AOL Time Warner Reports First Quarter 2003 Results

AOL Time Warner Reports First Quarter 2003 Results

Post by Monty Solomo » Fri, 25 Apr 2003 02:38:04



EBITDA Increases 14% to $2.0 Billion; Operating Income Rises 9% to
                             $1.2 Billion
                  Free Cash Flow Totals $1.0 Billion;
           Cash Flow from Operations Amounts to $1.5 Billion

AOL Time Warner Inc. (NYSE:AOL) today reported financial results
for its first quarter ended March 31, 2003.

Revenues for the quarter increased 6% over the same period in 2002 to
$10.0 billion. Subscription revenues climbed 10% to $4.9 billion, led
by growth in the Company's Cable and America Online businesses.
Content revenues improved 11% to $3.3 billion, due to increases at the
Filmed Entertainment and HBO divisions. Advertising revenues declined
5% to $1.3 billion, stemming from decreases at America Online and
Cable, offset partially by solid gains at the Publishing and Networks
divisions. Other revenues decreased 21% to $472 million, due to
declines at the America Online and Publishing divisions.

The quarter's EBITDA rose 14% to $2.0 billion, led by growth at
the Filmed Entertainment, Networks and Cable divisions, as well as a
decline in restructuring charges from $107 million in the year-ago
quarter to $24 million this quarter. Excluding the effect of these
charges, EBITDA grew 9%.

Operating Income climbed 9% to $1.2 billion, reflecting the EBITDA
growth, which was offset in part by increased depreciation primarily
at the America Online and Cable divisions.

Cash Flow from Operations was $1.5 billion. Free Cash Flow totaled
$1.0 billion, or 48% of EBITDA, partially due to the favorable timing
of working capital requirements.

At the end of the quarter, the Company's net debt totaled $26.3
billion, versus $25.8 billion at year-end 2002. This net debt balance
includes $2.1 billion of incremental borrowings upon the closing of
its Time Warner Entertainment Company, L.P. ("TWE") restructuring
transaction. This increase was substantially offset during the quarter
by the sale of an investment in GM Hughes for approximately $800
million, as well as the generation of significant free cash flow that
was used to reduce debt.

     - http://finance.lycos.com/home/news/story.asp?story=33925115

 
 
 

AOL Time Warner Reports First Quarter 2003 Results

Post by 'nuther Bo » Sat, 26 Apr 2003 00:38:43




Quote:> EBITDA Increases 14% to $2.0 Billion; Operating Income Rises 9% to
>                             $1.2 Billion
>                  Free Cash Flow Totals $1.0 Billion;
>           Cash Flow from Operations Amounts to $1.5 Billion

> AOL Time Warner Inc. (NYSE:AOL) today reported financial results
> for its first quarter ended March 31, 2003.

Interested readers might want to check out the SEC investigation into
the alleged mis-stating of advertising revenues by $400 million. See
the NY Times Monday/4-21 edition for the full story.

Bob

 
 
 

1. AOL Time Warner Reports Second Quarter 2003 Results

NEW YORK--(BUSINESS WIRE)--July 23, 2003--

The presentation of AOL Time Warner Inc.'s historical financial
performance reflects the adoption by the SEC of Regulation G and other
rules affecting the use and disclosure of non-GAAP financial measures.
Pursuant to recent SEC guidance on the application of Regulation G and
the use of non-GAAP financial measures, going forward, the Company no
longer will refer to "Operating Income (Loss) before Depreciation and
Amortization" as "EBITDA." In addition, unless otherwise noted, the
Company's financial results described in this release, such as
Operating Income (Loss), Operating Income (Loss) before Depreciation
and Amortization, and Free Cash Flow, have not been adjusted for items
that may affect their comparability, including merger and
restructuring charges, impairments of goodwill and intangible assets
and the gains or losses from asset disposals.

AOL Time Warner Inc. (NYSE:AOL) today reported financial results
for its second quarter ended June 30, 2003.

Revenues for the quarter increased 6% over the same period in 2002
to $10.8 billion, led by increases at the Filmed Entertainment,
Networks and Cable divisions.

Operating Income before Depreciation and Amortization decreased 4%
to $2.2 billion, including a total of $277 million in non-cash
impairments of goodwill and intangible assets, offset partially by a
$43 million gain on an asset sale. Excluding these impairments and the
gain, Operating Income before Depreciation and Amortization increased
6% to $2.4 billion, reflecting double-digit increases at the Networks,
Cable and Filmed Entertainment businesses, offset in part by declines
at the America Online division.

Operating Income declined 15% to $1.3 billion, further reduced by
higher levels of depreciation and amortization.

For the first six months of 2003, the Company generated $3.8
billion in Cash Flow from Operations, and Free Cash Flow totaled $2.5
billion. Free Cash Flow benefited from the favorable timing of working
capital requirements and approximately $350 million of net cash
received through the settlements of certain litigation.

At the end of the quarter, the Company's net debt totaled $24.2
billion, versus $26.3 billion at March 31, 2003. The reduction in net
debt reflected proceeds of $1.225 billion received during the quarter
from the sale of a 50% ownership stake in the Comedy Central cable TV
network and the aforementioned net benefit from certain litigation
settlements, as well as the generation of significant Free Cash Flow.
This decrease was offset partially during the quarter by $813 million
of incremental borrowings for the repurchase of all non-voting
preferred shares in AOL Europe.

     - http://finance.lycos.com/home/news/story.asp?story=34955550

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