PAGE 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1995
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____________ to _____________
Commission file number 1-7564
DOW JONES & COMPANY, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 13-5034940
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
200 LIBERTY STREET, NEW YORK, NEW YORK 10281
(Address of principal executive offices) (Zip Code)
(212) 416-2000
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes X No
--- ---
The number of shares outstanding of each of the issuer's classes of
common stock on September 30, 1995: 75,174,969 shares of Common Stock and
21,889,076 shares of Class B Common Stock.
PAGE 2
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
Dow Jones & Company, Inc.
Quarters Ended Nine Months Ended
September 30 September 30
==========================================================================================
(in thousands except
per share amounts) 1995 1994 1995 1994
- ------------------------------------------------------------------------------------------
REVENUES:
Information services $272,934 $246,611 $ 809,298 $ 716,243
Advertising 171,971 157,316 552,387 518,845
Circulation and other 104,365 97,097 309,986 289,301
- ------------------------------------------------------------------------------------------
Total revenues 549,270 501,024 1,671,671 1,524,389
- ------------------------------------------------------------------------------------------
EXPENSES:
News, operations and development 188,435 160,606 547,508 461,735
Selling, administrative and general 189,431 170,968 565,840 509,513
Newsprint 38,252 25,929 110,525 76,115
Second class postage and carrier delivery 24,737 23,204 76,134 71,544
Depreciation and amortization 53,025 50,716 158,093 150,858
- ------------------------------------------------------------------------------------------
Operating expenses 493,880 431,423 1,458,100 1,269,765
- ------------------------------------------------------------------------------------------
Operating income 55,390 69,601 213,571 254,624
OTHER INCOME (DEDUCTIONS):
Investment income 1,261 1,102 3,821 3,493
Interest expense (4,628) (4,040) (13,980) (12,263)
Equity in earnings (losses) of
associated companies 4,365 (1,016) 9,556 (7,167)
Other, net 1,820 (1,022) 15,182 (2,605)
- ------------------------------------------------------------------------------------------
Income before income taxes 58,208 64,625 228,150 236,082
Income taxes 26,110 30,879 103,192 113,134
- ------------------------------------------------------------------------------------------
Income before minority interests 32,098 33,746 124,958 122,948
Minority interests (1,744) (4,633)
- ------------------------------------------------------------------------------------------
Income before cumulative effect of
accounting change 33,842 33,746 129,591 122,948
Cumulative effect of accounting change (3,007)
- ------------------------------------------------------------------------------------------
NET INCOME $ 33,842 $ 33,746 $ 129,591 $ 119,941
==========================================================================================
PER SHARE:
Income before cumulative effect of
accounting change $.35 $.34 $1.34 $1.23
Cumulative effect of accounting change (.03)
Net income .35 .34 1.34 1.20
Cash dividends declared .69 .63
==========================================================================================
Weighted average shares outstanding 97,021 99,019 96,831 99,615
==========================================================================================
See notes to condensed consolidated financial statements.
PAGE 3
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
Dow Jones & Company, Inc.
Nine Months Ended September 30
===========================================================================
(in thousands) 1995 1994
- ---------------------------------------------------------------------------
OPERATING ACTIVITIES:
Net income $129,591 $119,941
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization 158,093 150,858
Changes in assets and liabilities (12,823) 15,194
Other, net (14,901) 11,005
- ---------------------------------------------------------------------------
Net cash provided by operating activities 259,960 296,998
- ---------------------------------------------------------------------------
INVESTING ACTIVITIES:
Additions to plant and property (158,423) (152,581)
Businesses and investments acquired,
net of cash received (70,112) (39,308)
Disposition of businesses and investments 22,049 5,201
Other, net 4,981 12,544
- ---------------------------------------------------------------------------
Net cash used in investing activities (201,505) (174,144)
- ---------------------------------------------------------------------------
FINANCING ACTIVITIES:
Cash dividends (66,803) (62,877)
Increase in long-term debt 23,189 100,391
Reduction of long-term debt (39,838) (100,000)
Purchase of treasury stock (76,631)
Other, net 19,641 16,494
- ---------------------------------------------------------------------------
Net cash used in financing activities (63,811) (122,623)
- ---------------------------------------------------------------------------
EFFECT OF EXCHANGE RATE CHANGES ON CASH (777) (2,174)
- ---------------------------------------------------------------------------
DECREASE IN CASH AND CASH EQUIVALENTS (6,133) (1,943)
Cash and cash equivalents at beginning of year 10,888 5,652
- ---------------------------------------------------------------------------
Cash and cash equivalents at September 30 $ 4,755 $ 3,709
===========================================================================
See notes to condensed consolidated financial statements.
