Image by The U.S. National Archives via FlickrOwing largely to a calamitous performance by its for-profit Kaplan online education division, The Washington Post reported a 50 percent plunge in Second Quarter earnings compared to a year ago, according to the Romanesko media blog.
The Post reported net income of $45.6 million, down from $91.9 million 2Q 2010 net earnings. The company's newspaper division experienced a $2.9 million drop-off in revenues, an improvement over the $14.3 million loss suffered during the corresponding quarter last year.
During the first half of 2011, daily circulation at the Post sank 4.5 percent and the Sunday paper, 4.1 percent compared to 2010 first-half figures.
Makes Redford & Hoffman's All the President's Men (1976) seem longer ago than it actually is.