In likely its last full quarter as an independent company, Dow Jones & Co. posted an 87% drop in third-quarter net income, reflecting large tax-related gains a year earlier.
Revenue, however, rose 20% as declines in print advertising revenue were more than offset by increases in the online and enterprise-media properties and gains in print circulation revenue.
The New York media and information-services company, which agreed Aug. 1 to be acquired by News Corp., reported net income of $13.8 million, or 16 cents a share, compared with $105.4 million, or $1.26 a share, a year earlier. The latest quarter's results included charges totaling 11 cents a share for costs related to Dow Jones's pending takeover by News Corp. and higher stock-based compensation costs because of increases related to its offer. The prior year included gains totaling $1.15 a share, mainly related to tax benefits. Excluding special items, per-share earnings rose to 27 cents from 11 cents. Revenue was $493.3 million.
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