SEC Filings

S-4
TIME WARNER INC. filed this Form S-4 on 02/11/2000
Entire Document
 
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approximately $85 million relating to certain businesses and joint ventures
owned by Time Warner's music division that were either restructured or closed
and (b) an extraordinary loss of approximately $42 million on the retirement of
debt.
 
   To assess meaningfully underlying operating trends from period to period,
Time Warner's management believes that the results of operations for each
period should be analyzed after excluding the effects of these significant
nonrecurring items. The following summary adjusts Time Warner's historical
operating results to exclude the impact of these unusual items. However,
unusual items may occur in any period. Accordingly, investors and other
financial statement users individually should consider the types of events and
transactions for which adjustments have been made.
 

<TABLE>
<CAPTION>
                              Nine Months Ended
                                September 30,                           Years Ended December 31,
                         ---------------------------- -------------------------------------------------------------
                                     1998              1998
                            1999     Pro      1998     Pro      1998       1997       1996       1995       1994
                         Historical Forma  Historical Forma  Historical Historical Historical Historical Historical
                         ---------- ------ ---------- ------ ---------- ---------- ---------- ---------- ----------
                                                  (in millions, except per share amounts)
<S>                      <C>        <C>    <C>        <C>    <C>        <C>        <C>        <C>        <C>
Business segment
 operating income.......   $2,468   $2,003   $ 869    $3,024   $1,478     $1,259     $ 966      $ 782      $ 713
EBITDA..................    4,321    3,987   1,753     5,659    2,656      2,553     1,954      1,341      1,150
</TABLE>

 
Balance Sheet Data:
 

<TABLE>
<CAPTION>
                                                                  December 31,
                          September 30, ----------------------------------------------------------------
                              1999        1998       1998       1997       1996       1995       1994
                           Historical   Pro Forma Historical Historical Historical Historical Historical
                          ------------- --------- ---------- ---------- ---------- ---------- ----------
                                                          (in millions)
<S>                       <C>           <C>       <C>        <C>        <C>        <C>        <C>
Cash and equivalents....     $   645     $   529   $   442    $   645    $   514    $ 1,185    $   282
Total assets............      48,432      47,951    31,640     34,163     35,064     22,132     16,716
Debt due within one
 year...................          26          25        19          8         11         34        355
Long-term debt and other
 obligations(/1/).......      19,617      19,190    12,395     12,941     14,150     10,856      8,839
Series M preferred
 stock..................         --          --        --       1,857      1,672        --         --
Shareholders' equity:
 Preferred stock
  liquidation
  preference............         840       2,260     2,260      3,539      3,559      2,994        140
 Equity applicable to
  common stock..........       7,946       6,592     6,592      5,817      5,943        673      1,008
 Total shareholders'
  equity................       8,786       8,852     8,852      9,356      9,502      3,667      1,148
 Total capitalization...      28,429      28,067    21,266     24,162     25,335     14,557     10,342
</TABLE>

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(1)  Long-term debt and other obligations include borrowings against future
     stock option proceeds and mandatorily redeemable preferred securities of
     subsidiaries.
 
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