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Annual Report the Washington Post Company Diversified Media And 0 The Washington Post CompanyAnnual Report Diversified Media and Education 6 2006 Annual Report C1 Contents Financial Highlights . 1 Letter to Shareholders . 2 Form 10-K Financial Highlights (in thousands, except per share amounts) 2006 2005 % Change Operating revenue $ 3,904,927 $ 3,553,887 + 10% Income from operations $ 459,804 $ 514,914 – 11% Net income $ 324,459 $ 314,344 + 3% Diluted earnings per common share $ 33.68 $ 32.59 + 3% Dividends per common share $ 7.80 $ 7.40 + 5% Common shareholders’ equity per share $ 331.32 $ 274.79 + 21% Diluted average number of common shares outstanding 9,606 9,616 – Operating Revenue Income from Operations Net Income ($ in millions) ($ in millions) ($ in millions) 06 3,905 06 460 06 324 05 3,554 05 515 05 314 04 3,300 04 563 04 333 03 2,839 03 364 03 241 02 2,584 02 378 02 204 *Computed on a comparable basis, excluding the impact of the adjustment for pensions and other postretirement plans on average common shareholders’ equity. 2006 Annual Report 1 A Letter from Donald E. Graham To Our Shareholders Our company owns four large businesses, and it was a terrific year for three of them. It was a poor year, however, for the business we are named for, The Washington Post. Circulation continued to fall and a sharp drop in classified advertising raised questions about the future of the business. I don’t have all the answers for these questions. This is a report to shareholders so it will begin with the overall prospects for the company, which are good. The Washington Post Company owns two businesses with prospects of growing operating income. Our ownership of Kaplan and Cable ONE is not exactly a tribute to our strategic planning. We bought Kaplan because Dick Simmons, then presi- dent of The Post Company and now a director, got a tip from a former colleague that Stanley Kaplan, a great teacher and the founder of the test preparation business, was ready to sell his company. Donald E. Graham, chairman and chief executive officer I would like to report that my mother, Katharine Graham, reporting to Jonathan. Andy Rosen (who runs Kaplan saw the opportunity and leapt on it. Unfortunately, she Higher Education), John Polstein (who runs Kaplan Test recorded her own reaction in her autobiography: “I don’t Prep and Admissions) and William Macpherson (who has give a s___ about it,” she told Dick, “but if you think it will run Kaplan’s international assets and now adds Kaplan be profitable, let’s do it.” (I hate to censor my own mother, Professional) are outstanding, and so are their teams. but she’d have wanted certain standards of decorum Here are some results of their work in 2006. upheld in the annual report.) The most important development at Kaplan from a Alas, Kaplan did not “make money”… not at first. At least shareholder’s point of view is that the problems in our three would-be successors to Stanley came and went; the brick-and-mortar campuses, described so vividly in last company was losing money when 29-year-old Jonathan year’s annual report, are improved — more than I thought Grayer took over as CEO in 1994. they would be by now, though there’s still plenty left to do. Our problems were the complex result of too-rapid acqui- Kaplan, in Jonathan’s first year, had revenues of $75 sitions outgrowing our management structure. million and lost $4 million. Last year, the 13th under Jonathan’s management, Kaplan had revenues of Andy Rosen and Kaplan veteran Jeff Conlon deserve a deep almost $1.7 billion and had operating income of $130 bow from all shareholders for their patient and detailed work million. To achieve this growth, The Post Company has at rebuilding our programs and our leadership ranks. Low- invested $950 million in acquisitions, including the orig- hanging fruit has been gathered in abundance (at one time inal purchase of Kaplan. we had 76 different campuses offering medical assistant courses and 39 different curricula). In 2007, work will begin How did Kaplan get here so fast? What are its prospects on the higher branches. going forward? The surprising result, to me, was that profits at our brick- The first question is easier to answer than the second: and-mortar campuses actually increased in 2006 while a Education is a business in which quality pays and in which large amount of restructuring work went on. Progress should excellent management is a must. We gradually learned continue on both fronts this year (ours is not a business in how to offer a high-quality course in many different loca- which profits will boom, but they should grow). tions. We developed complete faith in three top managers 2006 Annual Report 3 Jeff Conlon, president of Kaplan Higher Education Campuses, and