Time Inc. Reports Net Loss In Q2 - Quick Facts

(RTTNews) - Magazine publisher Time Inc. (TIME) Tuesday reported second-quarter net loss of $32 million or $0.30 per share compared with net earnings of $75 million or $0.69 per share last year. The current quarter included restructuring and severance charges of $55 million and goodwill impairment of $26 million related to the sale of GEX. On an adjusted basis, the company earned $33 million or $0.30 per share. On average, 6 analysts polled by Thomson Reuters expected earnings per share of $0.16 for the quarter. Analysts' estimates typically exclude one-time items. Quarterly revenues were down 2 percent to $820 million from $833 million a year ago, while analysts had consensus estimate of $821.33 million. The company said, currently it expects annual revenues to be between $3.30 billion and $3.37 billion, and adjusted OIBDA in the range of $510 million- $547 million. Earlier in June, Time Inc. had completed its separation from Time Warner Inc. (TWX).