PAGE 4
CONDENSED CONSOLIDATED
BALANCE SHEETS
Dow Jones & Company, Inc.
September 30 December 31
===========================================================================
(in thousands) 1995 1994
- ---------------------------------------------------------------------------
ASSETS:
Cash and cash equivalents $ 4,755 $ 10,888
Accounts receivable--trade, net 242,236 229,687
Inventories 10,490 10,454
Other current assets 68,888 59,101
- ---------------------------------------------------------------------------
Total current assets 326,369 310,130
- ---------------------------------------------------------------------------
Investments in associated companies,
at equity 121,827 90,231
Other investments 75,608 72,835
Plant and property, at cost 1,992,123 1,858,769
Less, Allowance for depreciation 1,333,304 1,216,680
- ---------------------------------------------------------------------------
658,819 642,089
Excess of cost over net assets of
businesses acquired, less amortization 1,317,610 1,304,953
Other assets 34,194 25,528
- ---------------------------------------------------------------------------
Total assets $2,534,427 $2,445,766
===========================================================================
LIABILITIES:
Accounts payable and accrued liabilities $ 242,414 $ 237,406
Income taxes 52,245 68,694
Unearned revenue 237,950 219,880
Current maturities of long-term debt 5,318 5,318
- ---------------------------------------------------------------------------
Total current liabilities 537,927 531,298
Long-term debt 278,903 295,552
Other noncurrent liabilities 158,824 137,305
- ---------------------------------------------------------------------------
Total liabilities 975,654 964,155
- ---------------------------------------------------------------------------
STOCKHOLDERS' EQUITY:
Common stocks 102,181 102,181
Additional paid-in capital 134,251 134,017
Retained earnings 1,467,134 1,404,346
Cumulative translation adjustment (4,895) (6,219)
- ---------------------------------------------------------------------------
1,698,671 1,634,325
Less, Treasury stock, at cost 139,898 152,714
- ---------------------------------------------------------------------------
Total stockholders' equity 1,558,773 1,481,611
- ---------------------------------------------------------------------------
Total liabilities and stockholders' equity $2,534,427 $2,445,766
===========================================================================
See notes to condensed consolidated financial statements.
PAGE 5
NOTES TO FINANCIAL STATEMENTS
Dow Jones & Company, Inc.
1. The accompanying unaudited condensed consolidated financial statements
reflect all adjustments considered necessary by management to present fairly
the Company's consolidated financial position as of September 30, 1995, and
December 31, 1994, and the consolidated results of operations for the three-
month and nine-month periods ended September 30, 1995 and 1994, and the
consolidated cash flows for the nine-month periods then ended. All
adjustments reflected in the accompanying unaudited condensed consolidated
financial statements are of a normal recurring nature. The results of
operations for the respective interim periods are not necessarily indicative
of the results to be expected for the full year.
2. The first quarter of 1995 included a net gain of one cent per share,
consisting of a gain of six cents per share from the sale of 80% of the
Company's interest in SportsTicker, a sports information service, and a
charge of five cents per share for the recognition of a loss on an operating
lease.
3. The Company made the following acquisitions for cash in the first
quarter of 1995: on January 20, the Company bought the business of Charter
Financial Publishing Corp., publisher of Investment Advisor and Fee Advisor
magazines and the Realty Stock Review newsletter; on February 27, the
Company acquired majority ownership of IDD Enterprises, L.P., a diversified
publishing, database, software and consulting company; and on March 15, the
Company's Ottaway Newspapers subsidiary completed its purchase of Salem News
Publishing Co., which publishes the Salem (Mass.) Evening News.
