Washington Post records first red ink

Washington -- The publisher of The Washington Post says the media company will "weather the storm" after posting its first-ever operating loss as a public company.

Katharine Weymouth, Post publisher and chief executive of Washington Post Media, says the company will rebound in the wake of second-quarter results released Friday indicating the company lost $2.7 million for the quarter, the Post reported.

"We're troubled by the results of the last six months, but as our shareholders know, we are focused on the long-term," Weymouth said. "To that end, we've already made significant cuts in our expenses through a voluntary buyout and the closure of one of our printing plants.

"We will weather this storm and get back to the profitable business our shareholders expect," she said.

Even though revenues rose 6 percent in the quarter it wasn't enough to offset $87.4 million in costs from early-retirement buyout packages offered to employees across the company as a way to reduce payroll costs.

Copyright 2008 by United Press International.