Time Warner Inc. Reaffirms 2012 Full-Year Business Outlook

  Time Warner Inc. Reaffirms 2012 Full-Year Business Outlook

Business Wire

NEW YORK -- November 07, 2012

Time Warner Inc. (NYSE:TWX) today reaffirmed its 2012 full-year business
outlook. The Company continues to expect its 2012 full-year percentage growth
rate in Adjusted Diluted Net Income per Common Share (“Adjusted EPS”) to be in
the low double digits  off a 2011 Adjusted EPS base of $2.89.

The outlook above does not include the impact of any future merger or
unplanned restructuring and severance charges, the impact from sales and
acquisitions of operating assets or the impact of taxes on the above items
that may occur from time to time due to management decisions and changing
business circumstances. The Company is currently unable to forecast precisely
the timing and/or magnitude of any such amounts or events.

Use of Adjusted EPS Measure

Adjusted EPS is Diluted Net Income per Common Share attributable to Time
Warner Inc. common shareholders excluding noncash impairments of goodwill,
intangible and fixed assets and investments; gains and losses on operating
assets, liabilities and investments; gains and losses recognized in connection
with pension plan curtailments, settlements or termination benefits; external
costs related to mergers, acquisitions, investments or dispositions, as well
as contingent consideration related to such transactions, to the extent such
costs are expensed; amounts related to securities litigation and government
investigations; and amounts attributable to businesses classified as
discontinued operations, as well as the impact of taxes and noncontrolling
interests on the above items. Adjusted EPS is considered an important
indicator of the operational strength of the Company’s businesses as this
measure eliminates amounts that do not reflect the fundamental performance of
the Company’s businesses. The Company utilizes Adjusted EPS, among other
measures, to evaluate the performance of its businesses both on an absolute
basis and relative to its peers and the broader market. Many investors also
use an adjusted EPS measure as a common basis for comparing the performance of
different companies. Some limitations of Adjusted EPS, however, are that it
does not reflect certain cash charges that affect the operating results of the
Company’s businesses and that it involves judgment as to whether items affect
fundamental operating performance. Also, a general limitation of Adjusted EPS
is that it is not prepared in accordance with U.S. generally accepted
accounting principles and may not be comparable to similarly titled measures
of other companies due to differences in methods of calculation and excluded
items.

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., aglobal leader in media and entertainment with businesses
in television networks, film and TV entertainment and publishing, usesits
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 third quarter ended September 30, 2012.

The Company’s conference call can be heard live at 10:30 am ET on Wednesday,
November 7, 2012. To listen to the call, visit www.timewarner.com/investors.

                                                 
TIME WARNER INC.
RECONCILIATION OF GUIDANCE
(Unaudited)
                                                        
                                                        
                                                        
                                Year Ended
                                December 31, 2011       Reconciliation of 2012
                                                        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
                                                        
                                                        
                                                        Expected percentage
Adjusted EPS ^(1)               $     2.89             growth in the low
                                                        double digits.
                                                        
                                                        Unable to estimate
                                                        beyond the ($0.19) per
Asset impairments                     (0.04   )         share recognized for
                                                        the period January 1,
                                                        2012 through September
                                                        30, 2012.
                                                        
                                                        Unable to estimate
                                                        beyond the ($0.04) per
Gains and losses on                   0.01              share recognized for
operating assets                                        the period January 1,
                                                        2012 through September
                                                        30, 2012.
                                                        
                                                        Unable to estimate
                                                        beyond the ($0.03) per
Other operating income                (0.02   )         share recognized for
items                                                   the period January 1,
                                                        2012 through September
                                                        30, 2012.
                                                        
                                                        Unable to estimate
                                                        beyond the ($0.03) per
Gains and losses on                   (0.16   )         share recognized for
investments                                             the period January 1,
                                                        2012 through September
                                                        30, 2012.
                                                        
Other items                           (0.01   )         Unable to estimate.
                                                        
                                                        Unable to estimate
                                                        beyond the $0.06 per
Tax impact on above items            0.04             share recognized for
                                                        the period January 1,
                                                        2012 through September
                                                        30, 2012.
                                                        
Diluted Net Income per
Common Share attributable       $     2.71            Unable to estimate.
to Time Warner Inc.
common shareholders

(1) Adjusted EPS is Diluted Net Income per Common Share attributable to Time
Warner Inc. common shareholders excluding noncash impairments of goodwill,
intangible and fixed assets and investments; gains and losses on operating
assets, liabilities and investments; gains and losses recognized in connection
with pension plan curtailments, settlements or termination benefits; external
costs related to mergers, acquisitions, investments or dispositions, as well
as contingent consideration related to such transactions, to the extent such
costs are expensed; amounts related to securities litigation and government
investigations; and amounts attributable to businesses classified as
discontinued operations, as well as the impact of taxes and noncontrolling
interests on the above items.

Contact:

Time Warner Inc.
Corporate Communications
Keith Cocozza (212) 484-7482
or
Investor Relations
Doug Shapiro (212) 484-8926
or
Michael Kopelman (212) 484-8920
 
Press spacebar to pause and continue. Press esc to stop.