4. Statement of Financial Accounting Standards No. 112, "Employers'
Accounting for Postemployment Benefits," was adopted by the Company as of
January 1, 1994. The cumulative effect from this change in accounting
principle was a charge against earnings of $3,007,000.
5. Supplementary cash flow data:
Nine Months Ended September 30
===========================================================================
(in thousands) 1995 1994
- ---------------------------------------------------------------------------
Interest payments $ 13,432 $ 12,559
Income tax payments 121,672 127,823
===========================================================================
6. Certain of the 1994 amounts have been reclassified for comparative
purposes.
PAGE 6
ITEM 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
FOR THE THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
Net income for the third quarter of 1995 was $33.8 million, or $.35 per
share, up just 0.3% from third-quarter 1994 net income of $33.7 million, or
$.34 per share. Per-share earnings increased at the higher rate of 2.9% as
shares outstanding declined due to share repurchases in the latter part of
1994. Lower income tax expense, improved equity results at the Company's
newsprint mill affiliates and an increase in operating income at the
financial information services segment offset declines in operating income
at the business publishing and community newspapers segments.
The third quarter traditionally is the Company's weakest advertising
revenue quarter because advertising volume is lowest in the summer months.
Increased spending on product development, expanding television operations
and an industrywide increase in newsprint prices had a greater impact in the
third quarter because of the seasonally lower advertising revenue level.
For the first nine months of 1995, net income of $129.6 million, or
$1.34 per share, improved $9.7 million, or 8%, from the $119.9 million, or
$1.20 per share, earned in the like 1994 period. Earnings per share grew
11.7%. Earnings in 1995's first nine months included a net gain of one cent
per share, consisting of a gain of six cents per share from the sale of 80%
of the Company's interest in SportsTicker, a sports information service, and
a charge of five cents per share for the recognition of a loss on the
sublease of office space. Last year's first nine months included a charge
of $3 million, or three cents per share, for an accounting change.
Third-quarter 1995 operating income of $55.4 million decreased $14.2
million, or 20.4%, from 1994's third quarter due to declines at both the
business publishing and community newspapers segments. The operating margin
of 10.1% was down from 13.9% in the like period a year ago. For the first
nine months of 1995, operating income of $213.6 million fell $41.1 million,
or 16.1%. Increased spending on product development, expansion of world-
wide television operations, a 43% rise in newsprint prices and an $8.4
million pretax write-down on a sublease contributed to the decline. The
operating margin was 12.8%, down from 16.7% in 1994's first nine months.
Revenues of $549.3 million in the third quarter of 1995 were up $48.2
million, or 9.6%. Information services revenue grew $26.3 million, or
10.7%, to $272.9 million. Advertising revenue of $172 million increased
$14.7 million, or 9.3%, with advertising linage up 5.2% at The Wall Street
Journal and 0.5% at Ottaway Newspapers. Circulation and other revenue grew
$7.3 million, or 7.5%. Through nine months, total revenues were up $147.3
million, or 9.7%, to $1.7 billion.
PAGE 7
Operating expenses in 1995's third quarter were $493.9 million, up
$62.5 million, or 14.5%. News, operations and development expenses rose
$27.8 million, or 17.3%. Continued spending on product development and new
initiatives accounted for over a third of the increase. Selling, general
and administrative expenses increased $18.5 million, or 10.8%. Newsprint
expense climbed $12.3 million, or 47.5%, as the average price per ton grew
in excess of 45%. Newsprint expense is expected to continue to be
substantially higher in 1995's fourth quarter versus the like prior-year
quarter, as newsprint prices were raised an additional 10% on September 1,
1995. Second class postage and carrier delivery expenses were up $1.5
million, or 6.6%, partially due to a 12.5% postal rate increase in early
1995. Depreciation and amortization expenses increased $2.3 million, or
4.6%.
