Investor Contacts: Dow Jones & Company
Mark Donohue 200 Liberty Street
Director, Investor Relations New York, NY 10281
(609) 520-5660
Richard Zannino
Executive Vice President, COO
(212) 416-4205
Media Contact:
Brigitte Trafford
Vice President, Communications
(212) 416-3213
DOW JONES & COMPANY ANNOUNCES
SECOND QUARTER 2003 RESULTS
Provides 3rd Quarter Outlook
NEW YORK, N.Y. (July 15, 2003)-- Dow Jones & Company (NYSE: DJ) reported
today that it earned 38 cents per diluted share during the second quarter
ended June 30, 2003, compared with 64 cents per diluted share in the second
quarter of 2002. Excluding the special items detailed herein, the Company
earned 27 cents per diluted share, an increase of 8.0% from the 25 cents per
diluted share earned in the second quarter of 2002.
Special items in the second quarter netted to a gain of 11 cents. This
included a gain of 14 cents from the settlement of a business interruption
insurance claim for loss of operating income suffered as a result of the
terrorist attacks on the World Trade Center on Sept. 11, 2001, and a charge
of 3 cents for accretion of the discount for contract guarantee obligations.
Special items in the second quarter of 2002 netted to a gain of 39 cents.
This included a gain of 45 cents from the sale of the Company's Essex County
community newspaper properties and a gain of 5 cents at an equity
investment, partially offset by charges of 7 cents for a restructuring
charge for work force reductions and 4 cents to accrete the discount for
contract guarantee obligations. Please refer to the attached financial
exhibits and notes for more details on the Company's results and special
items.
Revenue declined 5.6% in the second quarter of 2003 to $393.6 million,
with U.S. Wall Street Journal linage declining 7.9% in the quarter compared
with the second quarter of 2002. Reported operating expenses were $340.4
million, down 13.4% from the second quarter of 2002, and operating income
was $53.2 million, up 122.2% from last year. Operating income as a percent
of revenues was 13.5%, compared with 5.7% last year. Excluding special
items, operating expenses were $358.8 million, down 6.1% from the second
quarter of 2002 and operating income was $34.8 million, compared with
operating income of $35.1 million in 2002. Operating income, excluding
special items, as a percent of revenues was 8.8%, compared with 8.4% last
year.
Peter R. Kann, chairman and CEO of Dow Jones & Company, said: "While
the advertising and business environment is still difficult, we are
beginning to see some indications of improvement. Over the past few years,
we have invested in and improved our products, controlled our spending, and
continue to execute on Business Now, our long-range plan. These actions are
paying dividends and position us to take full advantage of an improved
environment, when it arrives."
Dow Jones also said that it expects earnings per share before special
items in the third quarter to be in the upper single digit per share range,
compared to 6 cents per share in the third quarter 2002. This assumes that
third quarter 2003 linage at the U.S. Wall Street Journal will be flat to up
slightly versus the third quarter 2002. The third quarter, including the
summer months, is historically the Company's lightest quarter for
advertising, and therefore earnings. Based on currently anticipated special
items that may occur in the third quarter 2003, the Company expects reported
earnings per share to be in the upper teens cents per share range, compared
with 3 cents per share in the third quarter 2002. Please refer to the
attached table for a reconciliation of the Company's third quarter 2002
actual earnings and 2003 estimates.
Segment Results
Print publishing revenues declined 10.3% in the second quarter to
$234.3 million, reflecting the continued difficult global advertising
environment. However, print publishing operating income of $5.6 million in
the second quarter was up 8.0% from the prior year period. Advertising
linage at The Wall Street Journal (U.S.) fell 7.9% (up 1.0% in June, with
one extra issue) while linage at the international editions of the Journal
declined 0.2% (up 24.9% in June, with one extra issue). Barron's ad pages
were down 22.9% in the quarter (up 16.1% in June, with one extra issue).
Electronic publishing revenues in the second quarter were $80.0
million, up 1.8% from the prior year period. Operating income was $16.1
million, up 6.1% from last year, while operating margins improved to 20.1%
this year from 19.3% last year, driven by improved performance at Consumer
Electronic Publishing and Indexes/Ventures. Paid subscribers to The Wall
Street Journal Online, the largest paid subscription news site on the web,
totaled 671,000 as of June 30, 2003, up 3.9% over June 30, 2002.
