Dow Jones Announces Second Quarter Earnings.NEW YORK--(BUSINESS WIRE)--July 9, 1996--Dow Jones & Company, Inc. announced earnings for the quarter ended June June: see month. 30, 1996, of $52,025,000, or 54 cents a share, an increase of 5.5% from the $49,318,000, or 51 cents a share, earned in the second quarter of 1995. For the six months ended June 30, 1996, earnings of $89,650,000, or 92 cents a share, decreased 6.4% from the $95,749,000, or 99 cents a share, earned in the year-earlier period. Earnings for the first half of 1995 included a one-cent-a-share net gain from the sale of 80% of a subsidiary and the write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of an operating lease Operating Lease A lease contract that allows the use of an asset, but does not convey rights similar to ownership of the asset. Notes: An operating lease is not capitalized it is accounted for as a rental expense. . Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. grew 9.9% in the second quarter to $92,092,000. Revenue rose 9.3%, to $630,637,000. The business publishing segment, which includes the results of the company's print publications, television operations and Business Information Services See Information Systems. group, posted second-quarter operating income of $44,234,000, an increase of 51.3%, as revenue rose 17.7%, to $312,553,000. 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. at The Wall Street Journal rose 18.2%. Operating income at Dow (Direct OverWrite) See magneto-optic disk. Jones' financial information services segment, which includes the company's 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 Telerate and Financial News Services groups, was $40,275,000 in the second quarter, down 17.5% from a year earlier. Revenue increased 1.7%, to $244,226,000. In the second quarter, operating income at Ottaway Newspapers, Inc., Dow Jones' community newspaper subsidiary, grew 19.1%, to $12,924,000. Revenue increased 3.5%, to $73,858,000. Dow Jones publishes The Wall Street Journal and its international editions, Barron's magazine Barron's magazine is an American weekly newspaper covering U.S. financial information, market developments, and relevant statistics. Each issue provides a wrap-up of the previous week's market activity, news reports, and an outlook on the week to come. 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 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. financial information to the international business community; Dow Jones News Service and other business newswires; and Business Information Services, which publishes The Wall Street Journal Interactive Edition and 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. -0-
DOW JONES & COMPANY, INC.
Consolidated Income Statements
For the Quarters ended June 30, 1996 and 1995
(in thousands, except per share amounts)
Percentage
Increase
1996 1995 (Decrease)
REVENUES:
Information services $ 278,199 $273,317 1.8%
Advertising 238,315 198,295 20.2
Circulation and other 114,123 105,431 8.2
Total revenues 630,637 577,043 9.3 EXPENSES: News, operations and development 202,712 186,589 8.6 Selling, administrative and general 208,669 188,300 10.8 Newsprint 45,881 38,944 17.8 Second class postage and carrier delivery 27,343 25,787 6.0 Depreciation and amortization 53,940 53,598 0.6 Operating expenses 538,545 493,218 9.2 Operating income 92,092 83,825 9.9 OTHER INCOME (DEDUCTIONS): Investment income 1,012 1,330 (23.9) Interest expense (3,733) (4,717) (20.9) Equity in earnings of associated companies 3,094 3,783 (18.2) Other, net (1,413) 452 -- Income before income taxes 91,052 84,673 7.5 Income taxes 40,847 37,060 10.2 Income before minority interests 50,205 47,613 5.4 Minority interests in losses 1,820 1,705 6.7 NET INCOME $ 52,025 $ 49,318 5.5 NET INCOME PER SHARE $0.54 $0.51 5.9 Average shares outstanding 97,118 96,800
DOW JONES & COMPANY, INC.
Consolidated Income Statements
For the Six Months ended June 30, 1996 and 1995
(in thousands, except per share amounts)
Percentage
1996 1995 Increase
(Decrease)
REVENUES:
Information services $ 556,558 $ 536,364 3.8%
Advertising 431,794 380,416 13.5
Circulation and other 227,119 205,621 10.5
Total revenues 1,215,471 1,122,401 8.3 EXPENSES: News, operations and development 397,434 359,073 10.7 Selling, administrative and general 404,592 376,409 7.5 Newsprint 90,785 72,273 25.6 Second class postage and carrier delivery 53,969 51,397 5.0 Depreciation and amortization 107,647 105,068 2.5 Operating expenses 1,054,427 964,220 9.4 Operating income 161,044 158,181 1.8 OTHER INCOME (DEDUCTIONS): Investment income 2,099 2,560 (18.0) Interest expense (7,477) (9,352) (20.0) Equity in earnings of associated companies 4,760 5,191 (8.3) Other, net (1,160) 13,362 -- Income before income taxes 159,266 169,942 (6.3) Income taxes 73,193 77,082 (5.0) Income before minority interests 86,073 92,860 (7.3) Minority interests in losses 3,577 2,889 23.8 NET INCOME $ 89,650 $ 95,749 (6.4) NET INCOME PER SHARE $0.92 $0.99 (7.1) Average shares outstanding 97,238 96,736
DOW JONES & COMPANY, INC.
Segment Highlights
(in thousands)
Percentage
Quarters Ended June 30: 1996 1995 Increase
(Decrease)
Revenue: Financial information services $244,226 $240,199 1.7% Business publishing 312,553 265,474 17.7 Community newspapers 73,858 71,370 3.5 Operating income: Financial information services $ 40,275 $ 48,789 (17.5)% Business publishing 44,234 29,239 51.3 Community newspapers 12,924 10,851 19.1
Percentage
Six Months Ended June 30: 1996 1995 Increase
(Decrease)
Revenue:
Financial information
services $485,978 $473,334 2.7%
Business publishing 591,100 518,207 14.1
Community newspapers 138,393 130,860 5.8
Operating income: Financial information services $ 86,386 $ 97,930 (11.8)% Business publishing 68,568 54,512 25.8 Community newspapers 16,721 15,604 7.2 CONTACT: Dow Jones & Company, Inc., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Roger May, 212/416-2601 or Jan Abernathy Ab·er·nath·y , Ralph David 1926-1990. American civil rights leader who was a founder and president (1968-1977) of the Southern Christian Leadership Conference. , 212/416-2608 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion