Time Inc. Reports Fourth Quarter and Full Year 2014 Results

Time Inc. (NYSE:TIME) reported financial results for its fourth quarter and full year ended December 31, 2014.

Time Inc.’s Chairman and CEO, Joe Ripp said, “Over the past year, we’ve been fundamentally re-engineering the business, and re-positioning our company for its return to growth. We have made significant progress toward the transformation of the cost structure, and successfully protected our margins and cash flows. We accelerated the growth and monetization of our digital audiences. We also became a stand-alone public company for the first time since January 1990. As we look forward, we expect 2015 to be a pivotal year as we launch a portfolio of growth initiatives. One of the unique sources of upside for Time Inc. is the ability to extend our powerful brands into new revenue streams. We are very excited by the opportunities provided by our brands.”

Revenues for the fourth quarter of 2014 decreased $71 million or 7% versus the prior year to $895 million. Excluding the impact of the Corporate Transactions, Revenues would have declined 4%.

For the full year 2014, Revenues decreased $73 million or 2% versus the prior year to $3.28 billion. Excluding the impact of the Corporate Transactions, Revenues would have declined 5%.

Advertising Revenues declined $44 million or 8% in the fourth quarter of 2014 from the prior year to $496 million. Excluding the impact of the Corporate Transactions, Advertising revenues would have declined 2%.

For the full year 2014, Advertising revenues declined $32 million or 2% from the prior year to $1.78 billion. Excluding the impact of the Corporate Transactions, Advertising revenues would have declined 4%.

Print and Other Advertising Revenues decreased $46 million or 10% in the fourth quarter of 2014 from the prior year to $409 million. Excluding the impact of the Corporate Transactions, Print and other advertising revenues would have declined 8% driven primarily by fewer advertising pages sold. Among our core domestic advertising categories, areas of relative strength were pharmaceutical and financial with relative weakness in food/beverage, automotive and home.

For the full year 2014, Print and other advertising revenues decreased $50 million or 3% from the prior year to $1.48 billion. Excluding the impact of the Corporate Transactions, Print and other advertising revenues would have declined 8% driven primarily by fewer advertising pages sold.

read more/source  https://invest.timeinc.com/invest/financials/financial-press-releases/press-release-details/2015/Time-Inc-Reports-Fourth-Quarter-and-Full-Year-2014-Results/default.aspx

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