Ottaway community newspapers revenue in the second quarter was $79.3
million, up 2.8% over the prior year period (revenues would have been flat
excluding the May 2003 acquisition of The Record of Stockton). Same
property advertising linage decreased 2.4% in the second quarter (linage was
down 3.8% in June). Ottaway total operating income was down 7.4% to $23.2
million in the second quarter with an operating margin of 27.1% compared to
30.1% last year, primarily because of increased pension and newsprint costs.
The Company ended the second quarter with $210.3 million in debt, compared
with $119.9 million at the end of the first quarter 2003. The increase in
debt was the result of the Company's Ottaway Newspaper subsidiary's
acquisition of The Record of Stockton for $144 million in cash plus net
working capital, which was funded with commercial paper debt.
As previously announced, the Company will host an earnings conference
call at 1:00 p.m. Eastern standard time today. The call can be accessed via
a live webcast through the Investor Relations section of the Company's Web
site, www.dowjones.com, or through a listen-only dial-in conference lines,
by dialing 201-689-8320. A replay of the conference call and the full text
of the prepared remarks will be available on the Company's Web site in the
Investor Relations section shortly after the call concludes.
Dow Jones & Company (NYSE: DJ; dowjones.com) publishes The Wall Street
Journal and its international and online editions, Barron's and the Far
Eastern Economic Review, Dow Jones Newswires, Dow Jones Indexes and the
Ottaway group of community newspapers. Dow Jones is co-owner with Reuters
Group of Factiva, with Hearst of SmartMoney and with NBC of 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 the cyclical nature of the company's business and the
strong negative impact of economic downturns on the company's core advertising
market--business-to-business advertising--and on advertising revenues in
general; the severe weaknesses in the current technology and financial
advertising markets; the extent of any recovery in the economy; the risk that
the company will not benefit from any recovery in the economy; the company's
ability to continue to limit and manage expense growth without harming its
growth prospects; the uncertainties relating to the company's guarantee to
Cantor Fitzgerald Securities and Market Data Corporation; the intense
competition the company's existing products and services face; the risk that
the company's initiatives to expand its existing market presence as well as to
extend its consumer reach will not succeed; with respect to Newswires, the
negative impact of consolidations and layoffs in the financial services
industry on sales; and such other risk factors as may be included from time to
time in the company's reports filed with the Securities and Exchange
Commission. This presentation includes certain non-GAAP financial measures as
defined under SEC rules. As required by SEC rules, we have attached to this
press release a reconciliation of those measures to the most directly
comparable GAAP measures. This reconciliation is also available on the
Investor Relations page of our web site at www.dowjones.com.
Dow Jones & Company
Earnings Summary 5
(Unaudited)
(in thousands, except
per share amounts) Quarters Ended June 30 Six Months Ended June 30
2003 2002 2003 2002
---- ---- ---- ----
Reported results:
Revenues $393,586 $417,024 $751,816 $809,915
Operating income 53,224 23,957 70,803 36,263
Net income 30,838 54,000 97,770 183,825
Effective tax rate* 41.8% 23.2% 22.6% 20.8%
Diluted EPS $.38 $.64 $1.19 $2.17
Excluding items described in Note 2:
Operating income $ 34,816 $ 35,055 $ 52,395 $ 47,361
Net income 22,217 21,402 31,938 28,286
Effective tax rate* 40.0% 40.0% 40.0% 40.0%
Diluted EPS $.27 $.25 $.39 $.33
EPS percentage change 8.0% (51.9)% 18.2% (52.2)%
<FN>
*The effective income tax rate is net of minority interests.
See notes to financial information on page 10.