In the first nine months of 1995, operating expenses totaled $1.5
billion, an increase of $188.3 million, or 14.8%. Additional spending for
research and development and product enhancements caused $42.6 million, or
22.6%, of the increase. Such spending is expected to continue at a similar
level for the balance of 1995. Higher newsprint expense constituted $34.4
million, or 18.3%, of the increase in operating expenses. Also contributing
to the rise in expenses was the inclusion of businesses acquired in the
first quarter of 1995, accounting for $25.3 million, or 13.4%, of the
increase in nine-month operating expenses. The Company employed 11,071
full-time employees at September 30, 1995, up 7.9% from 10,265 at year-end
1994. The increase in employees was primarily due to acquired businesses,
expanding television activities and higher staff levels in product
development.
SEGMENT DATA
The Company realigned its business operations in 1995 into the
following three segments: financial information services, business
publishing and community newspapers. Financial information services
includes Dow Jones Telerate and Dow Jones' financial news services, such as
Dow Jones News Service, the AP-Dow Jones news wires and Federal Filings.
This segment primarily serves the world-wide financial services industry -
including traders and brokers - with real-time business and financial news,
quotes, trading systems and analytical tools.
Business publishing, which serves companies, business consumers and
private investors, contains the Company's Print Publications group, its
Business Information Services group and its Television and Multimedia group.
The community newspapers segment consists of the Company's Ottaway
Newspapers, Inc. subsidiary, which publishes 19 daily newspapers in
communities throughout the United States.
PAGE 8
The following table compares revenues and operating income by business
segment for the quarters and nine months ended September 30, 1995 and 1994:
Quarters Ended September 30
============================================================================
% Increase
(in thousands) 1995 1994 (Decrease)
- ----------------------------------------------------------------------------
Revenues:
Financial information services $239,093 $221,187 8.1
Business publishing 241,283 215,918 11.7
Community newspapers 68,894 63,919 7.8
- ----------------------------------------------------------------------------
Operating Income:
Financial information services $ 48,155 $ 45,091 6.8
Business publishing 4,955 19,109 (74.1)
Community newspapers 7,225 9,206 (21.5)
============================================================================
Nine Months Ended September 30
============================================================================
Revenues:
Financial information services $712,427 $644,178 10.6
Business publishing 759,490 695,413 9.2
Community newspapers 199,754 184,798 8.1
- ----------------------------------------------------------------------------
Operating Income:
Financial information services $146,085 $135,427 7.9
Business publishing 59,467 108,453 (45.2)
Community newspapers 22,829 24,829 (8.1)
============================================================================
FINANCIAL INFORMATION SERVICES
For the third quarter of 1995, the financial information services
segment reported operating income of $48.2 million, an increase of $3.1
million, or 6.8%, from the comparable 1994 quarter. The operating margin
dipped to 20.1% from 20.4%. Excluding a benefit from fluctuations in
foreign currency exchange rates, operating income of $46 million would have
increased 2% from $45.1 million earned in the comparable period in 1994.
Financial information services revenue rose $17.9 million, or 8.1%, to
$239.1 million. Domestic revenues were up only 4%, while revenues from
foreign operations grew 10.9%, or 6.6% excluding the benefit from changes in
foreign currency exchange rates. For Dow Jones Telerate, world-wide volume
gains, largely resulting from enhanced and expanded services, caused over
three-quarters of the revenue increase, excluding the foreign exchange
benefit. Revenue growth remained strong for the Digital Page Feed product,
a product which allows customers to request pages of Dow Jones Telerate
information digitally to display on their own systems, and for exclusive
third-party information.
PAGE 9
Third-quarter 1995 operating expenses for the financial information
services segment were $190.9 million, up $14.8 million, or 8.4%. The rise
was partially due to increases in royalties to information providers, mainly
resulting from revenue-related growth, higher selling expenses and spending
for research and development. Excluding the effect of foreign currency
exchange rate fluctuations, operating expenses for this segment would have
increased $11.3 million, or 6.4%.
Financial information services operating income of $146.1 million for
the first nine months of 1995 increased $10.7 million, or 7.9%, from the
$135.4 million earned in the like period last year. Revenues grew $68.2
million, or 10.6%, while operating expenses were up $57.6 million, or 11.3%.
Excluding the effect of foreign currency rate fluctuations, operating income
would have increased $4.6 million, or 3.4%; revenues would have risen $48.5
million, or 7.5%, while operating expenses would have been up $43.9 million,
or 8.6%. The number of full-time employees in the financial information
services segment at September 30, 1995 was up 8.1% from year-end 1994, as
Dow Jones Telerate expanded its world-wide development and sales efforts.
