Post Co.'s Earings Off 59% in Year: One-Time Gain Lifts 4th-Quarter Results
|i|? (The Washington Post Co. said yesterday that net income in 1991 declined 59 percent, due to the recession's negative effect on advertising ..ÐÊand to an extraordinary charge to cov-tya change in accounting standards.</br></br>_The company said it earned $47 million ($3.96 per share) in the Octo-ber-to-December period, compared with $42.1 million ($3.55) in the same period of 1990. The fourth-quarter result was boosted by $10 million (84 cents) following a favorable settlement with the Internal Revenue Service over tax issues dating back to 1985.</br></br>Fourth-quarter revenue was $366.6 million, off slightly from $369.4 million for the comparable period of 1990.</br></br>Without the tax settlement, fourth-quarter income would have fallen 12 percent to $37 million ($3.12).</br></br>For the year. The Post Co. earned $70.8 million ($5.96) compared with $174.6 million ($14.45) in 1990. Revenue fell 4.1 percent to $1.38 billion from $1.44 billion.