Dow Jones records $19.5 million tax benefit

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New York--Dow Jones & Co. announced Friday that it has recorded a special net tax benefit of $19.5 million for the third quarter of 2003.

After reporting its results Oct. 14, the company was notified that the Congressional Joint Committee on Taxation had approved $24 million in refund claims and $6.7 million in related interest income associated with its audited tax returns for the years 1995 through 1998.

Dow Jones also said it recorded provisions of $9.5 million in the third quarter for loss contingencies relating to recent developments in certain other tax matters.

The net effect of these items was an increase in net income of $19.5 million for the third quarter. Revised reported earnings were 35 cents per diluted share, compared with 3 cents per diluted share in the third quarter of 2002.

Excluding special items and this special tax benefit, earnings were 14 cents per diluted share, an increase of 133% from the 6 cents per diluted share earned in the third quarter of 2002.

--Sean Callahan

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