Lower home video sales contributed to a 1 percent decrease in revenues in filmed entertainment, Time Warner Inc. said Wednesday. Overall, the media conglomerate reported a net income of $1.2 billion, or $0.31 per diluted share, on revenues of $11.2 billion for the first quarter ending March 31. That is a 16 percent drop from the same period in 2006 when the company reported a net income of $1.5 billion, or $0.33 per diluted share, on revenues of $10.2 billion. The filmed entertainment unit, which includes Burbank-based Warner Bros. Entertainment, reported revenues of $2.7 billion, a drop of $36 million from the first quarter of 2006. The company explained the drop was due to not as strong home entertainment sales as in the first quarter of 2006 when its releases included the hits “The Wedding Crashers” and “Harry Potter and the Goblet of Fire.” The home video declines were partly offset by strong worldwide theatrical performance of “300” with a box office take of $431 million and increased license fees from worldwide television distribution.