SEC Filings

S-4/A
TIME WARNER INC. filed this Form S-4/A on 03/24/2000
Entire Document
 
<PAGE>
 
                              AOL TIME WARNER INC.
 
            PRO FORMA CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
                       
                    Six Months Ended December 31, 1999     
               (in millions, except per share amounts, unaudited)
 

<TABLE>   
<CAPTION>
                                                                        AOL
                                             Time      Pro Forma    Time Warner
                                  AOL(d)  Warner (e) Adjustments(f)  Pro Forma
                                  ------  ---------- -------------- -----------
<S>                               <C>     <C>        <C>            <C>
Revenues........................  $3,088   $14,711      $   --        $17,799
Cost of revenues(/1/)...........  (1,621)   (8,108)         --         (9,729)
Selling, general and
 administrative(/1/)............    (830)   (4,008)         --         (4,838)
Amortization of goodwill and
 other intangible assets........     (35)     (671)      (3,519)       (4,225)
Gain on sale or exchange of
 cable systems and investments..     --      1,476          --          1,476
Gain on sale of Canal
 Satellite......................     --         97          --             97
Merger, restructuring and other
 charges........................      (5)     (106)         --           (111)
                                  ------   -------      -------       -------
Business segment operating
 income (loss)(g)...............     597     3,391       (3,519)          469
Interest and other, net.........     197    (1,031)         --           (834)
Minority interest...............     --       (145)         --           (145)
Corporate expenses..............     (48)      (83)         --           (131)
                                  ------   -------      -------       -------
Income (loss) before income
 taxes..........................     746     2,132       (3,519)         (641)
Income tax benefit (provision)..    (291)     (903)         760          (434)
                                  ------   -------      -------       -------
Income (loss) before
 extraordinary item.............     455     1,229       (2,759)       (1,075)
Preferred dividend
 requirements...................     --        (16)         --            (16)
                                  ------   -------      -------       -------
Income (loss) applicable to
 common shares before
 extraordinary item.............  $  455   $ 1,213      $(2,759)      $(1,091)
                                  ======   =======      =======       =======
Income (loss) per common share
 before extraordinary item:
  Basic.........................  $ 0.20   $  0.94                    $ (0.26)
                                  ======   =======                    =======
  Diluted.......................  $ 0.18   $  0.90                    $ (0.26)
                                  ======   =======                    =======
Average common shares:
  Basic.........................   2,240     1,288                      4,172
                                  ======   =======                    =======
  Diluted.......................   2,592     1,395                      4,172
                                  ======   =======                    =======
 
--------
(/1/) Includes depreciation ex-
 pense of:......................  $  122   $   646      $   --        $   768
                                  ======   =======      =======       =======
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                            See accompanying notes.
 
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