Earnings before special items fell 52.2% to $6.8 million, and revenues were down 14.6% to $392.9 million. Ad linage at the Journal fell 26.2% for the first quarter, and CEO Peter Kann said linage drops of between 10% and 20% were expected for the second quarter. Mr. Kann said April linage appeared down around 15%.
The company's second-quarter
The company also announced it would sell three Massachusetts dailies in its Ottaway community newspaper segment to Eagle-Tribune Publishing Co. for about $70 million in cash.
Down Jones shares fell today to $57.98, down $1.96 at close of market.
The company on Tuesday unveiled its new-look Journal, including a new, service-oriented section called "Personal Journal."
Mr. Zannino said the company would spend around $20 million to market the revamped flagship.