Advertising revenue at The Wall Street Journal, including Weekend Edition, increased 10.1% in May on a 12.6% increase in advertising volume. Advertising yield increased modestly in display categories but was more than offset by a higher mix of lower rate classified advertising volume. Linage increases in technology, classified and financial advertising were partially offset by a slight decline in general advertising. In the technology advertising category at the Journal, May linage increased 29.0%; increases in hardware, technology professional services, software, office products and communications advertising were partially offset by a decline in personal computer advertising. The Journal's classified advertising category linage increased 27.5% due to increases in real estate and other classified advertising. Linage in the Journal's financial advertising category increased 15.7% due to increases in retail, insurance and tombstone advertising, partially offset by a decline in wholesale advertising. The Journal's general advertising linage declined 1.7% as weak corporate, auto and travel advertising were partially offset by a gain in luxury goods, media and other consumer advertising.

At Barron's, total advertising revenue decreased 16.8% in May on a 22.5% decline in advertising pages due to declines in financial, technology and general advertising.International advertising revenue declined 12.3% in May when an advertising linage decline at The Wall Street Journal Asia was partially offset by a modest gain at The Wall Street Journal Europe.

At Ottaway Newspapers, advertising revenue in May decreased 2.0% as a 6.8% decline in advertising volume more than offset increased ad rates and an increase in Internet advertising revenue. Advertising volume declines in auto, help wanted and other classified, display, national and non-daily advertising were partially offset by increases in legal and real estate classified advertising.

Commenting on May results, Rich Zannino, chief executive officer of Dow Jones, said, "We're pleased to report double digit gains in advertising revenue and linage in May at the U.S. Wall Street Journal. This represents the ninth consecutive month of advertising revenue and linage gains at the Journal as we continue to take market share in both B2B and consumer advertising categories in a tough print advertising environment."

Mr. Zannino concluded: "Through the end of May, second quarter to date advertising revenue at the Journal was up a solid 9.2%. Because of our positive outlook for June together with stronger than expected revenue and profit growth in our Enterprise Media Group and favorable expense performance, we expect to meet our second-quarter outlook for earnings per share before special items (see note below) in the low- to mid-thirty cents per share range compared to 34 cents per share in the second quarter of 2005."

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, MarketWatch and the Ottaway group of community newspapers. Dow Jones is co-owner with Reuters Group of Factiva and with Hearst of SmartMoney. Dow Jones also provides news content to CNBC and radio stations in the U.S.