Press Release: Time Inc. Reports First Quarter 2015 Results
NEW YORK--(BUSINESS WIRE)-- Time Inc. (NYSE:TIME) reported financial results for its first quarter ended March 31, 2015.
Time Inc. Chairman and CEO, Joe Ripp said, "Our results and financial performance reflect progress in the fundamental re-engineering of our business, and in re-positioning the company for its return to growth. At the center of that transformation are Time Inc.'s extraordinary portfolio of media brands, engaged audiences and powerful story-telling. These are allowing us to engage with the largest audiences in the company's history. Each month, we are connecting with more than 120 million people in print, more than 120 million digitally and more than 145 million through social media. We remain confident in our plans to extend our powerful brands across platforms and into new revenue streams."
The company's Adjusted OIBDA, Adjusted Net (Loss) Income, Adjusted Diluted EPS and Free Cash Flow are non-GAAP financial measures. See "Use of Non-GAAP Financial Measures" below and the reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures in Schedules I through IV attached hereto.
FIRST QUARTER 2015 RESULTS
Revenues for the first quarter of 2015 decreased $65 million or 9% versus the prior year comparable quarter to $680 million. The stronger U.S. dollar relative to the British pound adversely impacted Revenues for the quarter ended March 31, 2015 by $9 million. The quarter ended March 31, 2014 included $19 million of revenues from subsequently-disposed businesses (specifically, our Mexico-based operations, Grupo Editorial Expansión ("GEX"), and our CNNMoney.com collaborative arrangement with Time Warner). Excluding the impacts of U.S. dollar/British pound exchange rate changes and the GEX and CNNMoney.com dispositions, Revenues would have decreased 5%.
Advertising Revenues decreased $37 million or 9% in the first quarter of 2015 from the prior year comparable quarter to $353 million. The stronger U.S. dollar relative to the British pound adversely impacted Advertising revenues by $3 million. The quarter ended March 31, 2014 included $16 million of Advertising revenues from GEX and CNNMoney.com. Excluding the impacts of U.S.dollar/British pound exchange rate changes and the GEX and CNNMoney.com dispositions, Advertising revenues would have decreased 5%.