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2001 Annual Report

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The Washington Post Company ANNUAL REPORT The Washington Post Company 1150 15th Street, NW Washington, DC 20071 (202) 334-6000 washpostco.com 2001 The Washington Post Company Electronic Addresses Stock Trading is a diversified media The Washington Post Company Class B common stock is traded on the New York HealthWeek and education company whose The Washington Post Stock Exchange with the symbol WPO. principal operations include: Company pbs.org/healthweek washpostco.com PostNewsweek Tech Media Stock Transfer Agent and Registrar The Washington Post postnewsweektech.com (General Shareholder Correspondence) Television Broadcasting Post-Newsweek Stations washingtonpost.com washpost.com FOSE EquiServe Trust Company, N.A. WDIV-Detroit fose.com P.O. Box 2500 KPRC-Houston Washingtonpost.Newsweek Jersey City, NJ 07303-2500 WPLG-Miami/Fort Lauderdale Interactive Government Computer News WKMG-Orlando washingtonpost.com gcn.com newsweek.msnbc.com (Transfers by Overnight Courier) KSAT-San Antonio The Technology Almanac WJXT-Jacksonville EquiServe Trust Company, N.A. Newsbytes News Network tech-almanac.com 525 Washington Boulevard newsbytes.com Newspaper Publishing The Washington Post Washington Technology Jersey City, NJ 07310 Washingtonpost.Newsweek Interactive The Washington Post washingtontechnology.com National Weekly Edition The Washington Post National Weekly Edition Washington Techway (Transfers by Certified Mail) nationalweekly.com The Washington Post Writers Group washtech.com/washtechway EquiServe Trust Company, N.A. Contents The Herald The Washington Post Writers Kaplan, Inc. P.O. Box 2506 Community Newspaper Group Group kaplan.com Jersey City, NJ 07303-2506 The Gazette postwritersgroup.com Financial Highlights 1 Southern Maryland Newspapers Kaplan Test Prep and The Herald Shareholder Inquiries Comprint Military Publications Admissions To Our Shareholders 2 heraldnet.com Commercial Printing kaptest.com Communications concerning transfer requirements, lost certificates, dividends, Greater Washington Publishing The Gazette and changes of address should be directed to EquiServe Trust Company Kay Graham’s Management Career Kaplan Professional Robinson Terminal Warehouse gazette.net Shareholder Relations Group. kaplanprofessional.com by Warren E. Buffett 9 Capitol Fiber Tel: (201) 324-0498 Comprint Military Dearborn Financial Services The Biggest Story of the 21st Century – Publications TDD: (201) 222-4985 Cable Television Cable ONE dearborn.com dcmilitary.com Fax: (201) 222-4892 or 222-4872 If We’re Lucky by Benjamin C. Bradlee 12 E Dearborn Trade Publishing Web: equiserve.com Magazine Publishing Newsweek Greater Washington dearborntrade.com Business Overviews 18 Newsweek International Publishing Form 10-K Newsweek Japan (Newsweek Nihon Ban) gwpi.net Dearborn Real Estate Financial Contents 28 Newsweek Korea (Newsweek Hankuk Pan) Education The company’s Form 10-K annual report to the Securities and Exchange Apartment Showcase recampus.com Commission is available on the company’s web site, washpostco.com. Corporate Directory 58 Newsweek en Español aptshowcaseonline.com Newsweek in Arabic (Newsweek Bil Logha Al-Arabia) Schweser Study Program New Homes Guide Newsweek Polska schweser.com Annual Meeting newhomesguide.com Teen Newsweek The annual meeting of stockholders will be held on May 9, 2002, at 8 a.m. Self Test Software Arthur Frommer’s Budget Travel Guide to Retirement Living at The Washington Post Company, 1150 15th Street, NW, Washington, DC. selftestsoftware.com Newsweek Productions retirement-living.com PostNewsweek Tech Media Perfect Access Speer Common Stock Prices and Dividends FOSE Post-Newsweek Stations paspeer.com Class A common stock is not traded publicly. Class B common stock is listed on Government Computer News WDIV-Detroit Kaplan Higher Education the New York Stock Exchange. High and low sales prices during the last two years Washington Technology clickondetroit.com Washington Techway kaplancollege.edu were: KPRC-Houston Concord Law School click2houston.com Education Kaplan concordlawschool.com 2001 2000 Kaplan Test Prep and Admissions WPLG-Miami/ Score! QUARTER HIGH LOW HIGH LOW Kaplan Professional Fort Lauderdale escore.com Kaplan Higher Education click10.com Score! International Herald Tribune January-March $652 $524 $587 $472 WKMG-Orlando iht.com mycfnow.com April-June $608 $542 $541 $471 Affiliates International Herald Tribune (50% interest) Los Angeles Times- Los Angeles Times-Washington Post News Service KSAT-San Antonio July-September $599 $470 $528 $467 Washington Post News (50% interest) clickonsa.com Service October-December $540 $479 $629 $508 Bowater Mersey Paper Company (49% interest) newsservice.com BrassRing (49% interest) WJXT-Jacksonville news4jax.com Classified Ventures (19% interest) BrassRing During 2001 the company repurchased 714 outstanding shares of Class B Cable ONE brassring.com common stock. cableone.net Both classes of common stock participate equally as to dividends. Quarterly Newsweek dividends were paid at the rate of $1.40 per share in 2001. At February 19, Please visit