Time Warner Inc. Reaffirms 2014 Full-Year Business Outlook

  Time Warner Inc. Reaffirms 2014 Full-Year Business Outlook  Business Wire  NEW YORK -- August 6, 2014  Time Warner Inc. (NYSE:TWX) today reaffirmed its 2014 full-year business outlook. The Company continues to expect its 2014 full-year percentage growth rate in Adjusted Diluted Income per Common Share from Continuing Operations (“Adjusted EPS”) to be in the low teens off a 2013 Adjusted EPS base of $3.51^1.  The outlook above does not include the impact of any future merger or unplanned restructuring and severance charges, the impact from future 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 events and resulting impacts.  Use of Adjusted EPS Measure  Adjusted EPS is Diluted Income per Common Share from Continuing Operations attributable to Time Warner Inc. common shareholders excluding noncash impairments of goodwill, intangible and fixed assets and investments; gains and losses on operating assets (other than deferred gains on sale-leasebacks), liabilities and investments; gains and losses recognized in connection with pension and other postretirement benefit plan curtailments or settlements; 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 and the Company’s share of the above items with respect to equity method investments. 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 Income per Common Share from Continuing Operations 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 and film and TV entertainment, uses its industry-leading operating scale and brands to create, package and deliver high-quality content worldwide on a multi-platform basis.  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, future 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 second quarter ended June 30, 2014.  The Company’s conference call can be heard live at 10:30 am ET on Wednesday, August 6, 2014. To listen to the call, visit www.timewarner.com/investors.                        TIME WARNER INC. RECONCILIATION OF GUIDANCE (Unaudited)                                                                                                                                      Year Ended                                  December 31,       Reconciliation of 2014                                  2013 ^1            Guidance                                                      Reconciliation of Adjusted Diluted Income per Common Share from Continuing Operations to Diluted Income per Common Share from Continuing Operations                                                                                                           Adjusted EPS ^2                  $  3.51            Expected percentage growth                                                     in the low teens.                                                                                                          Unable to estimate beyond Asset impairments                   (0.06  )        the ($0.03) recognized for                                                     the period January 1, 2014                                                     through June 30, 2014.                                                      Gains (losses) on                                   Unable to estimate beyond operating assets,                   0.14            the $0.51 recognized for net                                                 the period January 1, 2014                                                     through June 30, 2014.                                                                                                          Unable to estimate beyond Other operating                     0.01            the ($0.07) recognized for income items                                        the period January 1, 2014                                                     through June 30, 2014.                                                                                                          Unable to estimate beyond Gains and losses on                 0.06            the $0.02 recognized for investments                                         the period January 1, 2014                                                     through June 30, 2014.                                                                                                          Unable to estimate beyond Other items                         (0.03  )        the ($0.02) recognized for                                                     the period January 1, 2014                                                     through June 30, 2014.                                                                                                          Unable to estimate beyond Tax impact on above                (0.07  )        the $0.09 recognized for items                                               the period January 1, 2014                                                     through June 30, 2014.                                                      Diluted Income per Common Share from                $  3.56           Unable to estimate. Continuing Operations                                                       ^1 On June 6, 2014, the Company completed the legal and structural separation of Time Inc. from the Company. Accordingly, the Company has recast its financial information to present the financial condition and results of operations of its former Time Inc. segment as discontinued operations for all periods presented.  ^2 Adjusted EPS is Diluted Income per Common Share from Continuing Operations attributable to Time Warner Inc. common shareholders excluding noncash impairments of goodwill, intangible and fixed assets and investments; gains and losses on operating assets (other than deferred gains on sale-leasebacks), liabilities and investments; gains and losses recognized in connection with pension and other postretirement benefit plan curtailments or settlements; 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 and the Company's share of the above items with respect to equity method investments.   Contact:  Time Warner Inc. Corporate Communications Keith Cocozza (212) 484-7482 or Investor Relations Michael Kopelman (212) 484-8920 Michael Senno (212) 484-8950  
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