Graham Holdings Company Reports First Quarter Earnings
Graham Holdings Company (NYSE: GHC) today reported income from continuing operations attributable to common shares of $37.8
million ($6.59 per share) for the first quarter of 2016, compared to a loss of $2.7 million ($0.58 per share) for the first quarter
of 2015. Net income attributable to common shares was $20.6 million ($3.48 per share) for the first quarter of 2015, including
$23.3 million ($4.06 per share) in income from discontinued operations. (Refer to “Discontinued Operations” discussion below.)
The results for the first quarter of 2016 and 2015 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 $28.2 million ($4.92 per share) for the
first quarter of 2016, compared to $4.9 million ($0.84 per share) for the first quarter of 2015. (Refer to the Non-GAAP Financial
Information schedule at the end of this release for additional details.)
Items included in the Company’s income from continuing operations for the first quarter of 2016:
- an $18.9 million non-operating gain arising from the sale of a business (after-tax impact of $11.9
million, or $2.08 per share);
- a $1.8 million gain on the sale of marketable equity securities (after-tax impact of $1.1 million, or
$0.19 per share); and
- $5.4 million in non-operating unrealized foreign currency losses (after-tax impact of $3.4 million,
or $0.60 per share).
Items included in the Company’s loss from continuing operations for the first quarter of 2015:
- $10.7 million in restructuring charges and accelerated depreciation at the education division
(after-tax impact of $6.8 million, or $1.17 per share);
- $6.0 million gain on the formation of a joint venture (after-tax impact of $3.6 million, or $0.50 per
share); and
- $6.8 million in non-operating unrealized foreign currency losses (after-tax impact of $4.4 million,
or $0.75 per share).
Revenue for the first quarter of 2016 was $601.7 million, down 7% from $647.4 million in the first quarter of 2015. Revenues
declined at the education division, offset by an increase at the television broadcasting division and in other businesses. The
Company reported operating income of $51.9 million for the first quarter of 2016, compared to $8.9 million for the first quarter of
2015. Operating results improved at the education and television broadcasting divisions, offset by a small decline in other
businesses.
Division Results
Education
Education division revenue totaled $401.1 million for the first quarter of 2016, down 20% from revenue of $500.6 million for the
same period of 2015. Kaplan reported operating income of $14.5 million for the first quarter of 2016, compared to an operating loss
of $22.8 million for the first quarter of 2015. Operating results for the first quarter of 2015 included restructuring costs of
$10.7 million.
A summary of Kaplan’s operating results for the first quarter of 2016 compared to 2015 is as follows:
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
March 31 |
|
|
(in thousands) |
|
2016 |
|
2015 |
|
% Change |
Revenue |
|
|
|
|
|
|
Higher education |
|
$ |
165,549 |
|
|
$ |
237,568 |
|
|
(30 |
) |
Test preparation |
|
66,462 |
|
|
69,226 |
|
|
(4 |
) |
Kaplan international |
|
169,287 |
|
|
192,081 |
|
|
(12 |
) |
Kaplan corporate and other |
|
125 |
|
|
1,859 |
|
|
(93 |
) |
Intersegment elimination |
|
(347 |
) |
|
(132 |
) |
|
— |
|
|
|
$ |
401,076 |
|
|
$ |
500,602 |
|
|
(20 |
) |
Operating Income (Loss) |
|
|
|
|
|
|
Higher education |
|
$ |
21,306 |
|
|
$ |
593 |
|
|
— |
|
Test preparation |
|
(2,310 |
) |
|
(4,334 |
) |
|
47 |
|
Kaplan international |
|
4,897 |
|
|
7,717 |
|
|
(37 |
) |
Kaplan corporate and other |
|
(7,724 |
) |
|
(25,350 |
) |
|
70 |
|
Amortization of intangible assets |
|
(1,681 |
) |
|
(1,507 |
) |
|
(12 |
) |
Intersegment elimination |
|
— |
|
|
32 |
|
|
— |
|
|
|
$ |
14,488 |
|
|
$ |
(22,849 |
) |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
Kaplan Higher Education (KHE) includes Kaplan’s domestic postsecondary education businesses, made up of fixed-facility colleges
and online postsecondary and career programs. KHE also includes the domestic professional and other continuing education
businesses.
