Update: Time Warner makes 2003 gains, despite AOL drag

Company hopes to offset AOL's narrrowband losses with growth in broadband and premium services

By Scarlet Pruitt, IDG News Service January 28, 2004

Box office success and increased cable rollouts helped boost Time Warner Inc.'s full-year and fourth-quarter 2003 results, despite continuing losses in the company's America Online (AOL) Internet division.

The New York media conglomerate said Wednesday that fourth quarter revenue was up 6 percent to $10.9 billion, compared to revenue of $10.2 billion for the year ago quarter.

Net income for the quarter ended Dec. 31 was $638 million, compared to $44.9 billion for the year-earlier quarter, which was largely affected by a $44 billion non-cash charge, Time Warner said.

"If you remember, I said that 2003 would be a reset year for the company and I'm proud to say that we made progress," Time Warner Chairman and Chief Executive Officer Richard Parsons said during a conference call to discuss the results Wednesday
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http://www.infoworld.com/article/04/01/28/HNtwaolgains_1.html