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TheStreet Open House

Mum's the Word at Time Warner

"That forecast is for Time Warner as we know it today," said Parsons on the conference call. "It applies to the current long-term plan, including the cable business."

For the third quarter, Time Warner's net income fell to $1.09 billion, or 30 cents a share, from $2.32 billion, or 57 cents a share, a year earlier, when results included gains from asset sales and tax-related items.

Earnings from continuing operations were 24 cents a share in the latest quarter, matching Thomson Financial's average analyst estimate. The company earned 19 cents a share on a comparable basis a year ago.

Its revenue rose 9% for the quarter to $11.68 billion from last year's $10.75 billion. That beat expectations for revenue of $11.36 billion.

Shares of the media colossus were recently down 3 cents, or 0.2%, to $18.30.

Time Warner Cable (TWC), which was partially spun off early this year in an IPO, posted a 28% jump in profits, thanks to new subscribers coming from bankrupt Adelphia Communications and growth of its triple-play offering, which includes digital cable, phone and broadband Internet access. Its revenue rose 25% to $4 billion.



Time Warner saw the biggest revenue growth at its filmed entertainment division, where the top line jumped 33% to $3.18 billion. Adjusted earnings from its film businesses, consisting of the New Line and Warner Bros. studios, jumped 71% to $359 million thanks to the latest Harry Potter flick, Ocean's 13 and Hairspray.

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