Time Warner Inc. (TWX) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Home SEC Filings Warner Media, Llc (TWX) 10-K Annual Report Thu Feb 23 2017

Exhibit 99.1

TIME WARNER INC. REPORTS FOURTH-QUARTER AND FULL-YEAR 2016 RESULTS

Full-Year Highlights

 

  •   Revenues increased 4% to $29.3 billion

 

  •   Turner’s Subscription revenues increased 12% to $5.9 billion

 

  •   Operating Income grew 10% to $7.5 billion and Adjusted Operating Income grew 10% to $7.6 billion

 

  •   EPS grew 8% to $4.94, and Adjusted EPS grew 23% to $5.86

 

  •   Cash Provided by Operations from Continuing Operations grew 22% to $4.7 billion and Free Cash Flow grew 22% to $4.4 billion

NEW YORK, February 8, 2017 –

Time Warner Inc. (NYSE:TWX) today reported financial results for its fourth quarter and full year ended December 31, 2016.

Chairman and Chief Executive Officer Jeff Bewkes said: “We had another very successful year in 2016, demonstrating once more Time Warner’s ability to deliver strong financial performance alongside creative and programming excellence. All our operating divisions increased revenue and profits while also making investments to capitalize on the growing demand for the very best video content and new ways to deliver it to audiences around the world. Warner Bros. is once again the #1 supplier of television shows for the broadcast networks, and had its second-best year ever at the global box office, nearing $5 billion in receipts with such hits as Batman v. Superman: Dawn of Justice, Suicide Squad and Fantastic Beasts and Where to Find Them.”

Mr. Bewkes continued: “Home Box Office again stood apart with its combination of the biggest Hollywood hit movies and best original programming — receiving more Primetime Emmy Awards in 2016 than any other network for the 15th consecutive year and launching Westworld, which is produced by Warner Bros. and is the most-watched new series in HBO’s history. We’re also really pleased with the growth of HBO’s domestic OTT product, and we expanded HBO’s international OTT footprint with launches in Spain, Brazil and Argentina in 2016. Turner continued to strengthen its leadership with TBS, TNT and Adult Swim all ranking among ad-supported cable’s top five networks in primetime among adults 18-49 for the year. TBS was the #1 ad-supported entertainment cable network on the strength of great sports and a bold new lineup of originals, including Full Frontal with Samantha Bee, and CNN was the #1 news network among adults 18-49 in primetime and the #1 digital news destination in 2016. The deal to be acquired by AT&T Inc., which we announced in October 2016, will accelerate our efforts to spur innovation in the media industry and further strengthen our businesses. We remain on track to close the transaction later this year.”

Full-Year Company Results

Full-year revenues increased 4% to $29.3 billion due to increases at all operating divisions and lower intersegment eliminations, and included the unfavorable impact of foreign exchange rates of approximately $340 million in the year. Operating Income increased 10% to $7.5 billion and Adjusted Operating Income increased 10% to $7.6 billion due to increases at all operating divisions and a positive swing in intersegment eliminations.

The Company posted 2016 Diluted Income per Common Share from Continuing Operations (“EPS”) of $4.94, up 8% compared to $4.58 in 2015. Adjusted Diluted Income per Common Share from Continuing Operations (“Adjusted EPS”) was $5.86, up 23% from $4.75 for the prior year. EPS and Adjusted EPS in 2016 included a net tax benefit of $0.29 related to an Internal Revenue Service (“IRS”)-approved tax accounting method change. Adjusted EPS in the current year excludes $1.0 billion of premiums paid and costs incurred in connection with debt repurchases.

The following information was filed by Warner Media, Llc (TWX) on Wednesday, February 8, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: TWX
CIK: 1105705
Form Type: 10-K Annual Report
Accession Number: 0001193125-17-053483
Submitted to the SEC: Thu Feb 23 2017 12:00:49 PM EST
Accepted by the SEC: Thu Feb 23 2017
Period: Saturday, December 31, 2016
Industry: Cable And Other Pay Television Services

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