DOW JONES QUARTERLY REVENUE DOWN 13.9%

WSJ Ad Lineage Dropped 23.5% in First Half

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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

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$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.

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