WaPo Earnings Drop By Half

The Washington PostThe Washington Post Company reported net income of $45.6 million for the second quarter of 2011, down from $91.9 million a year prior.

Revenue was $1,073.0 million, down 10% from Q2 2010’s $1,197.4 million.

Kaplan Higher Education, the test-prep company owned by the Post which provides the bulk of the company’s revenue, didn’t do too well this quarter either, with Kaplan revenue down 15 percent. In fact, on purely percentages, the Post’s publishing division’s revenue declined less–just 6 percent. But the division reported a loss of $2.9 million, despite being able to reduce expenses by 11 percent or $22 million (the company as a whole reduced its expenses by 4 percent, or $39 million).

But that’s about it for the good news.

Print ad revenue at the Post fell 12 percent, online fell 13 percent, and circulation was down more than 4 percent over the past six months.

The Post hasn’t had a major round of layoffs or buyouts in recent history, and Kaplan is still bringing in money—for now—but things could be getting shaky over at D.C.’s paper of record.