|TIME WARNER INC. filed this Form 8-K on 08/02/2017|
The Company posted Diluted Income per Common Share from Continuing Operations (EPS) of $1.34, up 12% compared to $1.20 for the prior year quarter. Adjusted Diluted Income per Common Share from Continuing Operations (Adjusted EPS) was $1.33, up 3% from $1.29 for the prior year quarter.
For the first six months of 2017, Cash Provided by Operations from Continuing Operations reached $2.5 billion and Free Cash Flow totaled $2.3 billion, increasing 25% and 22%, respectively, compared to the first six months of 2016. The growth was due to a decline in the use of cash in working capital related to the positive impact to accounts receivable at Warner Bros. from the strong performance of the Warner Bros. theatrical and home entertainment slates in the fourth quarter of 2016 and the timing of production spend, partially offset by the comparison to last years benefit from the financing transaction with Central European Media Enterprises Ltd.
The Company continues to expect its pending merger with AT&T to close before yearend 2017.
Refer to Use of Non-GAAP Financial Measures in this release for a discussion of the non-GAAP financial measures used in this release and the reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.