Adjusted EPS should be considered in addition to, not as a substitute for, the Company’s Diluted Net Income per Common Share and other measures of financial performance reported in accordance with U.S. generally accepted accounting principles.About Time Warner Inc. Time Warner Inc., a global leader in media and entertainment with businesses in television networks, film and TV entertainment and publishing, uses its industry-leading operating scale and brands to create, package and deliver high-quality content worldwide through multiple distribution outlets. Caution Concerning Forward-Looking Statements This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations or beliefs, and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive, technological, strategic and/or regulatory factors and other factors affecting the operation of Time Warner’s businesses, and any future merger or unplanned restructuring charges, sales and acquisitions of operating assets and investments, or the impact of taxes on the above items, that may occur from time to time due to management decisions and changing business circumstances. More detailed information about these factors may be found in filings by Time Warner with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Time Warner is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise. Information on Earnings Release & Conference Call In a separate release issued today, Time Warner Inc. reported the financial results for its fourth quarter and full year ended December 31, 2012. The Company’s conference call can be heard live at 10:30 am ET on Wednesday, February 6, 2013. To listen to the call, visit www.timewarner.com/investors .
|TIME WARNER INC.|
|RECONCILIATION OF GUIDANCE|
|December 31, 2012||Reconciliation of 2013 Guidance|
|Reconciliation of Adjusted Diluted Net Income per Common Share ("Adjusted EPS") to Diluted Net Income per Common Share attributable to Time Warner Inc. common shareholders|
|Adjusted EPS (1)||$||3.28||Expected percentage growth in the low double digits.|
|Asset impairments||(0.19||)||Unable to estimate.|
|Gains (losses) on operating assets, net||0.01||Unable to estimate.|
|Other operating income items||(0.03||)||Unable to estimate.|
|Gains and losses on investments||(0.08||)||Unable to estimate beyond the $0.07 - $0.08 expected to be recognized for the periodJanuary 1, 2013 through March 31, 2013. (2)|
|Other items||-||Unable to estimate.|
|Tax impact on above items||0.10||Unable to estimate beyond the ($0.04) - ($0.05) expected to be recognized for theperiod January 1, 2013 through March 31, 2013. (2)|
|Diluted Net Income per Common Share attributable to Time Warner Inc. common shareholders||$||3.09||Unable to estimate.|
(2) The Film and TV Entertainment segment expects to close on a sale of its investment in a joint venture in Japan during the first quarter of 2013. In connection with this sale, the Company expects to incur a pretax gain of approximately $60 million to $70 million in the first quarter of 2013.