Time Inc.'s 3Q earnings

Folio: The Magazine for Magazine Management, Nov 15, 1997

* Time Inc. recorded record cashflow (earnings before interest, taxes, depreciation and amortization) for the third quarter ended September 30. EBITDA for the unit totaled $114 million, up 15 percent from the $99 million generated in the same three-month period last year. The New York City-based multimedia company pointed to strong revenue performances turned in by People, Fortune, In Style and Entertainment Weekly. Ad pages at those four titles rose 8 percent, 5.9 percent, 59.7 percent and 7.7 percent for the first nine months of 1997, respectively, according to PIB figures. For the nine months ended September 30, the publishing unit's EBITDA was $380 million, a 13 percent improvement over the $335 million reported in the same period last year. Overall, parent company Time Warner reported record third-quarter EBITDA of $1.27 billion--up 32 percent-and revenues of $6.08 billion, up 25 percent. Because of its still-lagging music business, the company had a net loss of $35 million, or 20 cents per share. Still, the robust cashflow sent Time Warner's stock to a record-high of $57.12 October 15 on the New York Stock Exchange.

Correction

The Industry People story on Bob Bitchin (November 1, page 53) misstated two numbers for SaiL The circulation should have been listed as 180,000; the ad page total for 1996, according to Hall's Magazine Reports, was 1,213.