EARNINGS : $91-Million Loss at Time Warner
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NEW YORK — Time Warner today reported a $91-million loss in the third quarter, compared to a $180-million loss in the year-ago period, reflecting the debt burden related to the acquisition of Warner Communications.
Excluding the cost related to Warner’s acquisition and other depreciation expenses, the giant publishing, cable and entertainment group reported a sharp increase in third-quarter operating income to $546 million from $477 million in the comparable quarter of 1989.
Revenues for the period soared to $2.9 billion, up from $2.19 billion in the third quarter of 1989.
“We are pleased with Time Warner’s growth and, in particular, with the outstanding performance of our filmed entertainment, recorded music, cable and HBO divisions, which reported their best third quarter and nine months results in their histories,” Chairman Steven J. Ross said.
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