time inc (TIME) Key Developments
Time Inc. Announces Amendments to Articles of Incorporation
May 21 15
On May 21, 2015, the Board of Directors of Time Inc. approved an amendment to the Company's Amended and Restated By-Laws, effective immediately, to delete the following provision from Article III, Section 2 thereof: No person shall qualify for service as a director of the Corporation if he or she is a party to any compensatory, payment or other financial agreement, arrangement or understanding with any person or entity other than the Corporation, or has received any such compensation or other payment from any person or entity other than the Corporation, in each case in connection with candidacy or service as a director of the Corporation; provided that agreements providing only for indemnification and/or reimbursement of out-of-pocket expenses in connection with candidacy as director (but not, for the avoidance of doubt, in connection with service as a director) and any pre-existing employment agreement a candidate has with his or her employer (not entered into in contemplation of the employer's investment in the Corporation or such employee's candidacy as a director) shall not be disqualifying under this Section 2; and provided, further, that agreements, arrangements, understandings, compensation or other payments in connection with candidacy or service as a director of the Corporation shall not be disqualifying under this Section 2 if the Board in its discretion makes an affirmative determination that the director satisfies applicable regulatory and stock exchange listing requirements to be an independent director of the Corporation and that the director is free of any other relationship (with the Company (as hereinafter defined in this Section 2) or any stockholder or otherwise) that would interfere with the exercise of independent judgment by such director.
Time Inc. Presents at 43rd Annual J.P. Morgan Global Technology, Media and Telecom Conference, May-18-2015
May 15 15
Time Inc. Presents at 43rd Annual J.P. Morgan Global Technology, Media and Telecom Conference, May-18-2015 . Venue: The Westin Boston Waterfront, 425 Summer St., Boston, MA 02210, United States.
Time Inc. Declares Regular Quarterly Dividend Payable on June 15, 2015
May 7 15
The Time Inc.'s Board of Directors declared a regular quarterly cash dividend of $0.19 per share payable on June 15, 2015 to all common stockholders of record at the close of business on May 29, 2015.
Time Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Reaffirms Earnings Guidance for 2015; Provides Revenue Guidance for the Second Quarter of 2015
May 7 15
Time Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. Revenue was $680 million against $745 million last year. Operating income was $5 million against operating loss of $120 million last year. Loss before income tax benefit was $17 million against $116 million last year. Net loss was $9 million or $0.08 per basic and diluted share against $74 million or $0.68 per basic and diluted share last year. Cash used in operations was $20 million. Capital expenditures were $4 million against $7 million last year. Adjusted OIBDA was $51 million against $64 million last year. OIBDA was $48 million against negative OIBDA of $77 million last year. Adjusted net loss was $7 million or $0.06 per diluted share against adjusted net income of $16 million or $0.15 per diluted share last year. The stronger U.S. dollar relative to the British pound adversely impacted revenues for the quarter ended March 31, 2015 by $9 million. Operating income was primarily driven by lower restructuring and severance costs and asset impairments. Operating income also reflected revenue reductions, partially offset by declines in Costs of revenues and SG&A. Adjusted OIBDA reflects revenue reductions partially offset by declines in Costs of revenues and SG&A. Net debt as at March 31, 2015 stood at $936 million against $1.264 billion at the time of separation from Time Warner.
The company reaffirmed earnings guidance for 2015. For the full year of 2015, the company expects operating income in the range of $85 million to $100 million, depreciation in the range of $100 million to $110 million, amortization of intangible assets in the range of $75 million to $80 million, OIBDA in the range of $260 million to $290 million, asset impairments, goodwill impairment, restructuring and severance costs, gains/losses on operating assets, pension plan settlements and/or curtailments and other costs related to mergers, acquisitions and dispositions in the range of $180 million to $200 million and adjusted OIBDA in the range of $440 million to $490 million. The company expects revenues-as reported in the range of negative 3% to negative 6% and capital expenditures in the range of $210 million to $220 million. Full year outlook includes capital expenditures of $185 million to $195 million offset by $45 million of tenant improvement allowances.
For the second quarter of 2015, total reported revenues are estimated to decline approximately mid- to high single digits year-over-year. The company estimates that approximately 2% of the decline will be driven by the net effect of FX, the dispositions and the discontinuation of relationship with second wholesaler in May of 2014.
Time Lists Blue Fin Building For Sale
May 7 15
Time Inc. (NYSE:TIME) said, "We are announcing that we have listed for sale the Blue Fin Building, our principal executive offices in the UK. "This approximately 500,000 square foot property is a marquee building in central London. We expect that Time Inc UK, which currently occupies approximately 228,000 square feet in the building, will remain a tenant following any sale."