Andy Rosen, president of Kaplan, Inc., and CEO of Kaplan Higher Education Education is a business in which Kaplan University (our online higher education offering) continued to grow very quickly. Revenues increased 49%; quality pays and in which KU now educates 27,600 students and offers an impressive, ever-increasing variety of courses, including several master’s excellent management is degrees. Early in the year, a securities firm, unbeknownst to us, surveyed graduates of for-profit, not-for-profit and online a must. schools to determine their satisfaction with their education. Kaplan University ranked number one for quality and value for online schools. Kaplan Test Prep and Admissions had another out- standing year. Revenues grew 22% (without contribu- tions from 2005–2006 acquisitions, the growth rate was 13%). Three acquisitions will help boost KTPA’s future prospects. We acquired SpellRead, a company offering reading intervention programs for elementary school stu- dents; Aspect, a UK-based company that considerably increased our presence in worldwide English-language training; and PMBR, the king of test prep for the multi- state portion of the bar exam. In the scale of Kaplan, these were not large acquisitions, but each will boost a significant portion of KTPA’s business. We expect you will hear more from all three (we are con- solidating all of Kaplan’s English-language business under Aspect’s respected CEO, David Jones). 2006 made it clearer and clearer that when we bought London-based FTC in 2003, we acquired a 4 The Washington Post Company top-notch CEO, William Macpherson, along with the Operating income from real estate businesses was down business he had built. William now heads up good-sized from 2005 by $13 million (keep this in mind while looking businesses in the UK, the Republic of Ireland, Singapore, at the overall results at Kaplan). Hong Kong and Australia (Tribeca Learning, the business that took us Down Under, was acquired in May 2006). If this gives you the impression that Kaplan is a collec- tion of several large businesses and many smaller At year-end, Jonathan added Chicago-based Kaplan ones — some growing fast — you’re quite right. Professional to William’s responsibilities. All of our pro- Management of this business is all-important; its success to fessional training businesses (in the US, Europe, Asia and date is a tribute to Jonathan Grayer. And, just as important Australia) are now combined under a single KP unit, to you — so is its significant potential for growth going for- overseen by William, who continues to manage higher ward. Jonathan and I both like Kaplan’s prospects a lot. education businesses outside the US as well. KP, despite We’d both add this: Kaplan will never be a business where the presence of several outstanding managers, has not the quarterly results look smooth. 2006 started with a bang; yet achieved the combined results we’d hoped for. 2007 should get better as the year goes on. In 2006, we felt the effects of the slowing real estate mar- Shareholders may wonder why so much praise of ket in the US. KP owns two important real estate assets: out- Kaplan comes in a year when its operating profit fell standing schools that train aspiring real estate professionals from $158 million to $130 million. Fortunately, I pre- for the state licensing exams and a publishing business that viewed this in the 2005 annual report: “Kaplan’s bottom- includes real estate textbooks. Both these businesses start- line 2005 results look better than the underlying business ed looking bleak in the early months of 2006; by year-end, reality. The reverse is likely to be true in 2006 — the real few new would-be agents were hitching their wagons to the performance of our business will be better than the appar- real estate business. We’ll stay in these businesses, and they ent bottom-line results” (emphasis in original). The decline will rebound. from 2005 results came about because of a $13 million Kaplan student Khanh Pham in intensive English-language study with Kaplan instructor Allison Menditto 5 Cindy Byrd, general manager of Cable ONE’s Mississippi Gulf Coast system in Pascagoula charge to settle a lawsuit; a $25 million increase in stock The place to begin this section of the report is with a compensation charge (this was discussed in detail in tribute to Cable ONE’s associates in Mississippi. They 2005); and a $7 million charge related to the acquisition stayed on the job when their own homes were destroyed of Tribeca, among others. or badly damaged by Hurricane Katrina and were ready to offer service months before our competitors. Associates It is our first duty to bring you bad news; it’s almost as from other divisions went to Mississippi to help them.
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