Time Warner Inc. (NYSE:TWX) today reported financial results for its second quarter ended June 30, 2012. Chairman and Chief Executive Officer Jeff Bewkes said: “Across Time Warner, we’re continuing to make progress on our long-term goals, and we remain on track to meet our financial objectives for the year. This quarter, our results highlight the strength and potential of our networks and television production businesses, which generate the bulk of our revenues and earnings. We saw terrific performance at most of the Turner networks. For instance, TNT was the #1 network on ad-supported cable, bolstered by another great NBA season and the introduction of original hits like Dallas. TBS was up 30% in primetime in its key demographic in the quarter, thanks in part to the success of The Big Bang Theory, which remains the #1 sitcom on ad-supported cable. HBO’s original series like True Blood and Game of Thrones are continuing to see strong viewership. At the same time, HBO’s programming is continuing to garner critical acclaim, including receiving 81 Primetime Emmy nominations, the most of any network for the twelfth year in a row.” Mr. Bewkes added: “On the television production side, it was another standout quarter for Warner Bros. During the recent upfront buying season, Warner Bros. secured orders from the broadcast networks for 16 returning series and 9 new shows, making it the top producer of network TV primetime programming once again. And we’ve recently successfully syndicated a number of series, both to traditional and new SVOD buyers. Finally, reflecting our continuing commitment to shareholder returns and our confidence in our competitive position and growth prospects, this year we’ve returned about $2.0 billion of capital in the form of share repurchases and dividends.” Company Results Revenues decreased 4% to $6.7 billion and Adjusted Operating Income declined 5% to $1.2 billion in the second quarter of 2012 due to growth at the Networks segment offset by declines at the Film and TV Entertainment and Publishing segments as well as a significant year-over-year increase in intersegment eliminations. Adjusted Operating Income margins were 18% for the second quarter of both 2012 and 2011. Operating Income decreased 16% to $1.1 billion, while Operating Income margins were 16% for the second quarter of 2012 compared to 18% for the prior year quarter. In the second quarter, the Company posted Adjusted Diluted Net Income per Common Share (“Adjusted EPS”) of $0.59 versus $0.60 for the year-ago quarter. Diluted Income per Common Share was $0.44 for the three months ended June 30, 2012 compared to $0.59 for last year’s second quarter. For the first six months of 2012, Cash Provided by Operations from Continuing Operations reached $759 million and Free Cash Flow totaled $520 million. As of June 30, 2012, Net Debt was $17.4 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. Refer to “Use of Non-GAAP Financial Measures” in this release for a discussion of the non-GAAP financial measures used in this release and the reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.