Market Punishes Washington Post (Update)

Washington Post reports powerless profit on plunging advertisement deals, sending its stock lower. Refreshed from 11:03 a.m. EDT. No quarter has been offered the wavering paper business of late, and first-quarter results from the Washington Post (WPO) given no sign that it will be given any time soon, as the organization neglected to meet Wall Street focuses by a wide edge. Broadened MEMORIAL DAY SALE! Get continuous exchange alarms each time Jim Cramer purchases and sells. Join for under $17/month. Offer terminates June fourth! The news sent Washington Post stock strongly lower Friday. It shut down at 365.88, down 52.71, or 13%. The organization, whose properties additionally incorporate Newsweek what's more, Kaplan, the instructive administrations outfit, said it lost $19.2 million, or $2.04 per share, in the quarter. A year prior, it posted a benefit of $38.8 million, or $4.08 per share. Those outcomes incorporate a $13.4 million record in the worth of the Washington Post paper itself, just as $6.6 million to pay for the withdrawals from the workforce of representatives at Newsweek . The organization likewise took a $16.9 million charge for rebuilding at Kaplan. The organization said that, on an EPS premise, those things added up to $2.45. Sponsorship that number out of its primary concern, the organization was operating at a profit dark, with changed income of 41 pennies an offer in the quarter. All things considered, that is an awful miss of Wall Street gauges. Experts as surveyed by Thomson Reuters were searching for a first-quarter benefit of $3.48. In a pre-market public statement, the organization said first-quarter income fell 1% to $1.05 billion from $1.06 billion. For the disillusioning outcomes, the organization refered to the at this point recognizable media-organization troubles: declining advertisement deals across its print and TV organizations. Paper income alone tumbled 22% from the year-prior quarter, while print publicizing at the Post fell 33%. The organization said it will probably record the worth of the paper by another $18.5 million throughout the span of the year as it closes print machines and solidifies different tasks. The organization's solitary brilliant spot was Kaplan, where income became 9% to $593.5 million from $543 million every year prior. Other paper stocks were feeling the squeeze too. E.W. Scripps (SSP) - Get Report was off 6.6%, and Diary Communications (JRN) was down 7.7%. The New York Times (NYT) - Get Report , then, had slipped just 1%. Copyright 2009 TheStreet.com Inc. Protected by copyright law. This material may not be distributed, communicated, changed, or reallocated. AP added to this report. Unique REPORT: Download Jim Cramer's 25 Rules for Investing Whitepaper and turn into a more intelligent financial backer. TAGSMEDIASTOCKSEARNINGSINVESTING BY SCOTT EDEN