Time Magazine 2014 Annual Report Download - page 67

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TIME WARNER INC.
CONSOLIDATED STATEMENT OF OPERATIONS
Year Ended December 31,
(millions, except per share amounts)
2014 2013 2012
(recast) (recast)
Revenues ................................................... 27,359 26,461 25,325
Costs of revenues ............................................ (15,875) (14,935) (14,575)
Selling, general and administrative .............................. (5,190) (4,934) (4,813)
Amortization of intangible assets ................................ (202) (209) (212)
Restructuring and severance costs ............................... (512) (183) (92)
Asset impairments ........................................... (69) (61) (180)
Gain on operating assets, net ................................... 464 129 45
Operating income ............................................ 5,975 6,268 5,498
Interest expense, net .......................................... (1,169) (1,189) (1,251)
Other loss, net ............................................... (127) (111) (214)
Income from continuing operations before income taxes ............. 4,679 4,968 4,033
Income tax provision ......................................... (785) (1,614) (1,370)
Income from continuing operations .............................. 3,894 3,354 2,663
Discontinued operations, net of tax .............................. (67) 337 259
Net income ................................................. 3,827 3,691 2,922
Less Net loss attributable to noncontrolling interests ................ - - 3
Net income attributable to Time Warner Inc. shareholders ............ $ 3,827 $ 3,691 $ 2,925
Amounts attributable to Time Warner Inc. shareholders:
Income from continuing operations .............................. $ 3,894 $ 3,354 $ 2,666
Discontinued operations, net of tax .............................. (67) 337 259
Net income ................................................. $ 3,827 $ 3,691 $ 2,925
Per share information attributable to Time Warner Inc.
common shareholders:
Basic income per common share from continuing operations .......... $ 4.49 $ 3.63 $ 2.77
Discontinued operations ....................................... (0.07) 0.36 0.28
Basic net income per common share ............................. $ 4.42 $ 3.99 $ 3.05
Average basic common shares outstanding ........................ 863.3 920.0 954.4
Diluted income per common share from continuing operations ........ $ 4.41 $ 3.56 $ 2.73
Discontinued operations ....................................... (0.07) 0.36 0.27
Diluted net income per common share ............................ $ 4.34 $ 3.92 $ 3.00
Average diluted common shares outstanding ....................... 882.6 942.6 976.3
Cash dividends declared per share of common stock ................. $ 1.27 $ 1.15 $ 1.04
See accompanying notes.
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