Time Warner Reports Mixed Financial Results Amid Challenging Market

AOL Time Warner's latest quarterly report reveals contrasting financial outcomes, with expanding losses yet increased revenue during a difficult advertising environment. The company demonstrated resilience through strategic cost reductions and emphasis on entertainment content and subscription services.

Revenue climbed 6% to $9.3 billion, despite a 5% decline in advertising and commerce income. Subscription-based operations, including AOL, magazines, and cable services, saw impressive 14% growth, while content divisions increased by 6%. Notably, filmed entertainment revenue rose 5%, though music operations experienced a slight 1% decrease.

Subscription and content businesses now represent 79% of the company's quarterly revenue, potentially providing greater stability during the prolonged advertising downturn compared to competitors.

Wall Street responded with mixed reactions to the results. Merrill Lynch downgraded the stock, triggering an 8% share price drop to $30.81. However, other analysts considered Merrill's projections unreasonably optimistic and found positive aspects in the report.

The company remains cautious regarding advertising prospects. Executives acknowledged deteriorating conditions following September 11th, with CEO Gerald Levin declining to predict recovery timing.

Net losses expanded to $996 million from $902 million, including $134 million in merger-related expenses and a $196 million investment write-down. Cash flow, however, improved 20% to $2.5 billion.

CNN received particular praise from Levin, who highlighted its global importance as a trusted news source. He also commended the Turner networks' revitalization under former WB executive Jamie Kellner's leadership.

The film division demonstrated strong performance with cash flow increasing 43% to $307 million on $2.1 billion revenue. Success factors included "Rush Hour 2" becoming New Line's highest-grossing domestic release ever, international earnings from several films, a 96% increase in DVD sales, higher television syndication revenue, and cost savings from closing Warner Bros. stores.

Looking ahead, the company anticipates developing long-term franchises with upcoming releases "Harry Potter and the Sorcerer's Stone" and "Lord of the Rings," which are receiving substantial promotion through AOL platforms.

Television networks performed well with 29% cash flow growth to $450 million and 4% revenue increase to $1.7 billion. Subscription revenue growth at Turner cable networks and HBO offset Turner's 10% advertising decline, while The WB network and Cartoon Network increased advertising revenue.

Warner Music experienced challenges with cash flow dropping 21% to $87 million despite $939 million revenue. However, market share improved slightly to 17.2%, maintaining its second-place industry position.

The company's cable systems division showed strong results with 11% cash flow growth to $791 million and 17% revenue increase to $1.8 billion. Time Warner Cable ended the quarter with 12.7 million basic subscribers and plans to expand video-on-demand testing to additional markets.

AOL's performance remained solid with 22% cash flow growth to $742 million and 13% revenue increase to $2.2 billion.

Despite economic uncertainties following September 11th, management affirmed plans to pursue strategic opportunities, citing strong cash positions and $12 billion in committed financing. This contrasts with competitors like Disney, which have indicated reluctance toward major acquisitions.

The publishing division reported 41% cash flow growth to $196 million with 4% revenue increase to $1.1 billion. Additionally, Time Inc. completed its acquisition of IPC, a major UK consumer magazine publisher.

The company also disclosed stock repurchases totaling $2.4 million in the current year, including $983 million during the third quarter.

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