Since 2012, KHE has closed campuses, consolidated facilities and reduced its workforce. On September 3, 2015, Kaplan completed
the sale of substantially all of the remaining assets of its KHE Campuses business. In connection with these and other plans, KHE
incurred $2.8 million in restructuring costs in the first quarter of 2015, including severance ($1.1 million), lease obligation
losses ($0.9 million), accelerated depreciation ($0.7 million) and other items ($0.1 million).
KHE results include revenue and operating losses (including restructuring charges) related to all KHE Campuses, those sold or
closed, including Mount Washington College and Bauder College, as follows:
|
|
|
|
|
Three Months Ended |
|
|
March 31 |
(in thousands) |
|
2016 |
|
2015 |
Revenue |
|
$ |
798 |
|
|
$ |
65,307 |
|
Operating loss |
|
$ |
(1,192 |
) |
|
$ |
(12,288 |
) |
|
|
|
|
|
|
|
|
|
In the first quarter of 2016, KHE revenue declined 30% due to campus sales and closings, and declines in average enrollments at
Kaplan University, reflecting weaker market demand. KHE operating results improved in the first quarter of 2016 due to reduced
losses at the KHE Campuses business and lower marketing expenditures at Kaplan University.
New higher education student enrollments at Kaplan University declined 34% in the first quarter of 2016 due to lower demand
across Kaplan University programs and a timing shift in the academic calendar in the first quarter of 2016. Total students at
Kaplan University were 37,398 at March 31, 2016, down 18% from March 31, 2015.
Kaplan University enrollments at March 31, 2016 and 2015, by degree and certificate programs, are as follows:
|
|
|
|
|
As of March 31 |
|
|
2016 |
|
2015 |
Certificate |
|
5.8 |
% |
|
2.5 |
% |
Associate’s |
|
22.1 |
% |
|
29.7 |
% |
Bachelor’s |
|
50.5 |
% |
|
45.4 |
% |
Master’s |
|
21.6 |
% |
|
22.4 |
% |
|
|
100.0 |
% |
|
100.0 |
% |
|
|
|
|
|
|
|
Kaplan Test Preparation (KTP) includes Kaplan’s standardized test preparation programs. KTP revenue declined 4% for the first
quarter of 2016. Enrollments, excluding the new economy skills training offerings, were down 14% for the first three months of 2016
due primarily to declines in pre-college programs; however, unit prices were generally higher. In comparison, KTP operating results
improved in the first quarter of 2016 due to a reduction in operating expenses.
Kaplan International includes English-language programs, and postsecondary education and professional training businesses
largely outside the United States. In January and February 2016, Kaplan acquired Mander Portman Woodward, a leading provider of
high-quality, bespoke education to U.K. and international students in London, Cambridge and Birmingham; and Osborne Books, a
leading education publisher of learning resources for accounting qualifications in the U.K.
Kaplan International revenue declined 12% in the first quarter of 2016, of which 4% was due to currency fluctuations. The
remaining decrease is due to enrollment declines in English-language and Pathways programs, partially offset by enrollment growth
in Singapore and Australia higher education programs. Revenue growth from the acquisitions in the first quarter of 2016 was largely
offset by revenue declines due to prior year dispositions. Operating income declined in the first quarter of 2016, due largely to
the declines in English-language and Pathways results, partially offset by operating income from newly acquired businesses.
Kaplan corporate and other represents unallocated expenses of Kaplan, Inc.’s corporate office, other minor businesses and
certain shared activities. In the first quarter of 2015, Kaplan Corporate recorded $7.6 million in restructuring charges, including
accelerated depreciation ($6.5 million) and lease obligation losses ($1.1 million), related to office space managed by Kaplan
corporate. In addition to lower restructuring costs, Kaplan corporate expenses also declined due to the benefits from restructuring
activities, as well as 2015 spending for the replacement of its human resources system.
In the first quarter of 2016, Kaplan sold Colloquy, which was a part of Kaplan corporate and other, for a gain of $18.9 million
that is included in other non-operating income.
Television Broadcasting
Revenue at the television broadcasting division increased 10% to $92.0 million in the first quarter of 2016, from $83.6 million
in the same period of 2015; operating income for the first quarter of 2016 increased 7% to $41.2 million, from $38.6 million in the
same period of 2015. The revenue increase is due primarily to $4.8 million in increased retransmission revenues and a $2.8 million
increase in political advertising revenue. The increase in operating income is due to the revenue increase, offset by higher
spending on digital initiatives and increased network fees.
