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Time Warner Reports Third Quarter 2005 Results

by onNovember 3, 2005
 

Time Warner Inc. on Wednesday reported financial results for its third quarter ended September 30, 2005.

For the quarter, Revenues rose 6% over the same period in 2004 to $10.5 billion, led by growth at the Cable, Networks, Filmed Entertainment, and Publishing segments. Operating Income rose 60% to $1.8 billion, due primarily to the absence of the prior-year’s charge to establish legal reserves of $500 million related to the government investigations. Net Income was $897 million, or $0.19 per diluted common share, compared with Net Income in 2004 of $499 million, or $0.11 per diluted common share.

Time Warner also reaffirmed its 2005 full-year business outlook, saying that the full-year growth rate in Adjusted Operating Income before Depreciation and Amortization will be in the high-single digits, off a base of $9.9 billion in 2004. The company continues to expect that it will convert between 30% to 40% of its 2005 Adjusted Operating Income before Depreciation and Amortization into Free Cash Flow.

Separately, Time Warner’s Board of Director has authorized a $7.5 billion increase in the stock repurchase program to a total of $12.5 billion over the next 21 months, in keeping with the two-year schedule for the original stock repurchase program announced August 3, 2005. As of October 31, 2005, the company has repurchased approximately 45 million shares of common stock for approximately $809 million.

[Source: Time Warner]

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