4th quarter net income was up 34% to $1.75b. The results showed gains from the sale of Internet access business in Europe and tax benefits. The company also reported a one time $615m charge for potential legal liabilities associated with securities litigation.
Net margins were up 2.7% to 14.1% for the quarter. In the cable business operating profit was up 26% and revenue up 58%. In the film division sales were down 15% and profit down 39% based in part on lower the hoped 4th quarter home video sales.
S&P Credit Analysts rate Time Warners debt at BBB+. The debt load is up to $33.4b from $17.4 because of the acquisition of Adelphia.
More detailed press coverage on TWX finances can be found at: