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For the period ending March 31, the company posted net earnings of $961 million, or 20 cents per share, well ahead of the year-ago figures of $396 million, or 9 cents per share " The company's Hollywood studios posted a 25 percent increase in revenues, led by higher licensing fees from television syndication including "Seinfeld " The company's Warner Bros S The company said the Securities and Exchange Commission as well as the Justice Department were continuing to investigate the company's accounting, primarily AOL's reporting of advertising revenues and subscriber counts In the comparable period a year ago, the company earned 10 cents per share Revenues rose 9 percent to $10 However, AOL is still trying to stem losses of dial-up Internet users and fashion services to attract high-speed Internet users, many of whom are dropping AOL for high-speed Internet service providers such as cable modems and DSL Time Warner also reported that it had cut its net debt to $18 Don Logan, the head of Time Warner's subscription-based businesses including cable TV, magazines and AOL, voiced optimism about the improvement in AOL's results but acknowledged that "we still have a lot of hard work ahead of us 51 "Simply put, we had a great quarter, and we couldn't be more pleased," chief executive Dick Parsons told investors on a conference call , the world's largest media company, reported Wednesday that its first-quarter profits more than doubled from the same period a year ago, powered by stronger results in its film and television divisions AOL's revenues edged slightly lower to $2 Excluding the effects of an accounting charge and discontinued operations, the earnings were equivalent to 15 cents per share, well ahead of the 9 cents per share that analysts surveyed by Thomson First Call had been expecting Time Warner's television networks unit posted a 5 percent rise in revenues, as subscription revenues rose 10 percent due to higher subscription rates at HBO and other networks 24 billion a year ago The company provided no update on the status of those investigations 20 billion in the same quarter a year ago, but operating income rose 21 percent on lower costs and better results from its European operation and New Line studios had a combined 20 percent share of the U In after-hours trading, the shares jumped 58 cents The results were announced after the end of regular trading on the New York Stock Exchange, where Time Warner's shares closed down 31 cents at $16 AOL also reported that it lost a total of 361,000 paying subscribers in the quarter, well below the 830,000 paying subscribers it lost in the fourth quarter of last year com Time Warner also reported improved results and a slowdown in subscriber defections at its America Online division, which is in the midst of a turnaround effort But he also called the improved results "only a stepping stone" on the way to building long-term value 8 billion, down from $22 box office in the first quarter, and New Line's third installment in the "Lord of the Rings" trilogy became only the second movie ever to break the $1 billion mark at the box office 1 billion from $9 Parsons has been shedding assets, paring down debt and focusing on the company's core businesses in a long-term effort to regain investors' trust following the debacle of Time Warner's 2001 merger with AOL 7 billion at the end of 2003 â€â€? meaning the company met its debt reduction targets a year ahead of schedule Time Warner Doubles Profits in 1Q Apr 28, 4:41 PM EST Time Warner Inc â€â€?â€â€?â€â€? On the Net: http://www timewarner 19 billion from $2 The company has since stripped 'AOL' from its name, removed AOL executives from top management positions and downgraded the Internet business to an operating unit from an equal management partner in the company The organization is clearly much stronger today than it was a year ago I always thought I could get by just with my natural instincts Mann had moved to Santa Fe in the late 1980s after spending most of his life in his native New York City Mann's best-selling "Memphis Underground" was a founding recording of fusion Family of Mann, formed in 1973, played world music before it was called that "I'm playing better than I've ever played," Mann said in a 1995 Associated Press interview He continued to work diligently on his music at a time most people consider retirement As far as I'm concerned, almost everything I've done in the past has been on the surface or just a hair below Always seeking out new rhythms and harmonies, he toured the world, spending time in Africa, Brazil and Japan Mann was known for performing different musical styles and creatively combining them " Now I'm getting serious Mann, who had battled prostate cancer since 1997, died late Tuesday, according to a friend, Sy Johnson He was 73 "I'm practicing A funeral home in Santa Fe said it was making arrangements with Mann's family Jazz Flutist Herbie Mann Dies at 73 Jul 2, 11:20 AM EST Herbie Mann, the versatile jazz flutist who combined a variety of musical styles and deeply influenced trends such as world music and fusion, has died |
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