately $4,927,000,000. Shares of common stock outstanding at February 18, 2005: Class A Common Stock – 1,722,250 shares Class B Common Stock – 7,866,357 shares Documents partially incorporated by reference: Definitive Proxy Statement for the Company’s 2005 Annual Meeting of Stockholders (incorporated in Part III to the extent provided in Items 10, 11, 12, 13 and 14 hereof). THE WASHINGTON POST COMPANY 2004 FORM 10-K PART I Page Item 1. Business 1 Newspaper Publishing 1 Television Broadcasting 3 Cable Television Operations 7 Education 10 Magazine Publishing 13 Other Activities 15 Production and Raw Materials 15 Competition 16 Executive Officers 18 Employees 19 Forward-Looking Statements 20 Available Information 20 Item 2. Properties 20 Item 3. Legal Proceedings 22 Item 4. Submission of Matters to a Vote of Security Holders 22 PART II Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 22 Item 6. Selected Financial Data 22 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 22 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 22 Item 8. Financial Statements and Supplementary Data 23 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 23 Item 9A. Controls and Procedures 23 Item 9B. Other Information 24 PART III Item 10. Directors and Executive Officers of the Registrant 24 Item 11. Executive Compensation 24 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 25 Item 13. Certain Relationships and Related Transactions 25 Item 14. Principal Accountant Fees and Services 25 PART IV Item 15. Exhibits and Financial Statement Schedules 25 SIGNATURES 26 INDEX TO FINANCIAL INFORMATION 27 Management’s Discussion and Analysis of Results of Operations and Financial Condition 28 Financial Statements and Schedules: Report of Independent Registered Public Accounting Firm 38 Consolidated Statements of Income and Consolidated Statements of Comprehensive Income for the Three Fiscal Years Ended January 2, 2005 39 Consolidated Balance Sheets at January 2, 2005 and December 28, 2003 40 Consolidated Statements of Cash Flows for the Three Fiscal Years Ended January 2, 2005 42 Consolidated Statements of Changes in Common Shareholders’ Equity for the Three Fiscal Years Ended January 2, 2005 43 Notes to Consolidated Financial Statements 44 Financial Statement Schedule for the Three Fiscal Years Ended January 2, 2005: II — Valuation and Qualifying Accounts 59 Ten-Year Summary of Selected Historical Financial Data (Unaudited) 60 INDEX TO EXHIBITS 63 PART I Item 1. Business. The principal business activities of The Washington Post Company (the “Company”) consist of newspaper publishing (principally The Washington Post), television broadcasting (through the ownership and operation of six television broadcast stations), the ownership and operation of cable television systems, the provision of educational services (through its Kaplan subsidiary), and magazine publishing (principally Newsweek magazine). Information concerning the consolidated operating revenues, consolidated income from operations and identifiable assets attributable to the principal segments of the Company’s business for the last three fiscal years is contained in Note N to the Company’s Consolidated Financial Statements appearing elsewhere in this Annual Report on Form 10-K. (Revenues for each segment are shown in such Note N net of intersegment sales, which did not exceed 0.1% of consolidated operating revenues.) The Company’s operations in geographic areas outside the United States (consisting primarily of Kaplan’s foreign operations and the publication of the international editions of Newsweek) during the Company’s 2004, 2003 and 2002 fiscal years accounted for approximately 6%, 5% and 3%, respectively, of its consolidated revenues, and the identifiable assets attributable to such operations represented approximately 6% of the Company’s consolidated assets at January 2, 2005 and December 28, 2003, and less than 2% of the Company’s consolidated assets at December 29, 2002. Newspaper Publishing The Washington Post WP Company LLC (“WP Company”), a subsidiary of the Company, publishes The Washington Post, which is a morning and Sunday newspaper primarily distributed by home delivery in the Washington, D.C. metropolitan area, including large portions of Virginia and Maryland. The following table shows the average paid daily (including Saturday) and Sunday circulation of The Post for the 12-month periods ended September 30 in each of the last five years, as reported by the Audit Bureau of Circulations (“ABC”) for the years 2000–2003 and as estimated by The Post for the 12-month period ended September 30, 2004 (for which period ABC had not completed its audit as of the date of this report) from the semiannual publisher’s statements submitted to ABC for the six-month periods ended March 31, 2004 and September 30, 2004: Average Paid Circulation Daily Sunday 2000 777,521 1,075,918 2001 771,614 1,066,723 2002 767,843 1,058,458 2003 749,323 1,035,204 2004 729,981 1,016,533 The newsstand price for the daily newspaper was increased from $0.25 (which had been the price since 1981) to $0.35 effective December 31, 2001. The newsstand price for the Sunday newspaper has been $1.50 since 1992. In July 2004 the rate charged for home-delivered copies of the daily and Sunday newspaper for each four-week period was increased to $14.40 from $13.44, which had been the rate since July 2003. The corresponding rate charged for Sunday-only home delivery has been $6.00 since 1991. General advertising rates were increased by an average of approximately 5.3% on January 1, 2004, and by approximately another 4.5% on January 1, 2005. Rates for most categories of classified and retail advertising were increased by an average of approximately 3.2% on February 1, 2004, and by approximately an additional 3.4% on February 1, 2005. The following table sets forth The Post’s advertising inches (excluding preprints) and number of preprints for the past five years: 2000 2001 2002 2003 2004 Total Inches (in thousands) 3,363 2,714 2,657 2,675 2,726 Full-Run Inches 2,634 2,296 2,180 2,121 2,120 Part-Run Inches 729 418 477 554 606 Preprints (in millions) 1,602 1,556 1,656 1,835 1,887 2004 FORM 10-K 1 WP Company also publishes The Washington Post National Weekly Edition, a tabloid that contains selected articles and features from The Washington Post edited for a national audience. The National Weekly Edition has a basic subscription price of $78 per year and is delivered by second-class mail to approximately 42,000 subscribers. The Post has about 645 full-time editors, reporters and photographers on its staff; draws upon the news reporting facilities of the major wire services; and maintains correspondents in 21 news centers abroad and in New York City; Los Angeles; San Francisco; Chicago; Miami; Austin, Texas; and Seattle, Washington. The Post also maintains reporters in 12 local news bureaus. In August 2003, Express Publications Company, LLC (“Express Publications”), another subsidiary of the Company, began publishing a weekday tabloid newspaper named Express, which is distributed free of charge using hawkers and news boxes near Metro stations and in other locations in Washington, D.C. and nearby suburbs with heavy daytime sidewalk traffic. A typical edition of Express is 28 to 36 pages long and contains short news, entertainment and sports stories as well as both classified and display advertising. Current daily circulation is approximately 157,000 copies. Express relies primarily on wire service and syndicated content and is edited by a full-time newsroom staff of 13. Advertising sales, production, and certain other services for Express are provided by WP Company. Washingtonpost.Newsweek Interactive Washingtonpost.Newsweek Interactive Company, LLC (“WPNI”) develops news and information products for electronic distribution.
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