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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
November 19, 1998
TIME WARNER INC.
(Exact name of registrant as specified in its charter)
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<S> <C> <C>
Delaware 1-12259 13-3527249
- ---------------------------- ------------ -------------------
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation File Number) Identification No.)
or organization)
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75 Rockefeller Plaza, New York, NY 10019
(Address of principal executive offices) (zip code)
(212) 484-8000
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
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Item 5. Other Events
On November 19, 1998, the Board of Directors of Time Warner Inc. (the
"Company") declared a two-for-one split of the Company's common stock. The stock
split will be effected on December 15, 1998, by means of a 100% stock dividend
to be distributed to shareholders of record on December 1, 1998.
All historical share and per share data attached hereto has been
restated to reflect the two-for-one common stock split.
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Time Warner Inc.
Restated Earnings and Dividends Per Common Share
Years Ended December 31,
(millions, except per share amounts; unaudited)
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<CAPTION>
1997 1996
----------------------- ----------------------
As Reported Restated As Reported Restated
----------- ---------- ----------- ----------
<S> <C> <C> <C> <C>
Loss applicable to common shares
before extraordinary item(a) $ (18) $ (18) $ (413) $ (413)
Net loss applicable to common shares(a) $ (73) $ (73) $ (448) $ (448)
Basic loss per common share:
Loss before extraordinary item $ (0.03) $ (0.01) $ (0.95) $ (0.48)
Net loss $ (0.13) $ (0.06) $ (1.04) $ (0.52)
Average common shares 567.7 1,135.4 431.2 862.4
Dilutive loss per common share:
Loss before extraordinary item $ (0.03) $ (0.01) $ (0.95) $ (0.48)
Net loss $ (0.13) $ (0.06) $ (1.04) $ (0.52)
Average common shares 567.7 1,135.4 431.2 862.4
Dividends per common share $ 0.36 $ 0.18 $ 0.36 $ 0.18
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<CAPTION>
1995 1994 1993
--------------------- --------------------- ---------------------
As Reported Restated As Reported Restated As Reported Restated
----------- --------- ----------- --------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C>
Loss applicable to common shares
before extraordinary item (a) $ (176) $ (176) $ (104) $ (104) $ (282) $ (282)
Net loss applicable to common shares (a) $ (218) $ (218) $ (104) $ (104) $ (339) $ (339)
Basic Loss Per Common Share:
Loss before extraordinary item $ (0.46) $ (0.23) $ (0.27) $ (0.14) $ (0.75) $ (0.38)
Net loss $ (0.57) $ (0.28) $ (0.27) $ (0.14) $ (0.90) $ (0.45)
Average common shares 383.8 767.6 378.9 757.8 374.7 749.4
Dilutive Loss Per Common Share:
Loss before extraordinary item $ (0.46) $ (0.23) $ (0.27) $ (0.14) $ (0.75) $ (0.38)
Net loss $ (0.57) $ (0.28) $ (0.27) $ (0.14) $ (0.90) $ (0.45)
Average common shares 383.8 767.6 378.9 757.8 374.7 749.4
Dividends Per Common Share $ 0.36 $ 0.18 $ 0.35 $ 0.175 $ 0.31 $ 0.155
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(a) After preferred dividend requirements
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Time Warner Inc.
Restated Earnings and Dividends Per Common Share
(millions, except per share amounts; unaudited)
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<CAPTION>
Three Months Ended
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March 31, 1998 June 30, 1998
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As Reported Restated As Reported Restated
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<S> <C> <C> <C> <C>
Income (loss) applicable to common shares
before extraordinary item (a) $ (144) $ (144) $ 23 $ 23
Net income (loss) applicable to common shares (a) $ (144) $ (144) $ 23 $ 23
Basic income (loss) per common share (b):
Income (loss) before extraordinary item $ (0.25) $ (0.12) $ 0.04 $ 0.02
Net income (loss) $ (0.25) $ (0.12) $ 0.04 $ 0.02
Average common shares 578.3 1,156.6 596.3 1,192.6
Dilutive income (loss) per common share (b):
Income (loss) before extraordinary item $ (0.25) $ (0.12) $ 0.04 $ 0.02
Net income (loss) $ (0.25) $ (0.12) $ 0.04 $ 0.02
Average common shares 578.3 1,156.6 596.3 1,192.6
Dividends per common share $ 0.09 $ 0.045 $ 0.09 $ 0.045
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<CAPTION>
Three Months Ended Nine Months Ended
September 30, 1998 September 30, 1998
----------------------- -----------------------
As Reported Restated As Reported Restated
----------- ----------- ------------ ----------
<S> <C> <C> <C> <C>
Income (loss) applicable to common shares
before extraordinary item(a) $ (37) $ (37) $ (158) $ (158)
Net income (loss) applicable to common shares(a) $ (37) $ (37) $ (158) $ (158)
Basic income (loss) per common share(b):
Income (loss) before extraordinary item $ (0.06) $ (0.03) $ (0.27) $ (0.13)
Net income (loss) $ (0.06) $ (0.03) $ (0.27) $ (0.13)
Average common shares 601.3 1,202.6 592.0 1,184.0
Dilutive income (loss) per common share(b):
Income (loss) before extraordinary item $ (0.06) $ (0.03) $ (0.27) $ (0.13)
Net income (loss) $ (0.06) $ (0.03) $ (0.27) $ (0.13)
Average common shares 601.3 1,202.6 592.0 1,184.0
Dividends per common share $ 0.09 $ 0.045 $ 0.27 $ 0.135
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(a) After preferred dividend requirements.
