AOL Time Warner Earns $1B in 2nd Quarter
Posted on: Wednesday, 23 July 2003, 06:00 CDT
NEW YORK (AP) -- Second-quarter profit at AOL Time Warner Inc., the world's largest media company, jumped to $1.06 billion thanks to several one-time gains, including the sale of the company's stake in Comedy Central and a settlement with Microsoft Corp. (MSFT)
In the April-June period a year ago, the company earned $396 million. On a per-share basis, earnings rose to 23 cents from 9 cents.
Revenues rose 6 percent to $10.82 billion from $10.2 billion.
The company also said the Securities and Exchange Commission was still investigating several transactions the company made, mainly at its AOL unit. The company said the SEC has determined that its accounting of two transactions between AOL and Bertelsmann was not correct, though the company says it stands by its accounting of those deals.
The results included several one-time factors, including an investment gain of $542 million, which was mainly attributable to the company's sale of its stake in the Comedy Central cable channel to Viacom Inc. (VIA) They also included a gain of $760 million related to a settlement with Microsoft.
Before the effects of those gains and other one-time factors, operating income fell 15 percent to $1.29 billion from $1.52 billion, due partly to higher levels of amortization and depreciation of assets.
For the first six months of the year, AOL Time Warner earned $1.46 billion, or 32 cents a share, compared with a net loss of $53.85 billion, or $12.12 a share, in the same period a year ago, when the company took a $54 billion accounting charge to reflect the declining value of its assets.
Six-month revenues rose 6 percent to $20.82 billion compared with $19.61 billion.
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