Washington Post Reports 77% Drop in Q4 Profits Stock Down 3%

Washington, DC -- Hurt by a sharp decrease in the value of its newspapers, The Washington Post Co. on Wednesday said that its fourth-quarter profit dropped 77% to $18.8 million. Despite a 3% increase in revenue, the company was hit with several one-time charges, including a $75.7 million write-down to account for the declining value of its newspapers. With the recession in high-gear, print advertising at The Washington Post fell 21% during the quarter, but was offset slightly by a 5% jump in online revenue, primarily from the company's washingtonpost.com web site. The Washington Post owns an array of daily and community newspapers, as well as magazines -- such as Newsweek -- TV stations, web sites and education firm Kaplan. http://phx.corporate-ir.net/phoenix.zhtml?c=62487&p=irol-newsArticle&ID=1259886&highlight=