Time Magazine 2010 Annual Report Download - page 67

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TIME WARNER INC.
CONSOLIDATED STATEMENT OF OPERATIONS
Years Ended December 31,
(millions, except per share amounts)
2010 2009 2008
Revenues:
Subscription ............................................. $ 9,028 $ 8,445 $ 8,300
Advertising .............................................. 5,682 5,161 5,798
Content ................................................ 11,565 11,074 11,450
Other .................................................. 613 708 886
Total revenues ............................................. 26,888 25,388 26,434
Costs of revenues ........................................... (15,023) (14,235) (14,911)
Selling, general and administrative .............................. (6,126) (6,073) (6,678)
Amortization of intangible assets................................ (264) (280) (346)
Restructuring costs .......................................... (97) (212) (327)
Asset impairments .......................................... (20) (85) (7,213)
Gain (loss) on operating assets ................................. 70 (33) (3)
Operating income (loss) ...................................... 5,428 4,470 (3,044)
Interest expense, net ......................................... (1,178) (1,166) (1,360)
Other loss, net ............................................. (331) (67) 7
Income (loss) from continuing operations before income taxes .......... 3,919 3,237 (4,397)
Income tax provision ........................................ (1,348) (1,153) (693)
Income (loss) from continuing operations ......................... 2,571 2,084 (5,090)
Discontinued operations, net of tax .............................. — 428 (9,559)
Net income (loss) ........................................... 2,571 2,512 (14,649)
Less Net (income) loss attributable to noncontrolling interests .......... 7 (35) 1,251
Net income (loss) attributable to Time Warner Inc. shareholders ........ $ 2,578 $ 2,477 $(13,398)
Amounts attributable to Time Warner Inc. shareholders:
Income (loss) from continuing operations ......................... $ 2,578 $ 2,088 $ (5,090)
Discontinued operations, net of tax .............................. — 389 (8,308)
Net income (loss) ........................................... $ 2,578 $ 2,477 $(13,398)
Per share information attributable to Time Warner Inc. common
shareholders:
Basic income (loss) per common share from continuing operations ...... $ 2.27 $ 1.76 $ (4.27)
Discontinued operations ...................................... — 0.32 (6.95)
Basic net income (loss) per common share . . . ..................... $ 2.27 $ 2.08 $ (11.22)
Average basic common shares outstanding......................... 1,128.4 1,184.0 1,194.2
Diluted income (loss) per common share from continuing operations ..... $ 2.25 $ 1.75 $ (4.27)
Discontinued operations ...................................... — 0.32 (6.95)
Diluted net income (loss) per common share . . ..................... $ 2.25 $ 2.07 $ (11.22)
Average diluted common shares outstanding . . ..................... 1,145.3 1,195.1 1,194.2
Cash dividends declared per share of common stock ................. $ 0.850 $ 0.750 $ 0.750
See accompanying notes.
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