Reconciliation of Third Quarter Earnings Outlook
Quarters Ended September 30,
2003 Guidance 2002 Actual
------------- -----------
Reported earnings per share upper teens cents $.03
per share range**
Adjusted to remove:
Potential gain on exchange of WSJ Europe
and Handelsblatt interests .14
Contract guarantee (.03) (.03)
-------------- -----
EPS before special items upper single digits $.06
cents per share range
<FN>
**Based on special items currently anticipated.
Condensed Consolidated Statements of Income 6
(Unaudited)
(in thousands, except
per share amounts) Quarters Ended June 30 Six Months Ended June 30
2003 2002 2003 2002
---- ---- ---- ----
Revenues:
Advertising $223,328 $245,001 $413,836 $464,869
Information services 71,060 70,725 142,916 142,356
Circulation and other 99,198 101,298 195,064 202,690
-------- -------- -------- --------
Total revenues 393,586 417,024 751,816 809,915
-------- ------- -------- --------
Expenses:
News, operations and development 120,080 124,658 235,375 251,690
Selling, administrative and general 134,773 153,752 263,795 305,878
Newsprint 27,462 26,638 50,533 53,416
Print delivery costs 48,719 47,891 94,625 95,143
Depreciation and amortization 27,736 29,030 55,093 56,427
Restructuring charges and
September 11 related items, net (18,408) 11,098 (18,408) 11,098
-------- -------- -------- --------
Operating expenses 340,362 393,067 681,013 773,652
-------- -------- -------- --------
Operating income 53,224 23,957 70,803 36,263
Other income (deductions):
Investment income 179 106 253 196
Interest expense (745) (492) (1,198) (2,081)
Equity in earnings of
associated companies 2,171 3,107 322 657
Gain on resolution of Telerate sale
loss contingencies 59,821
Gain on sale of businesses 44,518 197,925
Contract guarantee (2,459) (3,041) (5,069) (6,219)
Other, net 212 (305) 651 450
-------- -------- -------- --------
Income before income taxes and
minority interests 52,582 67,850 125,583 227,191
Income taxes 22,139 16,315 28,620 48,193
-------- -------- -------- --------
Income before minority interests 30,443 51,535 96,963 178,998
Minority interests 395 2,465 807 4,827
-------- -------- -------- --------
Net income $ 30,838 $ 54,000 $ 97,770 $183,825
======== ======== ======== ========
Net income per share:
- Basic $.38 $.64 $1.20 $2.18
- Diluted $.38 $.64 $1.19 $2.17
Weighted-average shares outstanding:
- Basic 81,382 84,061 81,595 84,189
- Diluted 81,674 84,550 81,860 84,698
See notes to financial information on page 10.
Dow Jones & Company
Segment Information 7
(Unaudited)
(dollars in thousands) Quarters Ended June 30 Six Months Ended June 30
2003 2002 2003 2002
---- ---- ---- ----
Revenues:
Print publishing $234,285 $261,257 $448,709 $497,305
Electronic publishing 80,012 78,613 159,199 156,413
Community newspapers:
Comparable operations 72,141 72,046 135,776 134,023
Divested/newly-acquired operations 7,148 5,108 8,132 22,174
------- -------- -------- --------
Consolidated revenues $393,586 $417,024 $751,816 $809,915
======== ======== ======== ========
Percentage change in revenues excluding
divested/newly-acquired operations (6.2)% (11.4)% (5.6)% (13.1)%
Operating income:
Print publishing $ 5,578 $ 5,167 $ 893 $ (3,610)
Electronic publishing 16,083 15,164 32,914 30,391
Community newspapers:
Comparable operations 19,900 21,751 32,383 34,036
Divested/newly-acquired operations 1,600 1,477 1,698 5,255
Corporate (8,345) (8,504) (15,493) (18,711)
-------- -------- -------- --------
Segment operating income 34,816 35,055 52,395 47,361
Restructuring charges and
September 11 related items, net 18,408 (11,098) 18,408 (11,098)
-------- -------- -------- --------
Consolidated operating income $ 53,224 $ 23,957 $ 70,803 $ 36,263
======== ======== ======== ========
Operating margin:
Print publishing 2.4% 2.0% 0.2% (0.7)%
Electronic publishing 20.1 19.3 20.7 19.4
Community newspapers:
Comparable operations 27.6 30.2 23.9 25.4
Divested/newly-acquired operations 22.4 28.9 20.9 23.7
Segment operating margin 8.8 8.4 7.0 5.8
Depreciation and amortization (D&A):
Print publishing $ 17,708 $ 19,224 $ 35,388 $ 36,240
Electronic publishing 6,788 6,696 13,578 13,431
Community newspapers:
Comparable operations 2,637 2,783 5,341 5,596
Divested/newly-acquired operations 472 88 526 681
Corporate 131 239 260 479
-------- -------- -------- --------
Consolidated D&A $ 27,736 $ 29,030 $ 55,093 $ 56,427
======== ======== ======== ========
See notes to financial information on page 10.
