NEW YORK (AdAge.com) -- Dow Jones & Co. posted a 13.9% drop in revenue for the second quarter, and net income dropped 53% due to continued advertising weakness at its business publications, particularly at its flagship publication, The Wall Street Journal.
Revenue dropped to
$417 million from $484.1 million in the second quarter of 2001, while reported net income rose to $54 million from $43.3 million. But factoring out special items -- including gains on the sale of local newspapers -- net income dropped 53% to $21.4 million from $45.5 million.
Print-publishing revenue dropped 16.5% in the second quarter to $261.3 million, as lower ad revenue at the Journal offset a slight 1% gain at the Ottaway community newspapers group.
Advertising lineage at the Journal fell 20.8% for the quarter and 23.5% for the first half. Management said the Journal's lineage is expected to improve modestly in the third quarter to a drop of 8% to 12% over 2001.