Dow Jones Announces First-Quarter Earnings.

NEW YORK, N.Y.--(BUSINESS WIRE)--April 8, 1996--Dow Jones & Company Inc. announced earnings for the quarter ended March 31, 1996, of $37,625,000, or 39 cents a share, a decrease of 19% from the $46,431,000, or 48 cents a share, earned in the first quarter of 1995.

Last year's first quarter included a one-time net gain of one cent a share, resulting from a six-cents-a-share gain from the sale of 80% of SportsTicker, a sports information service, and a five-cents-a-share charge for the write-down of an operating lease.

Consolidated operating income fell 7.3% in the first quarter to $68,952,000. Excluding the lease write-down in 1995, first-quarter operating income declined 16.7%. Revenue rose 7.2%, to $584,834,000.

"While first-quarter net income was below last year's level, we expect earnings comparisons to improve as the year goes on despite continued significant spending on television, electronic information services and other businesses to enhance competitiveness and earnings in future years," said Peter R. Kann, chairman and chief executive.

Operating income at Dow Jones' financial information services segment, which includes the company's Dow Jones Telerate and Financial News Services groups, fell 6.2%, to $46,111,000. Revenue increased 3.7%, to $241,752,000.

The business publishing segment, which includes the company's print publications, television operations and Business Information Services group, posted operating income of $24,334,000, a decrease of 3.7%. Excluding the write-down of an operating lease in the first quarter of 1995, operating income declined 27.8%. The segment's revenue increased 10.2%, to $278,547,000. Advertising linage at The Wall Street Journal decreased 2% in the first quarter.

Operating income at Ottaway Newspapers, Dow Jones' community newspaper subsidiary, declined 20.1%, to $3,797,000, while revenue rose 8.5%, to $64,535,000. Advertising linage at Ottaway's 19 daily newspapers rose 0.5%.

Dow Jones publishes The Wall Street Journal and its international editions, Barron's magazine and other periodicals, electronic business information services and the Ottaway group of community newspapers.

Electronic information services include Dow Jones Telerate, a provider of real-time financial information to the international business community; Dow Jones News Service and other business newswires; and Business Information Services, which provides business information to corporations and consumers by computer, telephone, facsimile and radio. Dow Jones also produces business television programming internationally and video news delivered to desktop computers.

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                       Dow Jones & Company Inc.
                    Consolidated Income Statements
            For the Quarters ended March 31, 1996 and 1995
             (in thousands, except per share amounts)

                                                          Percentage
                                                           Increase
                                     1996        1995     (Decrease)
Revenues:
Information services             $  278,359   $263,047        5.8%
Advertising                         193,479    182,121        6.2
Circulation and other               112,996    100,190       12.8

 Total revenues                     584,834     545,358       7.2

Expenses:
News, operations and development    194,722    172,484       12.9
Selling, administrative and general 195,923    188,109        4.2
Newsprint                            44,904     33,329       34.7
Second class postage
 and carrier delivery                26,626     25,610        4.0
Depreciation and amortization        53,707     51,470        4.3

 Operating expenses                 515,882     471,002       9.5

 Operating income                    68,952      74,356      (7.3)

Other income (Deductions):
Investment income                     1,087      1,230      (11.6)
Interest expense                     (3,744)    (4,635)     (19.2)
Equity in earnings of
 associated companies                 1,666      1,408       18.3
Other, net                              253     12,910      (98.0)

Income before income taxes           68,214     85,269      (20.0)
Income taxes                         32,346     40,022      (19.2)

Income before minority interests     35,868     45,247      (20.7)
Minority interests in losses          1,757      1,184       48.4

Net income                         $ 37,625   $ 46,431      (19.0)

Net income per share                  $0.39      $0.48      (18.8)

Average shares outstanding           97,435     96,672

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                       Dow Jones & Company Inc.
                         Segment Highlights
                           (in thousands)

Quarters Ended March 31:                                Percentage
                            1996            1995         Increase
                                                        (Decrease)

Revenues:
 Financial information
  services                 $241,752       $233,135        3.7%
 Business publishing        278,547        252,733       10.2
 Community newspapers        64,535         59,490        8.5

Operating income:

 Financial information
  services                 $ 46,111       $ 49,141       (6.2)%
 Business publishing         24,334         25,273       (3.7)
 Community newspapers         3,797          4,753      (20.1)

CONTACT: Dow Jones & Company Inc., New York

Roger May, 212/416-2601

or Jan Abernathy, 212/416-2608