(b) Per common share amounts for the quarters and year-to-date periods have been
calculated separately. Accordingly, quarterly amounts may not add to the
year-to-date amounts because of differences in the average common shares
outstanding during each period and, with regard to diluted per common share
amounts only, because of the inclusion of the effect of potentially dilutive
securities only in the periods in which such effect would have been dilutive.
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Time Warner Inc.
Restated Earnings and Dividends Per Common Share
(millions, except per share amounts; unaudited)
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<CAPTION>
Three Months Ended
--------------------------------------------------------------------------------
March 31, 1997 June 30, 1997 September 30, 1997
------------------------ ----------------------- ------------------------
As Reported Restated As Reported Restated As Reported Restated
----------- -------- ----------- -------- ----------- --------
<S> <C> <C> <C> <C> <C> <C>
Income (loss) applicable to common shares
before extraordinary item(a) $ (26) $ (26) $ (49) $ (49) $ (109) $ (109)
Net income (loss) applicable to common shares(a) $ (43) $ (43) $ (49) $ (49) $ (116) $ (116)
Basic income (loss) per common share(b):
Income (loss) before extraordinary item $ (0.05) $ (0.02) $ (0.09) $ (0.04) $ (0.19) $ (0.09)
Net income (loss) $ (0.08) $ (0.04) $ (0.09) $ (0.04) $ (0.20) $ (0.10)
Average common shares 558.9 1,117.8 561.0 1,122.0 573.3 1,146.6
Dilutive income (loss) per common share(b):
Income (loss) before extraordinary item $ (0.05) $ (0.02) $ (0.09) $ (0.04) $ (0.19) $ (0.09)
Net income (loss) $ (0.08) $ (0.04) $ (0.09) $ (0.04) $ (0.20) $ (0.10)
Average common shares 558.9 1,117.8 561.0 1,122.0 573.3 1,146.6
Dividends per common share $ 0.09 $ 0.045 $ 0.09 $ 0.045 $ 0.09 $ 0.045
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<CAPTION>
Three Months Ended Year Ended
December 31, 1997 December 31, 1997
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As Reported Restated As Reported Restated
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<S> <C> <C> <C> <C>
Income (loss) applicable to common shares
before extraordinary item(a) $ 166 $ 166 $ (18) $ (18)
Net income (loss) applicable to common shares(a) $ 135 $ 135 $ (73) $ (73)
Basic income (loss) per common share(b):
Income (loss) before extraordinary item $ 0.29 $ 0.14 $ (0.03) $ (0.01)
Net income (loss) $ 0.23 $ 0.12 $ (0.13) $ (0.06)
Average common shares 577.5 1,155.0 567.7 1,135.4
Dilutive income (loss) per common share(b):
Income (loss) before extraordinary item $ 0.28 $ 0.14 $ (0.03) $ (0.01)
Net income (loss) $ 0.22 $ 0.11 $ (0.13) $ (0.06)
Average common shares 600.0 1,200.0 567.7 1,135.4
Dividends per common share $ 0.09 $ 0.045 $ 0.36 $ 0.18
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(a) After preferred dividend requirements.
(b) Per common share amounts for the quarters and full year have been
calculated separately. Accordingly, quarterly amounts may not add to the annual
amounts because of differences in the average common shares outstanding during
each period and, with regard to diluted per common share amounts only, because
of the inclusion of the effect of potentially dilutive securities only in the
periods in which such effect would have been dilutive.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of New York, State of New
York, on December 7, 1998.
TIME WARNER INC.
By: /s/ Richard J. Bressler
---------------------------------
Name: Richard J. Bressler
Title: Executive Vice President
and Chief Financial Officer
