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The Washington Post Company Reports 2012 And Fourth Quarter Earnings

A summary of Kaplan’s operating results by division, including and excluding restructuring costs, for 2012 and the fourth quarter of 2012 compared to 2011, is as follows:

       
Three Months Ended Twelve Months Ended
December 31, December 31,
(in thousands)   2012   2011   % Change   2012   2011   % Change
Revenue    
Higher education $ 276,459 $ 323,532 (15 ) $ 1,149,407 $ 1,399,583 (18 )
Test preparation 60,485 66,901 (10 ) 284,252 303,093 (6 )
Kaplan international 208,285 190,821 9 764,184 704,581 8
Kaplan corporate 1,487 1,110 34 4,645 4,585 1
Intersegment elimination   (2,287 )     (1,601 )   (5,992 )     (7,383 )
$ 544,429     $ 580,763   (6 ) $ 2,196,496     $ 2,404,459   (9 )
Operating Income (Loss)
Restructuring Costs Included in Divisions
Higher education $ 10,916 $ 28,025 (61 ) $ 27,245 $ 148,915 (82 )
Test preparation (6,732 ) 520 (10,799 ) (28,498 ) 62
Kaplan international 15,733 22,771 (31 ) 49,069 41,506 18
Kaplan corporate (14,474 ) (16,202 ) 11 (42,617 ) (45,100 ) 6
Amortization of intangible assets (6,191 ) (4,394 ) (41 ) (17,719 ) (19,417 ) 9
Impairment of goodwill and other long-lived assets (111,593 ) (111,593 )
Intersegment elimination   467       173     1,046       (1,120 )
$ (111,874 )   $ 30,893   $ (105,368 )   $ 96,286  
Operating Income (Loss)
Restructuring Costs Excluded from Divisions
Higher education* $ 27,860 $ 34,137 (18 ) $ 50,640 $ 162,116 (69 )
Test preparation* (6,732 ) 1,009 (10,799 ) (15,959 ) 32
Kaplan international* 30,615 23,806 29 65,511 42,541 54
Kaplan corporate* (12,989 )     (14,507 ) 10 (39,807 )     (42,930 ) 7
38,754 44,445 (13 ) 65,545 145,768 (55 )
Restructuring costs* (35,906 ) (9,331 ) (45,242 ) (28,945 ) (56 )
Amortization of intangible assets* (3,596 ) (4,394 ) 18 (15,124 ) (19,417 ) 22
Impairment of goodwill and other long-lived assets (111,593 ) (111,593 )
Intersegment elimination   467       173     1,046       (1,120 )
$ (111,874 )   $ 30,893   $ (105,368 )   $ 96,286  
 
*Non-GAAP Measure
 

Kaplan sold Kidum in August 2012, EduNeering in April 2012 and Kaplan Learning Technologies in February 2012. Consequently, the education division’s operating results exclude these businesses.

Stock quotes in this article: WPO 

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