The Washington Post Company Announces Completion of Early Retirement Program

Business Wire, Jan 4, 2001

Business Editors

WASHINGTON--(BUSINESS WIRE)--Jan. 4, 2001

The Washington Post Company (NYSE: WPO) will recognize a non-recurring after-tax charge of $16.5 million ($1.74 diluted earnings per share) in its fourth quarter earnings resulting from an early retirement program completed by The Washington Post newspaper on December 31, 2000.

Under the program, 114 printing/compositor employees accepted an offer to retire early. Washington Post management estimates that the company's future cash payroll and benefits expense will be reduced by more than $4 million annually, on a pre-tax basis, as a result of the early retirement program.

The retirement benefits required under the early retirement program will be paid primarily from the assets of a pension plan previously established by the company for these employees.