By: Staff Reports
Company Meets Third Quarter Expectations
Dow Jones & Co. earned 55 cents per share before special items in the third quarter, a 10% gain. Results were driven by revenue gains in print and electronic publishing.
Analysts polled by First Call Corp. called for 54 cents EPS.
Including a non-cash charge of $82.3 million due to a write-down of Dow Jones’ non-core investment in Bridge Information Systems Inc., the company recorded a loss of $33.9 million for the quarter, or 39 cents per share. Dow Jones acquired Bridge stock in connection when it sold its Telerate subsidiary to Bridge in 1998.
Overall revenue grew 7% to $529.4 million, with print publishing revenue up 6% to $327.6 million and electronic publishing revenue up 10% to $82.2 million.
Print revenue, which faced tough comparisons with the robust year-ago quarter, was driven by growth at The Wall Street Journal’s international editions on top of modest gains in the U.S. Linage at the Journal rose 6.1% in the quarter and 10.4% in September on a per-issue basis.
Operating income in print publishing declined 11% to $54.8 million, due largely to a 29% increase in newsprint expense and increased marketing at the Journal.
3rd Quarter Earnings Reports:
ACQUISITION EXPENSES TEMPER EARNINGS AT GANNETT (10/11/00)
BROADCAST UNITS DRIVE EARNINGS AT SCRIPPS (10/10/00)
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