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Graham Holdings Company Reports 2013 And Fourth Quarter Earnings

Graham Holdings Company (NYSE: GHC) today reported net income attributable to common shares of $236.0 million ($32.05 per share) for the year ended December 31, 2013, compared to $131.2 million ($17.39 per share) for the year ended December 31, 2012. Net income includes $46.1 million ($6.27 per share) and $60.1 million ($8.17 per share) in income from discontinued operations for 2013 and 2012, respectively. Income from continuing operations attributable to common shares was $189.9 million ($25.78 per share) for 2013, compared to $71.1 million ($9.22 per share) for 2012. For the fourth quarter of 2013, the Company reported net income attributable to common shares of $156.5 million ($21.14 per share), compared to a loss of $45.4 million ($6.57 per share) for the same period of 2012. Net income includes $100.8 million ($13.62 per share) and $5.6 million ($0.78 per share) in income from discontinued operations for the fourth quarter of 2013 and 2012, respectively. The Company reported income from continuing operations attributable to common shares of $55.6 million ($7.52 per share) for the fourth quarter of 2013, compared to a loss of $51.0 million ($7.35 per share) for the same period of 2012.

On October 1, 2013, the Company completed the sale of most of its newspaper publishing businesses, including The Washington Post. Consequently, income from continuing operations excludes these sold businesses, which have been reclassified to discontinued operations, net of tax, for all periods presented.

The results for 2013 and 2012 were affected by a number of items as described in the following paragraphs. Excluding these items, income from continuing operations attributable to common shares was $233.7 million ($31.76 per share) for 2013, compared to $191.4 million ($25.87 per share) for 2012. Excluding these items, income from continuing operations attributable to common shares was $80.3 million ($10.88 per share) for the fourth quarter of 2013, compared to $69.1 million ($9.27 per share) for the fourth quarter of 2012. (Refer to the Non-GAAP Financial Information schedule attached to this release for additional details.)

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