Other Businesses
Other businesses is comprised of three manufacturing businesses, including Dekko, a manufacturer of electrical workspace
solutions, architectural lighting, and electrical components and assemblies acquired in November 2015; and providers of home health
and hospice services. Other businesses also include SocialCode, a provider of marketing solutions on social-media platforms; Slate
and Foreign Policy, which publish online and print magazines and websites; and certain other new ventures.
The increase in revenues for the first quarter of 2016 is mostly due to the Dekko acquisition. In the first quarter of 2016,
positive operating results from the healthcare and manufacturing businesses were offset by intangibles amortization and losses from
publishing, SocialCode and new ventures.
Supplementary information regarding manufacturing results is as follows:
|
|
|
|
|
Three Months Ended |
|
|
March 31 |
(in thousands) |
|
2016 |
Operating revenues |
|
$ |
56,675 |
Operating expenses |
|
50,848 |
Depreciation |
|
1,873 |
Amortization of intangible assets |
|
2,817 |
Operating income |
|
$ |
1,137 |
|
|
|
|
Corporate Office
Corporate office includes the expenses of the Company’s corporate office, the pension credit for the Company’s traditional
defined benefit plan and certain continuing obligations related to prior business dispositions. The total pension credit for the
Company’s traditional defined benefit plan was $16.0 million and $17.1 million in the first three months of 2016 and 2015,
respectively.
Without the pension credit, corporate office expenses declined in the first quarter of 2016 due primarily to lower compensation
costs.
Equity in Earnings (Losses) of Affiliates
At March 31, 2016, the Company held interests in a number of home health and hospice joint ventures, and interests in
several other affiliates. The Company recorded equity in earnings of affiliates of $1.0 million for the first quarter of 2016,
compared to losses of $0.4 million for the first quarter of 2015.
Other Non-Operating Income (Expense)
The Company recorded total other non-operating income, net, of $15.1 million for the first quarter of 2016, compared to a loss
of $1.1 million for the first quarter of 2015. The 2016 amounts included an $18.9 million gain on the sale of a business and a $1.8
million gain on the sale of marketable equity securities, offset by $5.4 million in unrealized foreign currency losses and other
items. The 2015 amounts included $6.8 million in unrealized foreign currency losses and other items, offset by a $6.0 million gain
on the Celtic joint venture transaction.
Net Interest Expense and Related Balances
The Company incurred net interest expense of $7.4 million for the first quarter of 2016, compared to $7.9 million for the same
period of 2015. At March 31, 2016, the Company had $399.9 million in borrowings outstanding at an average interest rate of
7.2% and cash, marketable equity securities and other investments of $949.4 million.
Provision for Income Taxes
The Company's effective tax rate for the first three months of 2016 was 37.0%.
Discontinued Operations
On July 1, 2015, the Company completed the spin-off of Cable ONE as an independent, publicly traded company.
In the third quarter of 2014, Kaplan completed the sale of three of its schools in China that were previously part of Kaplan
International. An additional school was sold by Kaplan in January 2015.
As a result of these transactions, income from continuing operations excludes the operating results and related loss, if any, on
dispositions of these businesses, which have been reclassified to discontinued operations, net of tax, in 2015.
Earnings (Loss) Per Share
The calculation of diluted earnings (loss) per share for the first quarter of 2016 was based on 5,651,655 weighted average
shares outstanding, compared to 5,790,768 for the first quarter of 2015. At March 31, 2016, there were 5,634,613 shares
outstanding. On May 14, 2015, the Board of Directors authorized the Company to acquire up to 500,000 shares of its Class B common
stock; the Company has remaining authorization for 284,008 shares as of March 31, 2016.
Forward-Looking Statements
This press release contains certain forward-looking statements that are based largely on the Company’s current expectations.
