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
 
                            Year Ended June 30, 1999
               (in millions, except per share amounts, unaudited)
 

<TABLE>   
<CAPTION>
                                                                        AOL
                                            Time       Pro Forma    Time Warner
                                  AOL(d)  Warner(h)  Adjustments(f)  Pro Forma
                                  ------  ---------  -------------- -----------
<S>                               <C>     <C>        <C>            <C>
Revenues........................  $4,777  $ 26,482      $   --       $ 31,259
Cost of revenues(/1/)...........  (2,657)  (14,609)         --        (17,266)
Selling, general and
 administrative(/1/)............  (1,431)   (7,162)         --         (8,593)
Amortization of goodwill and
 other intangible assets........     (65)   (1,291)      (7,056)       (8,412)
Gain on sale or exchange of
 cable systems and investments..     --        795          --            795
Gain on early termination of
 video distribution agreement...     --        215          --            215
Merger, restructuring and other
 charges........................     (95)      --           --            (95)
                                  ------  --------      -------      --------
 
Business segment operating
 income (loss)(g)...............     529     4,430       (7,056)       (2,097)
Interest and other, net.........     638    (2,050)         --         (1,412)
Minority interest...............     --       (485)         --           (485)
Corporate expenses..............     (71)     (164)         --           (235)
                                  ------  --------      -------      --------
 
Income (loss) before income
 taxes..........................   1,096     1,731       (7,056)       (4,229)
Income tax benefit (provision)..    (334)     (871)       1,520           315
                                  ------  --------      -------      --------
 
Net income (loss)...............     762       860       (5,536)       (3,914)
Preferred dividend
 requirements...................     --       (416)         --           (416)
                                  ------  --------      -------      --------
 
Net income (loss) applicable to
 common shares..................  $  762  $    444      $(5,536)     $ (4,330)
                                  ======  ========      =======      ========
 
Net income (loss) per common
 share:
  Basic.........................  $ 0.37  $   0.36                   $  (1.10)
                                  ======  ========                   ========
  Diluted.......................  $ 0.30  $   0.36                   $  (1.10)
                                  ======  ========                   ========
Average common shares:
  Basic.........................   2,081     1,231                      3,928
                                  ======  ========                   ========
  Diluted.......................   2,555     1,231                      3,928
                                  ======  ========                   ========
 
 
--------
(/1/) Includes depreciation ex-
 pense of:......................  $  233  $  1,230      $   --       $  1,463
                                  ======  ========      =======      ========
</TABLE>
    
 
                            See accompanying notes.
 
 
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