Dow Jones & Company
Supplemental Segment Revenue Information 8
(Unaudited)
(in thousands) Quarters Ended June 30 Six Months Ended June 30
2003 2002 2003 2002
---- ---- ---- ----
Print Publishing:
U.S. Publications:
Advertising $147,098 $167,552 $276,955 $315,718
Circulation and other 67,322 68,597 133,712 135,689
International Publications:
Advertising 11,141 15,736 21,134 27,447
Circulation and other 8,724 9,372 16,908 18,451
-------- -------- -------- --------
Total 234,285 261,257 448,709 497,305
Electronic Publishing:
Dow Jones Newswires:
Domestic 41,867 44,838 85,232 90,647
International 10,640 11,060 21,251 23,035
-------- -------- -------- --------
Total Newswires 52,507 55,898 106,483 113,682
Consumer Electronic Publishing(*) 17,582 14,404 32,953 27,196
Dow Jones Indexes/Ventures 9,923 8,311 19,763 15,535
-------- -------- -------- --------
Total 80,012 78,613 159,199 156,413
Community Newspapers:
Advertising
Comparable operations 52,447 52,149 97,378 95,492
Divested/newly-acquired operations 6,053 3,691 6,813 15,707
-------- -------- -------- --------
Total advertising 58,500 55,840 104,191 111,199
Circulation and other
Comparable operations 19,694 19,897 38,398 38,531
Divested/newly-acquired operations 1,095 1,417 1,319 6,467
-------- -------- -------- --------
Total circulation and other 20,789 21,314 39,717 44,998
Total 79,289 77,154 143,908 156,197
-------- -------- -------- --------
Total segment revenues $393,586 $417,024 $751,816 $809,915
======== ======== ======== ========
<FN>
(*) Includes WSJ.com, related vertical sites, licensing/business development and
radio/audio.
See notes to financial information on page 10.
Dow Jones & Company
Statistical Information 9
(Unaudited)
Quarters Ended June 30 Six Months Ended June 30
2003 2002 2003 2002
---- ---- ---- ----
Advertising Volume
Year-Over-Year Percentage Change:
The Wall Street Journal
General (15.4)% (8.3)% (7.4)% (11.0)%
Technology (3.2) (32.2) (15.7) (36.2)
Financial (14.5) (37.9) (26.9) (35.5)
Classified 11.1 (7.2) 13.1 (12.2)
Total (7.9) (20.8) (9.4) (23.5)
The Asian Wall Street Journal (4.9) (37.4) (0.3) (40.7)
The Wall Street Journal Europe 4.9 (34.4) 12.6 (38.4)
Barron's (22.9) (14.7) (20.4) (19.1)
Ottaway Newspapers (*)
Daily (2.9) (3.7) (1.8) (3.2)
Non-daily 0.3 (4.2) 1.5 (1.8)
Total (2.4) (3.8) (1.3) (3.0)
Wall Street Journal advertising as a
percentage of total Journal linage:
General 39.4% 42.9% 41.2% 40.3%
Technology 21.2 20.2 19.2 20.6
Financial 17.3 18.6 16.8 20.8
Classified 22.1 18.3 22.8 18.3
Other statistics: June 30 June 30
2003 2002
---- ----
Dow Jones Newswires terminals 297,000 339,000
WSJ.com subscribers 671,000 646,000
WSJ.com unique visitors/business day 124,422 114,777
Average monthly unique visitors to the Journal Network 5,536,000 4,062,000
Average monthly page views to the Journal Network 66,184,000 48,838,000
<FN>
(*) Percentage excludes divested/newly-acquired operations.
Dow Jones & Company
Notes to Financial Information 10
1. The company's calculation of net income, operating income and earnings
per share before special items may not be comparable to similarly titled
measures reported by other companies, since companies and investors may
differ as to what type of events warrant adjustment. Net income, operating
income and earnings per share before special items are not measures of
performance under generally accepted accounting principles and should not be
construed as substitutes for consolidated net income, operating income and
earnings per share as a measure of performance. However, management uses
these measures in comparing the company's historical performance and
believes that they provide meaningful and comparable information to
investors to assist in their analysis of the company's performance relative
to prior periods and its competitors.