Forward-looking statements are subject to certain risks and uncertainties that could cause actual results and achievements to
differ materially from those expressed in the forward-looking statements. For more information about these forward-looking
statements and related risks, please refer to the section titled “Forward-Looking Statements” in Part I of the Company’s Annual
Report on Form 10-K.
|
GRAHAM HOLDINGS COMPANY |
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(Unaudited) |
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
March 31 |
|
% |
(in thousands, except per share amounts) |
|
2016 |
|
2015 |
|
Change |
Operating revenues |
|
$ |
601,740 |
|
|
$ |
647,425 |
|
|
(7 |
) |
Operating expenses |
|
526,845 |
|
|
611,628 |
|
|
(14 |
) |
Depreciation of property, plant and equipment |
|
16,761 |
|
|
22,197 |
|
|
(24 |
) |
Amortization of intangible assets |
|
6,262 |
|
|
4,738 |
|
|
32 |
|
Operating income |
|
51,872 |
|
|
8,862 |
|
|
— |
|
Equity in earnings (losses) of affiliates, net |
|
1,004 |
|
|
(404 |
) |
|
— |
|
Interest income |
|
591 |
|
|
559 |
|
|
6 |
|
Interest expense |
|
(7,948 |
) |
|
(8,501 |
) |
|
(7 |
) |
Other income (expense), net |
|
15,096 |
|
|
(1,105 |
) |
|
— |
|
Income (loss) from continuing operations before income taxes |
|
60,615 |
|
|
(589 |
) |
|
— |
|
Provision for income taxes |
|
22,400 |
|
|
900 |
|
|
— |
|
Income (loss) from continuing operations |
|
38,215 |
|
|
(1,489 |
) |
|
— |
|
Income from discontinued operations, net of tax |
|
— |
|
|
23,289 |
|
|
— |
|
Net income |
|
38,215 |
|
|
21,800 |
|
|
75 |
|
Net income attributable to noncontrolling interests |
|
(435 |
) |
|
(774 |
) |
|
(44 |
) |
Net income attributable to Graham Holdings Company |
|
37,780 |
|
|
21,026 |
|
|
80 |
|
Redeemable preferred stock dividends |
|
— |
|
|
(420 |
) |
|
— |
|
Net Income Attributable to Graham Holdings Company Common
Stockholders |
|
$ |
37,780 |
|
|
$ |
20,606 |
|
|
83 |
|
Amounts Attributable to Graham Holdings Company Common Stockholders |
|
|
|
|
|
|
Income (loss) from continuing operations |
|
$ |
37,780 |
|
|
$ |
(2,683 |
) |
|
— |
|
Income from discontinued operations, net of tax |
|
— |
|
|
23,289 |
|
|
— |
|
Net income |
|
$ |
37,780 |
|
|
$ |
20,606 |
|
|
83 |
|
Per Share Information Attributable to Graham Holdings Company Common
Stockholders |
|
|
|
|
|
|
Basic income (loss) per common share from continuing operations |
|
$ |
6.63 |
|
|
$ |
(0.58 |
) |
|
— |
|
Basic income per common share from discontinued operations |
|
— |
|
|
4.09 |
|
|
— |
|
Basic net income per common share |
|
$ |
6.63 |
|
|
$ |
3.51 |
|
|
89 |
|
Basic average number of common shares outstanding |
|
5,623 |
|
|
5,704 |
|
|
|
Diluted income (loss) per common share from continuing operations |
|
$ |
6.59 |
|
|
$ |
(0.58 |
) |
|
— |
|
Diluted income per common share from discontinued operations |
|
— |
|
|
4.06 |
|
|
— |
|
Diluted net income per common share |
|
$ |
6.59 |
|
|
$ |
3.48 |
|
|
89 |
|
Diluted average number of common shares outstanding |
|
5,652 |
|
|
5,791 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GRAHAM HOLDINGS COMPANY |
BUSINESS SEGMENT INFORMATION
|
(Unaudited) |
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
March 31 |
|
% |
(in thousands) |
|
2016 |
|
2015 |
|
Change |
Operating Revenues |
|
|
|
|
|
|
Education |
|
$ |
401,076 |
|
|
$ |
500,602 |
|
|
(20 |
) |