BUSINESS PUBLISHING
Business publishing segment operating income for 1995's third quarter
of $5 million declined $14.2 million, or 74.1%, from 1994's third quarter.
The operating margin dropped to 2.1% from 8.9%. Higher newsprint prices and
expenses from European Business News, the television network launched in the
first quarter of 1995, sharply reduced operating income. Revenues grew
$25.4 million, or 11.7%, to $241.3 million; however, operating expenses
climbed $39.5 million, or 20.1%, to $236.3 million.
Advertising revenue in the business publishing segment increased 10.3%.
Advertising linage for The Wall Street Journal was up 5.2%, or 6.9% per
issue, with one less issue in this year's third quarter. Linage in the
general advertising category, which comprised about 55% of total Wall Street
Journal linage for the quarter, grew 3.6%. Financial linage, which was
slightly more than 30% of total Journal linage for the quarter, was up 8.7%
largely due to an increase in securities offerings. Classified and other,
which is the remaining Journal linage category, was up 4.4%.
Barron's national advertising pages fell 20.3% mainly due to a fall-off
in mutual fund advertising. The overseas print publications, which include
The Asian Wall Street Journal, The Wall Street Journal Europe and the Far
Eastern Economic Review, posted robust growth of 29.3% in advertising
revenue. Circulation revenue for the business publishing segment was up
5.8%. Business Information Services group revenue grew 42.1%, chiefly due
to volume gains and the inclusion of IDD Enterprises, L.P. (IDD), a
majority-owned subsidiary of Dow Jones acquired in early 1995.
PAGE 10
Business publishing operating expenses of $236.3 million rose $39.5
million, or 20.1%, in 1995's third quarter. Newsprint expense, which
increased 45.3% as a result of steep price hikes and a slight rise in
consumption, caused $8.9 million, or 22.5%, of the increase. Also within
the business publishing segment are expenses for the Company's global
television and multimedia initiatives, including European Business News.
These expenses increased $5.9 million in the third quarter. In addition to
the inclusion of IDD, increased product development expenses and royalties
to information providers were primarily responsible for the 59% increase in
operating expenses at the Business Information Services group.
Business publishing operating income for the first nine months of 1995
declined $49 million, or 45.2%, to $59.5 million. Excluding the write-down
of an operating lease which was charged against the segment in the first
quarter of 1995, operating income would have been down $40.6 million, or
37.4%. The downturn was primarily attributable to sharply higher newsprint
expense and spending for the European Business News television network.
For the first nine months of 1995, business publishing segment revenue
increased $64.1 million, or 9.2%, to $759.5 million. Advertising revenue
increased 5.9% with advertising linage at The Wall Street Journal up 3.1%,
or 3.7% on a per-issue basis. Barron's national advertising pages fell 18%.
Circulation revenue was up 6.1% primarily due to rate increases. Average
circulation for the first nine months of 1995 for the domestic Journal was
1,782,000, down 1% from the comparable period in 1994. However, average
combined circulation for the Asian and European Journals increased about 5%
to 111,000. Barron's average circulation was down approximately 2% compared
with the first nine months of 1994.
Business publishing operating expenses for the first nine months of
1995 were up $113.1 million, or 19.3%. This increase was primarily
attributable to higher newsprint prices, spending on television and
multimedia, the inclusion of IDD Enterprises and the $8.4 million write-down
of an operating lease. The number of full-time employees at this segment
increased 12.6% from 1994's year end, mainly due to staffing for European
Business News and the acquisitions of IDD Enterprises and Charter Financial
Publishing Corp.
COMMUNITY NEWSPAPERS
Third-quarter 1995 operating income of $7.2 million at the community
newspapers segment declined $2 million, or 21.5%, from the like 1994
quarter. Community newspapers revenue of $68.9 million increased $5
million, or 7.8%. Advertising revenue grew 6.8% mostly due to rate
increases and the inclusion of the Salem Evening News, which was acquired in
March 1995. Advertising linage grew 0.5%. Circulation revenue was up 9.4%
from the year-ago quarter. Third-quarter 1995 operating expenses at
community newspapers increased $7 million, or 12.7%, compared with the like
1994 period. The increase in expenses was chiefly due to higher newsprint
expense and inclusion of the Salem Evening News.