2. The following table reconciles reported results to income adjusted for
special items for the second quarter and the six months ended June 30, 2003
and 2002.
Quarters Ended June 30
(in millions, except 2003 2002
per share amounts) Operating Net EPS Operating Net EPS
----------------------- -----------------------
Reported income $53.2 $30.8 $.38 $24.0 $54.0 $.64
Adjusted to remove:
Included in operating income:
Restructuring charges (a) (11.1) (6.3) (.07)
Gain from business interruption
insurance claim (a) 18.4 11.1 .14
Included in non-operating income:
Contract guarantee (b) (2.5) (.03) (3.0) (.04)
Sale of ONI properties (d) 38.0 .45
CNBC International gain (e) 3.9 .05
----- ----- ---- ----- ----- ----
Adjusted $34.8 $22.2 $.27 $35.1 $21.4 $.25
===== ===== ==== ===== ===== ====
Six Months Ended June 30
(in millions, except 2003 2002
per share amounts) Operating Net EPS Operating Net EPS
----------------------- -----------------------
Reported $70.8 $97.8 $1.19 $36.3 $183.8 $2.17
Adjusted to remove:
Included in operating income:
Restructuring charges (a) (11.1) (6.3) (.07)
Gain from business interruption
insurance claim (a) 18.4 11.1 .14
Included in non-operating income:
Contract guarantee (b) (5.1) (.06) (6.2) (.08)
Gain on resolution of Telerate sale
loss contingencies (c) 59.8 .73
Sale of ONI properties (d) 164.1 1.94
CNBC International gain (e) 3.9 .05
----- ----- ----- ----- ------ -----
Adjusted $52.4 $31.9* $ .39* $47.4 $ 28.3 $ .33
===== ===== ===== ===== ====== =====
<FN>
* The sum of the individual amounts does not equal the total due to rounding.
Dow Jones & Company
Notes to Financial Information 11
(a) Restructuring charges and September 11 related items, net:
In the second quarter of 2003, the company recorded a gain of $18.4 million
($11.1 million after taxes, or $.14 per diluted share) reflecting the
settlement of its business interruption insurance claim for loss of
operating income suffered as a result of the terrorist attacks on the World
Trade Center on September 11, 2001.
The second quarter of 2002 included restructuring charges of $11.1 million
($6.3 million after taxes, or $.07 per diluted share) largely reflecting
employee severance related to a workforce reduction.
(b) Contract guarantee:
Under the terms of the company's 1998 sale of Telerate to Bridge, Dow Jones
retained its guarantee of payments under certain circumstances of certain
minimum payments for data acquired by Telerate from Cantor Fitzgerald
Securities (Cantor) and Market Data Corporation (MDC). The annual minimum
payments average approximately $50 million per year through October 2006
under certain conditions. Bridge agreed to indemnify Dow Jones for any
liability Dow Jones incurred under the contract guarantee with respect to
periods subsequent to Bridge's purchase of Telerate. In 2000, based in part
on uncertainty with Bridge's solvency as well as other factors, the company
established a reserve of $255 million representing the net present value of
the total estimated payments from 2001 through October 2006, using a
discount rate of 6%.
Earnings in 2003 and 2002 have included charges related to the accretion of
the discount on the reserve balance. These charges totaled $2.5 million and
$3 million in the second quarters of 2003 and 2002, respectively. For the
first six months of 2003 and 2002, charges related to the accretion of
discount totaled $5.1 million and $6.2 million, respectively.
Bridge filed for bankruptcy in February 2001 but made payments for this data
for the post-petition periods through October 2001, when Telerate ceased
operations, went out of business, sold certain assets and rejected its
contracts with Cantor and MDC. The company is now in litigation with Cantor
and MDC with respect to their claims for amounts due under the contract
guarantee. The company has various substantial defenses to these claims and
the litigation is proceeding. The trial court rendered a decision in
January 2003 denying the parties' respective motions to grant their own
claims and to dismiss the competing claims. The company, Cantor and MDC
have all filed appeals from the trial court's order. While these appeals are
pending, the discovery phase is proceeding.
While it is not possible to predict with certainty the ultimate outcome of
this litigation, the company believes the likelihood of a loss exceeding the
amount reserved is remote; however, it is possible that such loss could be
less than the amount reserved.