Television broadcasting |
|
92,018 |
|
|
83,564 |
|
|
10 |
|
Other businesses |
|
108,716 |
|
|
63,259 |
|
|
72 |
|
Corporate office |
|
— |
|
|
— |
|
|
— |
|
Intersegment elimination |
|
(70 |
) |
|
— |
|
|
— |
|
|
|
$ |
601,740 |
|
|
$ |
647,425 |
|
|
(7 |
) |
Operating Expenses |
|
|
|
|
|
|
Education |
|
$ |
386,588 |
|
|
$ |
523,451 |
|
|
(26 |
) |
Television broadcasting |
|
50,798 |
|
|
45,002 |
|
|
13 |
|
Other businesses |
|
114,446 |
|
|
68,421 |
|
|
67 |
|
Corporate office |
|
(1,894 |
) |
|
1,689 |
|
|
— |
|
Intersegment elimination |
|
(70 |
) |
|
— |
|
|
— |
|
|
|
$ |
549,868 |
|
|
$ |
638,563 |
|
|
(14 |
) |
Operating Income (Loss) |
|
|
|
|
|
|
Education |
|
$ |
14,488 |
|
|
$ |
(22,849 |
) |
|
— |
|
Television broadcasting |
|
41,220 |
|
|
38,562 |
|
|
7 |
|
Other businesses |
|
(5,730 |
) |
|
(5,162 |
) |
|
(11 |
) |
Corporate office |
|
1,894 |
|
|
(1,689 |
) |
|
— |
|
|
|
$ |
51,872 |
|
|
$ |
8,862 |
|
|
— |
|
Depreciation |
|
|
|
|
|
|
Education |
|
$ |
11,103 |
|
|
$ |
18,528 |
|
|
(40 |
) |
Television broadcasting |
|
2,377 |
|
|
2,109 |
|
|
13 |
|
Other businesses |
|
3,027 |
|
|
1,302 |
|
|
— |
|
Corporate office |
|
254 |
|
|
258 |
|
|
(2 |
) |
|
|
$ |
16,761 |
|
|
$ |
22,197 |
|
|
(24 |
) |
Amortization of Intangible Assets |
|
|
|
|
|
|
Education |
|
$ |
1,681 |
|
|
$ |
1,507 |
|
|
12 |
|
Television broadcasting |
|
63 |
|
|
63 |
|
|
— |
|
Other businesses |
|
4,518 |
|
|
3,168 |
|
|
43 |
|
Corporate office |
|
— |
|
|
— |
|
|
— |
|
|
|
$ |
6,262 |
|
|
$ |
4,738 |
|
|
32 |
|
Pension Expense (Credit) |
|
|
|
|
|
|
Education |
|
$ |
3,109 |
|
|
$ |
3,947 |
|
|
(21 |
) |
Television broadcasting |
|
439 |
|
|
391 |
|
|
12 |
|
Other businesses |
|
254 |
|
|
193 |
|
|
32 |
|
Corporate office |
|
(15,861 |
) |
|
(16,938 |
) |
|
(6 |
) |
|
|
$ |
(12,059 |
) |
|
$ |
(12,407 |
) |
|
(3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
GRAHAM HOLDINGS COMPANY |
EDUCATION DIVISION INFORMATION
|
(Unaudited) |
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
March 31 |
|
% |
(in thousands) |
|
2016 |
|
2015 |
|
Change |
Operating Revenues |
|
|
|
|
|
|
Higher education |
|
$ |
165,549 |
|
|
$ |
237,568 |
|
|
(30 |
) |
Test preparation |
|
66,462 |
|
|
69,226 |
|
|
(4 |
) |
Kaplan international |
|
169,287 |
|
|
192,081 |
|
|
(12 |
) |
Kaplan corporate and other |
|
125 |
|
|
1,859 |
|
|
(93 |
) |
Intersegment elimination |
|
(347 |
) |
|
(132 |
) |
|
— |
|
|
|
$ |
401,076 |
|
|
$ |
500,602 |
|
|
(20 |
) |
Operating Expenses |
|
|
|
|
|
|
Higher education |
|
$ |
144,243 |
|
|
$ |
236,975 |
|
|
(39 |
) |
Test preparation |
|
68,772 |
|
|
73,560 |
|
|
(7 |
) |
Kaplan international |
|
164,390 |
|
|
184,364 |
|
|
(11 |
) |
Kaplan corporate and other |
|
7,849 |
|
|
27,209 |
|
|
(71 |
) |
Amortization of intangible assets |
|
1,681 |
|
|
1,507 |
|
|
12 |
|
Intersegment elimination |
|
(347 |
) |
|
(164 |
) |
|
— |
|
|
|
$ |
386,588 |
|
|
$ |
523,451 |
|
|
(26 |
) |
Operating Income (Loss) |
|
|
|
|
|
|
Higher education |
|
$ |
21,306 |
|
|
$ |
593 |
|
|
— |
|
Test preparation |
|
(2,310 |
) |
|
(4,334 |
) |
|
47 |
|
Kaplan international |
|
4,897 |
|
|
7,717 |
|
|
(37 |
) |
Kaplan corporate and other |
|
(7,724 |
) |
|
(25,350 |
) |
|
70 |
|
Amortization of intangible assets |
|
(1,681 |
) |
|
(1,507 |
) |
|
(12 |
) |
Intersegment elimination |
|
— |
|
|
32 |
|
|
— |
|
|
|
$ |
14,488 |
|
|
$ |
(22,849 |
) |
|
— |
|
Depreciation |
