Dow Jones posts lower earnings

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South Brunswick, N.J.--Dow Jones & Co. announced that it earned $35.1 million, or 25 cents per share, for the second quarter, before special items, a decline of 51.9% from the same period last year. Revenue declined 13.9% to $417.0 million.

Special items in the second quarter netted a gain of $32.6 million, or 39 cents per share, and included gains from the sale of Dow Jones' Essex County community newspaper properties.

Advertising linage at the company's flagship publication, The Wall Street Journal, fell 20.8% on a per-issue basis in the second quarter. Dow Jones estimated that advertising linage at The Wall Street Journal would be down 8% to 12% in the third quarter.

Dow Jones' electronic publishing revenues decreased 2.1% in the second quarter to $78.6 million, because of decreases in advertising revenue.

Paid subscribers to The Wall Street Journal Online continued to grow, reaching 646,000 as of June 30.

--Sean Callahan

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