Dow Jones & Company Reports August 2003 Advertising Volume.Business Editors NEW YORK--(BUSINESS WIRE)--Sept. 8, 2003 Dow Jones Dow Jones the best known of several U.S. indexes of movements in price on Wall Street. [Am. Hist.: Payton, 202] See : Finance & Company (NYSE NYSE See: New York Stock Exchange : DJ) today reported August advertising volumes for its leading print publications. Advertising linage lin·age also line·age n. 1. The number of lines of printed or written material. 2. Payment for written work at a specified amount per line. linage Noun 1. , or volume, at The Wall Street Journal's U.S. edition declined 10.0% (5.7% on a per issue basis), with year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. linage down 8.9% (8.4% on a per issue basis). In the general ad category at the Journal, linage increased 1.6% in August 2003 mainly because of increases in travel, professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. , healthcare and insurance advertising, partially offset by decreases in auto, apparel and office products advertising. In the Journal's technology category, linage was down 11.3% in August, as decreases in B2B e-commerce (Business to Business Electronic-COMMERCE) Refers to one business selling to another business via the Web. See e-commerce. , computer hardware and personal computer advertising were partially offset by an increase in computer software advertising. The Journal's financial category advertising declined 40.3% in August as a result of sharp declines in retail and tombstone Tombstone, city (1990 pop. 1,220), Cochise co., SE Ariz.; inc. 1881. With its pleasant climate and legendary past, Tombstone is a well-known tourist attraction. The city became a national historic landmark in 1962. advertising with basically flat wholesale advertising. Classified/Other linage in August was flat compared to the same month last year. At Barron's, national advertising pages decreased 5.4% per issue in August on weaker financial advertising, partially offset by increased technology advertising. Year-to-date linage at Barron's declined 19.9% on a per issue basis. The Wall Street Journal Europe's linage increased 9.6% per issue in August, with year-to-date total linage up 11.9%. Increases in financial and general advertising were partially offset by declines in technology advertising in the month of August. The Asian Wall Street Journal's linage increased 11.5% per issue in August and year-to-date total linage increased 3.5%. Increases in financial, general and technology advertising contributed to the positive results in the month of August. Business in both Europe and Asia is being driven by the Journal's global advertising rate program. Ottaway Newspapers' same property advertising linage was up 0.5% because of a modest increase in classified advertising, partially offset by softness in retail advertising. Year-to-date total linage at Ottaway Newspapers was down 0.8% on a same property basis. Commenting on August results, Rich Zannino, executive vice president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Dow Jones said; "The months of July and August are seasonally low periods for advertising, and as we expected, ad volume at the Journal during these months was relatively soft at 4.8% below last year's comparable period on a per issue basis. For the seasonally higher month of September, however, we're now experiencing a strong level of advertising reservations, and as such, we're maintaining our previous guidance for the third quarter of 2003 for Wall Street Journal total linage of flat to up slightly over last year." The Company also expects earnings per share before special items in the third quarter to be in the upper single digit A single character in a numbering system. In decimal, digits are 0 through 9. In binary, digits are 0 and 1. digit - An employee of Digital Equipment Corporation. See also VAX, VMS, PDP-10, TOPS-10, DEChead, double DECkers, field circus. cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. range, consistent with its previous guidance. Based on currently anticipated special items, third quarter 2003 reported EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. is estimated to be in the mid single digits cents per share range. The previously expected third quarter special gain of $0.14 related to the exchange of Wall Street Journal Europe and Handelsblatt interests is now anticipated to occur in the fourth quarter 2003. Dow Jones & Company (NYSE: DJ; dowjones.com) publishes The Wall Street Journal and its international and online editions, Barron's and the Far Eastern Economic Review, Dow Jones Newswires Dow Jones Newswires is the real-time financial news organization owned by Dow Jones. Founded in 1882, its primary competitors are Bloomberg L.P. and Reuters. The company reports more than 420,000 subscribers -- including brokers, traders, analysts and fund managers -- as of July , Dow Jones Indexes, and the Ottaway group of community newspapers. Dow Jones is co-owner with Reuters Group of Factiva, with Hearst of SmartMoney and with NBC NBC in full National Broadcasting Co. Major U.S. commercial broadcasting company. It was formed in 1926 by RCA Corp., General Electric Co. (GE), and Westinghouse and was the first U.S. company to operate a broadcast network. of CNBC CNBC Center for the Neural Basis of Cognition (artificial intelligence) CNBC Consumer News and Business Channel CNBC Congress of National Black Churches, Inc. television operations in Asia and Europe. Dow Jones also provides news content to CNBC and radio stations in the U.S. Information Relating To relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : This press release cites certain factors and circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or that have impacted the company's advertising results and contains certain forward-looking statements. The absence of these factors and circumstances does not guarantee an improvement in future advertising results, and certain risks and uncertainties could cause actual future results to continue to suffer or to differ materially from those anticipated, including the cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. nature of the company's business and the strong negative impact of economic downturns on advertising revenues; the severe weaknesses in the current technology and financial advertising markets; uncertainties about the extent and timing of any recovery in the economy; risks about the extent to which the company's advertising revenues will benefit from improvements in the economy; and such other risk factors as may be included from time to time in the company's reports filed with the Securities and Exchange Commission.
Reconciliation of Third Quarter Earnings Outlook
Quarters Ended September 30,
2003 Guidance 2002 Actual
Reported earnings per share mid single digits $.03
cents per share range*
Adjusted to remove:
Potential gain on exchange of
WSJ Europe and Handelsblatt
interests **
Contract guarantee (.03) (.03)
----- -----
EPS before special items upper single digits $.06
cents per share range
(*) Based on special items currently anticipated.
(**) The previously expected third quarter special gain of $0.14
related to the exchange of Wall Street Journal Europe and
Handelsblatt interests is now anticipated to occur in the
fourth quarter 2003.
Dow Jones & Company 2003 Advertising Linage Percentage
Increases (Decreases) from 2002
August Year-To-Date
Actual Per Actual Per
Issue Issue
------ ----- ------ -----
THE WALL STREET JOURNAL
General 1.6 (6.0)
Technology (11.3) (15.3)
Financial (40.3) (27.0)
Classified & Other 0.1 11.2
Total (10.0) (5.7) (8.9) (8.4)
THE WALL STREET JOURNAL EUROPE (1) 9.6 9.6 11.9 11.9
THE ASIAN WALL STREET JOURNAL (2) 6.4 11.5 2.9 3.5
OTTAWAY NEWSPAPERS, INC. (3)
(excludes preprints)
Daily 0.3 (1.3)
Non-Daily 1.2 2.1
Total 0.5 (0.8)
BARRON'S
Nat'l Advertising Pages (5.4) (5.4) (19.9) (19.9)
2003 2002 2003 2002
Number of Issues:
THE WALL STREET JOURNAL 21 22 169 170
THE WALL STREET JOURNAL EUROPE 21 21 167 167
THE ASIAN WALL STREET JOURNAL 21 22 169 170
BARRON'S 4 4 34 34
(1) Excludes barter advertising
(2) Excludes barter and regional advertising
(3) Excludes acquisitions and divestitures in the last 12 months
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