PAGE 11
Community newspapers operating income for the first nine months of 1995
declined $2 million, or 8.1%. The downturn was mainly the result of higher
newsprint costs, which rose $7.9 million, or 45.3%. Revenues grew $15
million, or 8.1%, but were outpaced by a $17 million, or 10.6%, increase in
expenses.
In August the Company combined the operations of the Peabody Times and
the Beverly Times, both in Essex County, Massachusetts, with the Salem
Evening News, creating the leading newspaper on Boston's North Shore.
OTHER INCOME / DEDUCTIONS
Interest expense in 1995's third quarter increased $0.6 million, or
14.6%, from the third quarter of 1994. For the first nine months of 1995,
interest expense rose $1.7 million, or 14%, primarily due to a higher
average debt level in 1995 versus the like 1994 period. Long-term debt
outstanding, excluding current maturities, at September 30, 1995 was $278.9
million compared with $295.6 million at year-end 1994 and $261.6 million at
September 30, 1994. The debt-to-equity ratio at September 30, 1995 was
17.9% compared to 17.6% a year earlier and 19.9% at December 31, 1994.
Equity in earnings of associated companies was $4.4 million compared
with losses of $1 million in the year-ago quarter. The turnaround was
attributable to the Company's newsprint mill affiliates which benefited from
the increases in newsprint prices. In the first nine months of 1995, equity
earnings were $9.6 million versus losses of $7.2 million for the like period
in 1994. The Company's share of earnings from the mill affiliates was $17.6
million compared with losses of $0.5 million in 1994's first nine months.
In terms of consolidated net income, the significant improvement in
earnings from the newsprint mills has lessened the effect of higher
newsprint prices on operating income.
Other income, net for the first nine months of 1995 of $15.2 million
included the pretax gain from the sale of 80% of the Company's interest in
SportsTicker, a sports information service.
INCOME TAXES
The effective income tax rate for the third quarter of 1995 declined to
44.9% from 47.8% in the third quarter a year ago. For the first nine months
of 1995, the effective income tax rate was 45.2% versus 47.9% in the
comparable period in 1994. The decrease in the effective tax rate in 1995
was primarily due to the successful settlement of certain state and local
tax issues.
PAGE 12
FINANCIAL POSITION
The working capital ratio, excluding unearned revenue, was 1.1 to 1 at
September 30, 1995, and 1 to 1 at December 31, 1994. In the nine months
ended September 30, 1995, funds provided by operations of $260 million were
down from $297 million in the like 1994 period. The reduction was chiefly
the result of the fall-off in operating income.
During the first nine months of 1995, the Company paid cash dividends
of $66.8 million and made capital expenditures of $158.4 million.
Investments totaled $70.1 million and included acquisition of the business
of Charter Financial Publishing Corp. and Salem News Publishing Co., a
majority ownership of IDD Enterprises, L.P. as well as investments in the
expansion of world-wide television operations. Cash and cash equivalents
totaled $4.8 million at September 30, 1995, a decrease of $6.1 million from
December 31, 1994.
In August the Company announced that it had entered into a 50/50
partnership with ITT Corporation and that the partnership had agreed to
acquire WNYC-TV from New York City for $207 million in cash. The purchase,
subject to approval by the Federal Communications Commission, is expected to
be finalized in early 1996. The partners plan to provide a mix of business
and sports programming. The Company's share of this investment is expected
to be funded through commercial paper borrowings.
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits filed:
Financial Data Schedule (Exhibit 27)
(b) Reports on Form 8-K:
No reports on Form 8-K were filed during the quarter for which
this report is filed.
PAGE 13
SIGNATURE
---------
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
DOW JONES & COMPANY, INC.
-------------------------
(Registrant)
Date: November 8, 1995 By Thomas G. Hetzel
----------------------
Comptroller
(Chief Accounting Officer)