|
|
|
|
|
|
Higher education |
|
$ |
4,175 |
|
|
$ |
4,828 |
|
|
(14 |
) |
Test preparation |
|
1,781 |
|
|
2,890 |
|
|
(38 |
) |
Kaplan international |
|
5,060 |
|
|
4,654 |
|
|
9 |
|
Kaplan corporate and other |
|
87 |
|
|
6,156 |
|
|
(99 |
) |
|
|
$ |
11,103 |
|
|
$ |
18,528 |
|
|
(40 |
) |
Pension Expense |
|
|
|
|
|
|
Higher education |
|
$ |
1,905 |
|
|
$ |
2,532 |
|
|
(25 |
) |
Test preparation |
|
768 |
|
|
775 |
|
|
(1 |
) |
Kaplan international |
|
67 |
|
|
106 |
|
|
(37 |
) |
Kaplan corporate and other |
|
369 |
|
|
534 |
|
|
(31 |
) |
|
|
$ |
3,109 |
|
|
$ |
3,947 |
|
|
(21 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP FINANCIAL INFORMATION |
GRAHAM HOLDINGS COMPANY |
(Unaudited) |
In addition to the results reported in accordance with accounting principles generally accepted in the United States (GAAP)
included in this press release, the Company has provided information regarding income from continuing operations, excluding certain
items described below, reconciled to the most directly comparable GAAP measures. Management believes that these non-GAAP measures,
when read in conjunction with the Company’s GAAP financials, provide useful information to investors by offering:
- the ability to make meaningful period-to-period comparisons of the Company’s ongoing results;
- the ability to identify trends in the Company’s underlying business; and
- a better understanding of how management plans and measures the Company’s underlying business.
Income from continuing operations, excluding certain items, should not be considered substitutes or alternatives to computations
calculated in accordance with and required by GAAP. These non-GAAP financial measures should be read only in conjunction with
financial information presented on a GAAP basis.
The following table reconciles the non-GAAP financial measures to the most directly comparable GAAP measures:
|
|
|
|
|
Three Months Ended |
|
|
March 31 |
(in thousands, except per share amounts) |
|
2016 |
|
2015 |
Amounts attributable to Graham Holdings Company Common Stockholders |
|
|
|
|
Income (loss) from continuing operations, as reported |
|
$ |
37,780 |
|
|
$ |
(2,683 |
) |
Adjustments: |
|
|
|
|
Restructuring charges |
|
— |
|
|
6,841 |
|
Gain from the sale of a business and the formation of a joint venture |
|
(11,927 |
) |
|
(3,643 |
) |
Gain on the sale of marketable equity securities |
|
(1,105 |
) |
|
— |
|
Foreign currency loss |
|
3,429 |
|
|
4,370 |
|
Income from continuing operations, adjusted (non-GAAP) |
|
$ |
28,177 |
|
|
$ |
4,885 |
|
|
|
|
|
|
Per share information attributable to Graham Holdings Company Common
Stockholders |
|
|
|
|
Diluted income (loss) per common share from continuing operations, as
reported |
|
$ |
6.59 |
|
|
$ |
(0.58 |
) |
Adjustments: |
|
|
|
|
Restructuring charges |
|
— |
|
|
1.17 |
|
Gain from the sale of a business and the formation of a joint venture |
|
(2.08 |
) |
|
(0.50 |
) |
Gain on the sale of marketable equity securities |
|
(0.19 |
) |
|
— |
|
Foreign currency loss |
|
0.60 |
|
|
0.75 |
|
Diluted income per common share from continuing operations, adjusted
(non-GAAP) |
|
$ |
4.92 |
|
|
$ |
0.84 |
|
|
|
|
|
|
The adjusted diluted per share amounts may not compute due to
rounding. |
Graham Holdings Company
Hal S. Jones, 703-345-6370
View source version on businesswire.com: http://www.businesswire.com/news/home/20160504006039/en/