- Time Inc . (NYSE:TIME) is 5.8% lower after its Q2 revenues dropped 10% with broad declines and missed analyst expectations.
- Ad revenues fell 12% on a combined basis; while print was a heavy drag, digital ads declined as well. Meanwhile, circulation sales dropped by double digits.
- Foreign exchange had a negative impact of about 2 percentage points; excluding dollar/sterling rates, revenues would have fallen 8%.
- Net income fell to $13M from $22M.
- Management pointed to a positive sign in OIBDA, flat at $88M, beating an expected $68.1M. It expects $500M-$600M of OIBDA within 3-4 years.
- Revenue breakout: Print and other advertising, $249M (down 17%); Digital advertising, $25M (down 2%); Subscription revenues, $141M (down 8%); Newsstand sales, $58M (down 22%); other circulation, $8M (flat); other revenues, $113M (up 6%).
- Cash from operations was $36M, vs. a year-ago $79M. Free cash flow was $16M against last year's $53M.
- Press Release
- Now read: Volume and margins suffer at Dean Foods
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