Time Magazine 2013 Annual Report Download - page 73
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TIME WARNER INC.
CONSOLIDATED STATEMENT OF OPERATIONS
Year Ended December 31,
(millions, except per share amounts)
2013 2012 2011
Revenues:
Subscription ................................................... $10,379 $ 9,997 $ 9,523
Advertising .................................................... 6,326 6,121 6,116
Content ....................................................... 12,240 11,832 12,635
Other ......................................................... 850 779 700
Total revenues ................................................... 29,795 28,729 28,974
Costs of revenues ................................................. (16,230) (15,934) (16,311)
Selling, general and administrative ................................... (6,465) (6,333) (6,439)
Amortization of intangible assets ..................................... (251) (248) (269)
Restructuring and severance costs .................................... (246) (119) (113)
Asset impairments ................................................ (140) (186) (44)
Gain on operating assets, net ........................................ 142 9 7
Operating income ................................................. 6,605 5,918 5,805
Interest expense, net ............................................... (1,190) (1,253) (1,210)
Other loss, net .................................................... (112) (217) (236)
Income from continuing operations before income taxes .................. 5,303 4,448 4,359
Income tax provision .............................................. (1,749) (1,526) (1,477)
Income from continuing operations ................................... 3,554 2,922 2,882
Discontinued operations, net of tax ................................... 137 — —
Net income ...................................................... 3,691 2,922 2,882
Less Net loss attributable to noncontrolling interests ..................... — 3 4
Net income attributable to Time Warner Inc. shareholders ................. $ 3,691 $ 2,925 $ 2,886
Per share information attributable to Time Warner Inc. common
shareholders:
Basic income per common share from continuing operations ............... $ 3.85 $ 3.05 $ 2.74
Discontinued operations ............................................ 0.14 — —
Basic net income per common share .................................. $ 3.99 $ 3.05 $ 2.74
Average basic common shares outstanding ............................. 920.0 954.4 1,046.2
Diluted income per common share from continuing operations ............. $ 3.77 $ 3.00 $ 2.71
Discontinued operations ............................................ 0.15 — —
Diluted net income per common share ................................. $ 3.92 $ 3.00 $ 2.71
Average diluted common shares outstanding ........................... 942.6 976.3 1,064.5
Cash dividends declared per share of common stock ..................... $ 1.15 $ 1.04 $ 0.94
See accompanying notes.
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