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 December 31, 1999     
               (in millions, except per share amounts, unaudited)
 

<TABLE>   
<CAPTION>
                                                                       AOL-
                                             Time      Pro Forma    Time Warner
                                   AOL(i)  Warner(j) Adjustments(k)  Pro Forma
                                   ------  --------- -------------- -----------
<S>                                <C>     <C>       <C>            <C>
Revenues.........................  $5,718   $27,333     $   --       $ 33,051
Cost of revenues(/1/)............  (3,055)  (14,940)        --        (17,995)
Selling, general and
 administrative(/1/).............  (1,602)   (7,513)        --         (9,115)
Amortization of goodwill and
 other intangible assets.........     (68)   (1,298)     (7,047)       (8,413)
Gain on sale or exchange of cable
 systems and investments.........     --      2,247         --          2,247
Gain on early termination of
 video distribution agreement....     --        215         --            215
Gain on sale of interest in
 CanalSatellite..................     --         97         --             97
Merger, restructuring and other
 charges.........................     (98)     (106)        --           (204)
                                   ------   -------     -------      --------
Business segment operating income
 (loss)(/1/).....................     895     6,035      (7,047)         (117)
Interest and other, net..........     814    (1,897)        --         (1,083)
Minority interest................     --       (475)        --           (475)
Corporate expenses...............     (88)     (163)        --           (251)
                                   ------   -------     -------      --------
Income (loss) before income
 taxes...........................   1,621     3,500      (7,047)       (1,926)
Income tax benefit (provision)...    (595)   (1,540)      1,520          (615)
                                   ------   -------     -------      --------
Income (loss) before
 extraordinary item..............   1,026     1,960      (5,527)       (2,541)
Preferred dividend requirements..     --        (52)        --            (52)
                                   ------   -------     -------      --------
Income (loss) applicable to
 common shares before
 extraordinary item..............  $1,026   $ 1,908     $(5,527)     $ (2,593)
                                   ======   =======     =======      ========
Income (loss) per common share
 before extraordinary item:
  Basic..........................  $ 0.47   $  1.51                  $  (0.63)
                                   ======   =======                  ========
  Diluted........................  $ 0.40   $  1.43                  $  (0.63)
                                   ======   =======                  ========
Average common shares:
  Basic..........................   2,189     1,267                     4,090
                                   ======   =======                  ========
  Diluted........................   2,587     1,398                     4,090
                                   ======   =======                  ========
 
--------
(/1/) Includes depreciation ex-
 pense of:.......................  $  248   $ 1,231     $   --       $  1,479
                                   ======   =======     =======      ========
</TABLE>
    
 
                            See accompanying notes.
 
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