Time Magazine 2011 Annual Report Download - page 71

Download and view the complete annual report

Please find page 71 of the 2011 Time Magazine annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 136

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136

TIME WARNER INC.
CONSOLIDATED STATEMENT OF OPERATIONS
Year Ended December 31,
(millions, except per share amounts)
2011 2010 2009
Revenues:
Subscription ................................................. $ 9,523 $ 9,028 $ 8,445
Advertising .................................................. 6,116 5,682 5,161
Content ..................................................... 12,635 11,565 11,074
Other ....................................................... 700 613 708
Total revenues ................................................. 28,974 26,888 25,388
Costs of revenues ............................................... (16,311) (15,023) (14,235)
Selling, general and administrative ................................. (6,439) (6,126) (6,073)
Amortization of intangible assets ................................... (269) (264) (280)
Restructuring and severance costs .................................. (113) (97) (212)
Asset impairments .............................................. (44) (20) (85)
Gain (loss) on operating assets ..................................... 7 70 (33)
Operating income ............................................... 5,805 5,428 4,470
Interest expense, net ............................................. (1,210) (1,178) (1,166)
Other loss, net .................................................. (229) (331) (67)
Income from continuing operations before income taxes ................ 4,366 3,919 3,237
Income tax provision ............................................ (1,484) (1,348) (1,153)
Income from continuing operations ................................. 2,882 2,571 2,084
Discontinued operations, net of tax ................................. — — 428
Net income .................................................... 2,882 2,571 2,512
Less Net (income) loss attributable to noncontrolling interests ............ 4 7 (35)
Net income attributable to Time Warner Inc. shareholders ............... $ 2,886 $ 2,578 $ 2,477
Amounts attributable to Time Warner Inc. shareholders:
Income from continuing operations ................................. $ 2,886 $ 2,578 $ 2,088
Discontinued operations, net of tax ................................. — — 389
Net income .................................................... $ 2,886 $ 2,578 $ 2,477
Per share information attributable to Time Warner Inc. common
shareholders:
Basic income per common share from continuing operations ............. $ 2.74 $ 2.27 $ 1.76
Discontinued operations .......................................... — — 0.32
Basic net income per common share ................................ $ 2.74 $ 2.27 $ 2.08
Average basic common shares outstanding ........................... 1,046.2 1,128.4 1,184.0
Diluted income per common share from continuing operations ........... $ 2.71 $ 2.25 $ 1.75
Discontinued operations .......................................... — — 0.32
Diluted net income per common share ............................... $ 2.71 $ 2.25 $ 2.07
Average diluted common shares outstanding ......................... 1,064.5 1,145.3 1,195.1
Cash dividends declared per share of common stock ................... $ 0.940 $ 0.850 $ 0.750
See accompanying notes.
57