89.3 F
San Fernando
Monday, Aug 15, 2022
-Advertisement-

Film Revenues Drop for Time Warner in ’06

Poor box office revenues and a decline in home entertainment contributed to a decrease in revenues in filmed entertainment for Time Warner Inc., the company announced Wednesday. Filmed entertainment, which includes Burbank-based Warner Bros. Entertainment and New Line Cinema, accounted for $3.1 billion for the fourth quarter ending Dec. 31, a drop from the $3.6 billion for the same period in 2005. For the year, filmed entertainment revenue was $10.6 billion, a significant drop from the nearly $12 billion in revenues realized in 2005. The media conglomerate said the decrease was due to difficult comparisons to the prior year record performance when it finished number one in box office receipts with “Harry Potter and the Goblet of Fire,” “Charlie and the Chocolate Factory,” and “Batman Begins.” The lower performance of theatrical releases led to a decline at Warner Home Video for the year, although the division had an 18.3 percent share of home video sales, the company said. Overall, Time Warner which also owns AOL, publishing companies, and cable networks had net income of $1.8 billion for the forth quarter, or $0.44 per diluted share, on revenues of $12.4 billion. That is an increase over the $1.3 billion in net income for the fourth quarter in 2005, or $0.28 per diluted share, on revenues of $11.5 billion. For the full year, net income was $6.5 billion, or $1.55 per diluted share, on revenues of $44.2 billion. That is wide leap from the $2.7 billion in net income for 2005, or $0.57 per diluted share, on revenues of $42.4 billion. The company’s business units all performed well and it achieved its announced financial objectives, said Chairman and CEO Dick Parsons. “We successfully executed on our new strategy enabling us to lead our industry and lay the foundation for creating significant new value,” Parsons said.

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-