Time Warner Inc. Reaffirms 2013 Full-Year Business Outlook

  Time Warner Inc. Reaffirms 2013 Full-Year Business Outlook

Business Wire

NEW YORK -- May 1, 2013

Time Warner Inc. (NYSE:TWX) today reaffirmed its 2013 full-year business
outlook. The Company continues to expect its 2013 full-year percentage growth
rate in Adjusted Diluted Net Income per Common Share (“Adjusted EPS”) to be in
the low double digits off a 2012 Adjusted EPS base of $3.28.

The outlook above does not include the impact of the planned legal and
structural separation of the Company’s Publishing segment from Time Warner,
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,
the planned legal and structural separation of the Company’s Publishing
segment from Time Warner, 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 first quarter ended March 31, 2013.

The Company’s conference call can be heard live at 10:30 am ET on Wednesday,
May 1, 2013. To listen to the call, visit www.timewarner.com/investors.

                                                                             
                                                                             
TIME WARNER INC.
RECONCILIATION OF GUIDANCE
(Unaudited)
                                             
                            Year Ended
                            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.
                                                                             
                                                  Unable to estimate beyond
Asset impairments                 (0.19   )       the ($0.03) recognized for
                                                  the period January 1, 2013
                                                  through March 31, 2013.
                                                                             
                                                  Unable to estimate beyond
Gains (losses) on                                 the $0.01 recognized for
operating assets, net            0.01            the period January 1, 2013
                                                  through
                                                  March 31, 2013.
                                                                             
                                                  Unable to estimate beyond
Other operating income            (0.03   )       the ($0.01) recognized for
items                                             the period January 1, 2013
                                                  through March 31, 2013.
                                                                             
                                                  Unable to estimate beyond
Gains and losses on               (0.08   )       the ($0.02) recognized for
investments                                       the period January 1, 2013
                                                  through March 31, 2013.
                                                                             
Other items                       -               Unable to estimate.
                                                                             
                                                  Unable to estimate beyond
Tax impact on above              0.10           the ($0.02) recognized for
items                                             the period January 1, 2013
                                                  through March 31, 2013.
                                                                             
Diluted Net Income per
Common Share
attributable to Time        $     3.09           Unable to estimate.
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
Michael Kopelman 212-484-8920
 
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