5/6 – Wash Post, Kaplan and Print Subscribers Hurting Bottom Line

Washington Post Co. (WPO) said first-quarter profit fell 67 percent after revenue declined in its Kaplan education unit, which has come under government scrutiny. Net income dropped to $15.2 million, or $1.87 a share, from $45.4 million, or $4.91, a year earlier, the Washington-based company said today in a statement. Revenue declined 6.9 percent to $1.06 billion. The company, which also owns the Washington Post newspaper and cable television assets, said results were affected by a decline in new students at Kaplan, with enrollments off 23 percent at Kaplan University and Kaplan Higher Education campuses.

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