washpostco.com Design: HC Creative Communications LLC Photography: Robert Burke Printing: Westland Printers Printed on recycled paper Design: HC Creative Communications LLC Photography: Robert Burke Printing: Westland newsweek.msnbc.com for complete descriptions of the businesses 2002, there were 29 Class A and 1,063 Class B shareholders. listed above. Financial Highlights (in thousands, except per share amounts) 2001 2000 % Change Operating revenue $ 2,416,673 $ 2,412,150 – THE WASHINGTON POST COMPANY WASHINGTON THE Income from operations $ 219,932 $ 339,882 - 35% Net income $ 229,639 $ 136,470 + 68% Basic earnings per common share $ 24.10 $ 14.34 + 68% Diluted earnings per common share $ 24.06 $ 14.32 + 68% Dividends per common share $ 5.60 $ 5.40 + 4% Common shareholders’ equity per share $ 177.30 $ 156.55 + 13% Basic average number of common shares outstanding 9,486 9,445 – Diluted average number of common shares outstanding 9,500 9,460 – Operating Revenue Income from Operations Net Income ($ in millions) ($ in millions) ($ in millions) 2500 400 500 2000 400 300 1500 300 200 1000 200 100 500 100 0 97 98 99 00 01 0 97 98 99 00 01 0 97 98 99 00 01 Basic Earnings Diluted Earnings Return on Average per Common Share per Common Share Common Shareholders’ ($) ($) Equity (%) 50 50 30 40 40 25 30 30 20 20 20 15 10 10 10 0 97 98 99 00 01 0 97 98 99 00 01 0 97 98 99 00 01 1 To Our Shareholders September 11 was a shattering day for everyone in the United States. Like all Americans, our hearts went out to the victims of the terrorist attacks and their relatives. Thankfully, the Kaplan associates who were in the World Trade Center that morning escaped, but many Post Company people lost family members, and many more lost friends and close business associates. The Post and Newsweek immediately set about months of diligent reporting on these events, which Ben Bradlee describes beginning on page 12.You also would be proud of the quality news and public affairs programming Post-Newsweek Stations devoted to the September 11 tragedy, particularly in the days immediately afterward. On July 17, my mother Katharine Graham, the publisher of The Post and chairman of this company for decades, died in Boise, Idaho. The Post, Newsweek, and many other publications and television programs offered tributes to her at the time, focusing on her con- tributions to journalism and to the community. A short essay by Warren Buffett describing her business career and what it meant to the shareholders of this company begins on page 9. The company will carry on with the dedication to excellence in business, journalism, and education that she inspired. It seems mundane to be reporting about the company’s financial affairs after those two introductory paragraphs. But that’s the pur- pose of this letter. Although chief financial officer Jay Morse keeps the books here in a fashion somewhere between conservative and very conservative, it has often seemed necessary to start off this report by explaining something about accounting. This year is no exception. In 2001 we booked a gain of $321 million on a cable transaction that was, in fact, one portion of a trade: We traded Cable ONE’s systems in California and Indiana for AT&T’s systems in Idaho. This gain is a bookkeeping fiction. We never received $321 million in cash (we did receive some cash in the trade, but it was less than 20 percent of the sum that was booked). The gain resulted from accounting rules that require writing the assets we traded up to fair market value, rather than recording them at their historical cost. In evaluating this gain, shareholders should do what I do: ignore it. If you ignore it, The Washington Post Company had a very poor year in reported results. Much of this was attributable to the recession, which had a highly negative effect on advertising in all media and particularly on help wanted advertising at newspapers, including The Post. Advertising was bad before September 11 and worse after. Other major components of our down year included a large write-off at our BrassRing affiliate and the first-year effects of the Idaho trade on Cable ONE (the longer-term effects should be excellent, beginning this year). Fortunately, The Post Company continued making substantial progress on several fronts. We aren’t planning for an adver- tising recovery in 2002 (don’t be alarmed by this; we have no record of successfully forecasting changes in the ad market). But unless advertising gets much worse, the company should have a pretty good year in 2002, both in reported earnings and in sub- stance. Two divisions in particular look set for good times: Cable ONE and Kaplan. 2002 should be an encouraging year for Cable ONE, partly because of the company’s willingness to absorb lower earnings in 2001. Tom Might has put together a series of management actions that should enable this amazing organization and its associates to bring in large increases in operating income and cash flow for the next two years. Operating results in 2001 were pounded by the aforementioned trade of high-performing cable systems in northern California and Indiana for all of AT&T’s systems in Idaho.
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