(AP) Dow Jones & Co. recorded a one-time tax benefit of $30 million for its fourth quarter, raising its reported net earnings from 3 cents a share to 38 cents a share, the company reported Monday.
Dow Jones, which publishes The Wall Street Journal, Dow Jones Newswires, and numerous stock market indicators, disclosed in its annual report that it planned to use $117 million of its capital loss carryforwards.
Carryforwards are an accounting tool used to offset the tax liability of future gains by applying previously incurred losses against them. Dow Jones has said it intends to sell four of the dailies in its Ottaway newspaper group, which would result in a gain of $118 million.
The application of the carryforwards does not affect the company’s operating results, which Dow Jones reported on Jan. 24. Excluding one-time items such as the tax benefit, earnings were unchanged from the previously announced 34 cents per share for the fourth quarter, compared with 83 cents per share in the same period a year ago.
Including the tax benefit, Dow Jones’ final net earnings for the fourth quarter were $32.1 million or 38 cents a share, compared with the initial figure of $2.1 million or 3 cents per share reported in January. Full-year net earnings were $98.2 million or $1.14 per share.