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SEC Filings

10-K
GRAHAM HOLDINGS CO filed this Form 10-K on 02/23/2018
Entire Document
 


21.
SUMMARY OF QUARTERLY OPERATING RESULTS AND COMPREHENSIVE INCOME (UNAUDITED)
Quarterly results of operations and comprehensive income for the year ended December 31, 2017, is as follows:
(in thousands, except per share amounts)
First
Quarter
 
Second Quarter
 
Third
Quarter
 
Fourth
Quarter
Operating Revenues
 
 
 
 
 
 
 
Education
$
372,975

 
$
386,698

 
$
377,033

 
$
380,953

Advertising
69,221

 
77,437

 
74,198

 
84,517

Other
140,521

 
211,952

 
205,994

 
210,347

 
582,717

 
676,087

 
657,225

 
675,817

Operating Costs and Expenses
 
 
 
 
 
 
 
Operating
300,666

 
358,252

 
352,635

 
348,289

Selling, general and administrative
231,509

 
213,848

 
232,782

 
231,453

Depreciation of property, plant and equipment
14,652

 
15,871

 
16,002

 
15,984

Amortization of intangible assets
6,836

 
10,531

 
10,923

 
12,897

Impairment of goodwill and other long-lived assets

 
9,224

 
312

 
78

 
553,663

 
607,726

 
612,654

 
608,701

Income from Operations
29,054

 
68,361

 
44,571

 
67,116

Equity in earnings (losses) of affiliates, net
649

 
1,331

 
(532
)
 
(4,697
)
Interest income
1,363

 
1,173

 
861

 
3,184

Interest expense
(8,129
)
 
(9,035
)
 
(8,619
)
 
(8,103
)
Other income (expense), net
849

 
4,069

 
1,963

 
(2,640
)
Income Before Income Taxes
23,786

 
65,899

 
38,244

 
54,860

Provision for (Benefit from) Income Taxes
2,700

 
23,900

 
13,400

 
(159,700
)
Net Income
21,086

 
41,999

 
24,844

 
214,560

Net Income Attributable to Noncontrolling Interests

 
(3
)
 
(60
)
 
(382
)
Net Income Attributable to Graham Holdings Company Common Stockholders
$
21,086

 
$
41,996

 
$
24,784

 
$
214,178

 
 
 
 
 
 
 
 
Per Share Information Attributable to Graham Holdings Company Common Stockholders
 
 
 
 
 
 
 
Basic net income per common share
$
3.77

 
$
7.51

 
$
4.45

 
$
38.76

Basic average number of common shares outstanding
5,535

 
5,539

 
5,518

 
5,473

Diluted net income per common share
$
3.75

 
$
7.46

 
$
4.42

 
$
38.52

Diluted average number of common shares outstanding
5,569

 
5,577

 
5,554

 
5,509

Quarterly comprehensive income
$
39,368

 
$
59,135

 
$
64,029

 
$
367,648

The sum of the four quarters may not necessarily be equal to the annual amounts reported in the Consolidated Statements of Operations due to rounding. Certain amounts were reclassified from other revenue to advertising revenue (see Note 2).
In the fourth quarter of 2017, an unfavorable $2.8 million net out of period expense adjustment was included that related to prior periods from the third quarter of 2016 through the third quarter of 2017. With respect to this error, the Company has concluded that it was not material to the Company’s financial position or results of operations for 2017 and 2016 and related interim periods, based on its consideration of quantitative and qualitative factors.


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