The Washington Post Company reported a 22 percent drop in earnings for the fourth quarter of 2011, from $79 million to $61.7 million, on a 10 percent decrease in revenues, from $1182 million to $1063.4 million.

Even Kaplan Inc, which is wholly owned by the Post Company, was less profitable than in the past, due to lower enrollment and recent regulations that have affected how Kaplan receives funding.

The publishing division, which we care most about here at MJD, saw revenue fall 4 percent in the fourth quarter, from $118.4 million to $181 million. The Washington Post itself saw a 6 percent drop in ad revenue, a lower amount of cash generated by its online properties, and a decline in circulation.

In the fourth quarter, the paper reported a profit of $7.4 million, but over the year, the division is reporting a loss of $18 million.