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Time Warner - Company Profile - 2013 Out NowFeb 11, 2013 (M2 PRESSWIRE via COMTEX) -- Research and Markets (http://www.researchandmarkets.com/research/z7fr75/time_warner) has announced the addition of the "Time Warner - Company Profile" company profile to their offering. Strong 2012 Q3 results - - Revenue growth is anemic and continues to slow; Networks is the key concern. - EBIT & EBIT margins fell mostly due to one-off charges in Publishing & Networks. - Weakening US TV viewing & higher programming costs are increasing concerns. - Overall, Net Income fell 11%. EPS was flat only due to massive share buy-backs. - In Q1, total revenue rose by $296 m ( 4%), to $7.0 bn; slowing sequentially. - Film sales rose $180 m ( 7%), to $2.8 bn; ; driven by TV, despite lower DVD sales. - Warner Bros is doing well to keep film revenues flat with the end of the Harry - Potter franchise, helped by releases Journey 2, Project X & Sherlock Holmes. - - Publishing revenue fell $25 m (-3%), to $0.8 bn; with lower advertising & subscription. - - Networks revenue rose $106 m ( 3%), to $3.6 bn; helped by higher domestic prices. - HBO's 2nd series of Game of Thrones is the most-watched drama on US cable TV. - - Growth was broad-based; content, subscription & advertising all increased 3-4%. - EBIT fell by $23 m (-2%), to $1.2 bn. EBIT Margin fell by 1.1% to 17.9%. This was due to: - (i) A small loss in Publishing, from lower revenues and an asset write-off; and - (ii) Lower margins in Networks (down 1.5% to 31.7%); mostly due to charges from HBO's - cancellation of 'Luck' program & TV channel closing in India, and higher programming costs. - Net Income fell $70 m (-11%), to $0.6 bn; hit by a higher interest & tax rate (up 4% to 37%). - EPS was flat at $0.59; boosted by repurchases of 11% of its shares since last year. - FCF fell by $390 m (-58%), to $0.3 bn. $0.5 bn was spent on share repurchases. - Guidance for 2012 of adjusted EPS growth in the "low double-digits" was confirmed. Note: Comparisons (eg. growth rates) are stated on a year-on-year basis. Significant recent events & news flow - News reports that Cable TV ratings declined in Q4 2011 for the largest networks. - Warner Brothers films, but not HBO, to be on iCloud services. For more information visit http://www.researchandmarkets.com/research/z7fr75/time_warner CONTACT: Research and Markets, Laura Wood, Senior Manager. [email protected] Fax from USA: 646-607-1907 Fax from rest of the world: +353-1-481-1716 Sector: Company Reports (http://www.researchandmarkets.com/categories.asp cat_id=101&campaign_id=z7fr75) ((M2 Communications disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to [email protected]. |