Time Warner Inc. Reports First Quarter 2012 Results

Time Warner Inc. (NYSE:TWX) today reported financial results for its first quarter ended March 31, 2012.

Chairman and Chief Executive Officer Jeff Bewkes said: “We’re off to a great start to the year, and we’re benefiting from strong momentum for our content across our businesses. In the quarter, we saw impressive viewership gains at many of Turner’s networks, including TBS ranking as the #1 network on cable among its key demographics. HBO programming is getting even stronger, with fantastic ratings for the second season of Game of Thrones and great critical and popular acclaim for new series like VEEP and Girls. Warner Bros. is having a terrific 2011-2012 TV season, with excellent performance from returning shows like The Big Bang Theory and Two and a Half Men as well as new breakout hits like 2 Broke Girls and Person of Interest, which positions it extremely well for the upcoming season. And Warner Bros. plans to follow its film successes from the first quarter with highly-anticipated releases over the course of the year, including Tim Burton’s Dark Shadows, Christopher Nolan’s The Dark Knight Rises, and the first installment of Peter Jackson’s The Hobbit. Reflecting our confidence in our competitive position and growth prospects, we’ve repurchased almost $900 million of our stock so far this year.”

Company Results

Revenues increased 4% from the year-ago quarter to $7.0 billion, reflecting growth at the Film and TV Entertainment ¹ and Networks segments. Adjusted Operating Income rose 6% to $1.4 billion, also due to increases at the Film and TV Entertainment and Networks segments. Adjusted Operating Income margins were 19% in the first quarter of both 2012 and 2011. Operating Income decreased 2% to $1.2 billion, while Operating Income margin was 18% in 2012 compared to 19% in the prior year first quarter.

In the first quarter, the Company posted Adjusted Diluted Net Income per Common Share (“Adjusted EPS”) of $0.67 versus $0.58 for the year-ago quarter. Diluted Income per Common Share was $0.59 for the three months ended March 31, 2012 compared to $0.59 for last year’s first quarter.

For the first three months of 2012, Cash Provided by Operations reached $416 million and Free Cash Flow totaled $318 million. As of March 31, 2012, Net Debt was $16.6 billion, up from $16.0 billion at the end of 2011, due to share repurchases and dividends, offset by the generation of Free Cash Flow.

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