A dismal economy combined with the usual newspaper industry challenges led The Washington Post Company’s (NYSE: WPO) Q1 net income downward 39 percent to $39.3 million ($4.08 per share) from last year’s $64.4 million ($6.70 per share). And while revenue for the period was up 8 percent to $1.063 billion, from Q107’s $985.6 million, the increase is due to growth at the education and cable TV divisions, which made up for declines at the newspaper, magazine and broadcasting divisions. And in line with prevailing industry trends, the online side of the newspaper unit represented a sole bright spot. Also, the company’s results were impacted by charges of $24.6 million related to early retirement program expenses at Newsweek (after-tax impact of $15.3 million, or $1.60 per share).
— Online publishing revenue, primarily at WashingtonPost.com, grew 8 percent to $27.1 million in Q1, versus $25.1 million for Q107. Display online advertising revenue gained 17 percent, while online classified revs, which have decreased at other publishes in Q1, was up a modest 2 percent. A small portion of the company