(c) Gain on resolution of Telerate sale loss contingencies:
In the first quarter of 2003, the company recorded a gain of $59.8 million
($.73 per diluted share) on the resolution of certain loss contingencies
resulting from the sale of its former Telerate subsidiary to Bridge
Information Systems, Inc. (Bridge). The reserve for loss contingencies was
established as part of the loss on sale of Telerate in 1998 and related to
Dow Jones & Company
Notes to Financial Information 12
various claims that arose out of the Stock Purchase Agreement, including a
purchase price adjustment related to working capital, an indemnification
undertaking and other actual and potential claims and counter-claims between
the company and Bridge. In February 2001, Bridge declared bankruptcy. In
March 2003, these matters were resolved by the bankruptcy court, and the
company's contingent liabilities were thereby extinguished.
(d) Gains on sale of ONI properties:
The second quarter of 2002 included a gain of $44.5 million ($38 million
after taxes, or $.45 per diluted share) from the sale of Ottaway's Essex
County newspaper properties to Eagle-Tribune Publishing Company. The first
quarter of 2002 included a gain of $153.4 million ($126.1 million after
taxes, or $1.49 per diluted share) resulting from the sale of four of the
company's Ottaway newspapers to Community Newspapers Holdings, Inc.
(e) Gains in equity in losses of associated companies:
The second quarter of 2002 included gains at CNBC Asia of $3.9 million ($.05
per diluted share) which consisted of a $2.5 million gain from the favorable
settlement of a contractual obligation and a $1.4 million gain from the sale
of an investment by CNBC Asia.
3. On May 5, 2003, the company's Ottaway Newspaper subsidiary acquired The
Record of Stockton, California from Omaha World-Herald Company for $144
million in cash, plus net working capital. The Record has daily paid
circulation of 59,271 and Sunday circulation of 72,698. The Record Group had
combined 2002 revenues of $37 million and operating profits of $9.6 million.
4. Restructuring charges and September 11 related items, net are not
included in segment expenses, as management evaluates segment results
exclusive of these items. For information purposes, restructuring charges
and September 11 related items, net allocable to each segment for the
quarters and six months ended June 30, 2003 and 2002 were as follows:
(in thousands) Quarters Ended June 30 Six Months Ended June 30
2003 2002 2003 2002
---- ---- ---- ----
Print Publishing $(17,422) $ 8,310 $(17,422) $ 8,310
Electronic Publishing (951) 2,443 (951) 2,443
Community newspapers
Corporate (35) 345 (35) 345
-------- ------ -------- -------
Total (gain)/charges from
restructuring and September 11
related items, net $(18,408) $11,098 $(18,408) $11,098
======== ======= ======== =======
5. The company's business and financial news and information operations are
reported in two segments: print publishing and electronic publishing. The
results of the company's Ottaway Newspapers subsidiary, which publishes 15
daily newspapers and over 30 weeklies and shoppers in 9 states in the U.S.,
are reported in the community newspaper segment. Print publishing includes
the operations of The Wall Street Journal and its international editions,
Dow Jones & Company
Notes to Financial Information 13
Barron's and other periodicals, as well as U.S. television operations
(results of the company's international television ventures are included in
equity in earnings of associated companies). Electronic publishing includes
the operations of Dow Jones Newswires, Consumer Electronic Publishing and
Dow Jones Indexes/Ventures.
6. Summarized financial information for 50% held equity-basis investments in
associated companies were as follows (amounts are at 100% levels):
(in thousands) Quarters Ended June 30 Six Months Ended June 30
2003 2002 2003 2002
---- ---- ---- ----
Factiva
Revenues $61,804 $61,720 $123,957 $125,146
Operating income 2,608 2,786 4,892 7,437
Depreciation and amortization 3,213 3,368 6,415 7,216
SmartMoney
Revenues $12,251 $12,099 $ 24,344 $ 23,072
Operating loss (1,116) (2,341) (1,028) (4,789)
Depreciation and amortization 455 446 895 954
CNBC International (*)
Revenues $ 9,851 $10,536 $ 18,152 $ 17,743
Operating loss (5,295) (4,861) (12,926) (13,588)
Depreciation and amortization 968 1,071 1,966 2,125
<FN>
(*) Includes the results of CNBC Europe and CNBC Asia.