EXHIBIT 99.1
Media Contact: Steven Goldstein
(609) 520-4110
(888) 294-7227
Investor Contact: Mark Donohue
(609) 520-5660
Richard Zannino
(609) 520-4121
DOW JONES & COMPANY ANNOUNCES
AUGUST 2001 WALL STREET JOURNAL LINAGE:
UPDATES THIRD QUARTER EARNINGS GUIDANCE
NEW YORK, N.Y. (September 17, 2001)-- Dow Jones & Company announced today
that August 2001 total advertising linage for The Wall Street Journal
declined 40.7%, compared to an increase of 7.9% in August of last year and
a two-year (August 2000 compared to August 1998) increase of 53.5%.
Quarter-to-date total linage at The Wall Street Journal declined 35.4%.
Year-to-date total linage at The Wall Street Journal declined 34.9%.
Dow Jones also announced that based on quarter-to-date Journal
advertising linage being lower than our third quarter guidance of down 25%
to 30% and the absence of linage improvement in September, it remains
hopeful of making the bottom end of its previous 20 cent to 30 cent EPS
guidance for the third quarter. The risk of falling short of the bottom
end of this range has, of course, been heightened by the events of this
past week. Other factors experienced in the quarter include continued
softness in international advertising and lower than expected results in
advertising-dependent television operations, offset by on-plan performance
elsewhere, and continued cost reductions.
The Wall Street Journal's general ad linage declined 45.8% in August
and is down 38.7% year-to-date. Technology advertising (which is part of
the general category) was down 65.8% in August, primarily due to declines
in B-to-B e-commerce, computer software and computer hardware. Other
general advertising categories were down 32.8% on weakness in professional
services and communications advertising. Auto and public utilities
advertising were the strongest general ad categories during the month.
Financial advertising linage for The Wall Street Journal declined
42.2% in August and was down 35.6% for the year due to continued softness
in brokers and investment banking, banks, tombstones, mutual and money fund
ads. Classified ad linage was down 21.0% in August and 15.4% for the year.
The Wall Street Journal Europe's total ad linage declined 23.0% in
August with year-to-date ad linage down 20.0%. The Asian Wall Street
Journal's total ad linage declined 40.5% in August and year-to-date ad
linage was down 20.0%. Weak technology and financial advertising were the
primary factors for both the European and Asian Journals' advertising
decrease.
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Ottaway Newspapers total advertising for August increased 0.9%. Year-
to-date ad linage was down 1.8%. A modest increase in classified
advertising, offset softness in national ads and a slight decline in retail
ads. Ottaway continues to perform as expected, outpacing industry linage
trends.
Dow Jones & Company's corporate offices have been temporarily
relocated. They can be reached at: Dow Jones & Company; 4300 North Route
1; South Brunswick, NJ 08852; Main Number: (609) 520-4000.
Dow Jones & Company (NYSE: DJ; dj.com) publishes The Wall Street Journal
and its international and online editions, Barron's and SmartMoney
magazines and other periodicals, Dow Jones Newswires, Dow Jones Indexes,
and the Ottaway group of community newspapers. Dow Jones is co-owner with
Reuters Group of Factiva and with NBC of the CNBC television operations in
Asia and Europe. Dow Jones also provides news content to CNBC and radio
stations in the U.S.
Information Relating To Forward-Looking Statements:
This press release contains forward-looking statements that involve risks
and uncertainties that could cause actual results to differ materially from
those anticipated, including, world political conditions and business,
economic and stock market conditions that impact the volume of advertising,
in particular IPO, dot-com, technology and financial advertising, in the
company's products and services; and such other risk factors as may have
been or may be included from time to time in the company's reports filed
with the Securities and Exchange Commission.
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Dow Jones & Company 2001 Advertising Linage Percentage Increases
(Decreases) from 2000
August Year-To-Date
Actual Per Issue Actual Per Issue
THE WALL STREET JOURNAL
General (45.8) (38.7)
Financial (42.2) (35.6)
Classified and Other (21.0) (15.4)
Total (40.7) (40.7) (34.9) (34.9)
THE WALL STREET JOURNAL EUROPE (23.0) (23.0) (20.0) (20.0)
THE ASIAN WALL STREET JOURNAL (40.5) (40.5) (20.0) (20.0)
OTTAWAY NEWSPAPERS, INC.
(excludes preprints)
Daily (2.2) (3.1)
Non-Daily 19.0 6.3
Total 0.9 (1.8)
BARRON'S
Nat'l Advertising Pages (24.0) (24.0) (28.6) (28.6)
2001 2000 2001 2000
Number of Issues:
THE WALL STREET JOURNAL 23 23 171 171
THE WALL STREET JOURNAL EUROPE 22 22 168 168
THE ASIAN WALL STREET JOURNAL 23 23 171 171
BARRON'S 4 4 35 35
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