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AOL Time Warner Comments on Its Business Outlook for 2001 and 2002
NEW YORK--(BUSINESS WIRE)--Sept. 24, 2001--AOL Time Warner Inc. (NYSE:AOL - news) today commented on the impact on its business
of the September 11 terrorist attacks and the advertising market slowdown, which was compounded by these events. As a result of
these developments, the Company said it now expects to achieve full-year 2001 EBITDA growth in the 20% range and revenue growth
of 5% to 7%. The Company continues to expect free cash flow growth of at least 200% for 2001, but now anticipates that its cash EPS will
be lower than previous expectations.
AOL Time Warner Chief Executive Officer Gerald M. Levin stated: ``No financial impact can compare to the terrible suffering and loss of
life inflicted by the vicious attacks of September 11. The AOL Time Warner family is fully committed to continuing to do everything in
our power to assist those who have been affected. Though our Company`s actions are only a small part of a far greater effort, the
importance of our core mission -- to inform and connect -- is clearer than ever. Our businesses -- including CNN, Time Inc., AOL, NY 1,
and Time Warner Cable -- will keep fulfilling our mission whatever the circumstances and with whatever resources are necessary.
The dedication and commitment of our employees would be hard to exaggerate. They are the heart and soul of this Company.``
The Company stated that 2001 results will be affected primarily by the continuing decline in the advertising market and the additional
expenses incurred by its news-gathering operations, as well as costs in its various businesses associated with the aftermath of the
terrorist attacks. Prior to September 11, the Company had not yet seen an improvement in the overall advertising environment, and,
due to the events of September 11, it has further deteriorated. The state of the advertising market is impacting the Company`s
Networks, America Online, Publishing and Cable operations. In addition, the Company said it has committed substantial additional
financial resources to its news-gathering operations, including CNN, Time Inc., AOL and NY1 and will incur significant added expenses
for these businesses.
Looking ahead, the Company said that, despite the recent events, its strategic and financial position remains very strong. Specifically,
the Company stated that the recurring aspect of its subscription businesses and the attractive nature of its content businesses,
which together make up more than 75% of the total revenue, should not be meaningfully impacted. As a result, despite the current
uncertainty of the economic environment, the Company still expects double-digit 2002 EBITDA growth.
AOL Time Warner Chairman Steve Case said: ``The events of September 11 tested our country, and it`s tremendously reassuring to
see how well Americans have come together, reaffirming our commitment to freedom and democracy. The tragedy also created new
challenges for all of us and, at AOL Time Warner, we will redouble our efforts to connect, inform and, wherever possible, serve the
public interest. The bottom line is -- despite this tragedy and the resulting economic affects -- our unique mix of assets give us
confidence that we can generate strong earnings growth next year and into the future.``
About AOL Time Warner
AOL Time Warner (NYSE:AOL - news) is the world`s first Internet-powered media and communications company, whose
industry-leading businesses include interactive services, cable systems, publishing, music, networks and filmed entertainment.
Caution Concerning Forward-Looking Statements
This document includes certain ``forward-looking statements`` within the meaning of the Private Securities Litigation Reform Act of
1995. These statements are based on management`s current expectations or beliefs and are naturally subject to uncertainty and
changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to
changes in economic, business, competitive, technological and/or regulatory factors and factors affecting the integration of the
businesses of America Online, Inc. and Time Warner Inc. More detailed information about these factors is set forth in filings by AOL
Time Warner with the Securities and Exchange Commission, including AOL Time Warner`s annual report on Form 10-K for the year
ended December 31, 2000 and its most recent quarterly report on Form 10-Q. AOL Time Warner is under no obligation to (and
expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information,
future events or otherwise.
--------------------------------------------------
Contact:
AOL Time Warner, New York
Edward Adler, 212/484-6630
Tricia Primrose, 212/484-7450
MfG
Star Ikone
Also, vorsichtig bleiben!
AOL Time Warner Comments on Its Business Outlook for 2001 and 2002
NEW YORK--(BUSINESS WIRE)--Sept. 24, 2001--AOL Time Warner Inc. (NYSE:AOL - news) today commented on the impact on its business
of the September 11 terrorist attacks and the advertising market slowdown, which was compounded by these events. As a result of
these developments, the Company said it now expects to achieve full-year 2001 EBITDA growth in the 20% range and revenue growth
of 5% to 7%. The Company continues to expect free cash flow growth of at least 200% for 2001, but now anticipates that its cash EPS will
be lower than previous expectations.
AOL Time Warner Chief Executive Officer Gerald M. Levin stated: ``No financial impact can compare to the terrible suffering and loss of
life inflicted by the vicious attacks of September 11. The AOL Time Warner family is fully committed to continuing to do everything in
our power to assist those who have been affected. Though our Company`s actions are only a small part of a far greater effort, the
importance of our core mission -- to inform and connect -- is clearer than ever. Our businesses -- including CNN, Time Inc., AOL, NY 1,
and Time Warner Cable -- will keep fulfilling our mission whatever the circumstances and with whatever resources are necessary.
The dedication and commitment of our employees would be hard to exaggerate. They are the heart and soul of this Company.``
The Company stated that 2001 results will be affected primarily by the continuing decline in the advertising market and the additional
expenses incurred by its news-gathering operations, as well as costs in its various businesses associated with the aftermath of the
terrorist attacks. Prior to September 11, the Company had not yet seen an improvement in the overall advertising environment, and,
due to the events of September 11, it has further deteriorated. The state of the advertising market is impacting the Company`s
Networks, America Online, Publishing and Cable operations. In addition, the Company said it has committed substantial additional
financial resources to its news-gathering operations, including CNN, Time Inc., AOL and NY1 and will incur significant added expenses
for these businesses.
Looking ahead, the Company said that, despite the recent events, its strategic and financial position remains very strong. Specifically,
the Company stated that the recurring aspect of its subscription businesses and the attractive nature of its content businesses,
which together make up more than 75% of the total revenue, should not be meaningfully impacted. As a result, despite the current
uncertainty of the economic environment, the Company still expects double-digit 2002 EBITDA growth.
AOL Time Warner Chairman Steve Case said: ``The events of September 11 tested our country, and it`s tremendously reassuring to
see how well Americans have come together, reaffirming our commitment to freedom and democracy. The tragedy also created new
challenges for all of us and, at AOL Time Warner, we will redouble our efforts to connect, inform and, wherever possible, serve the
public interest. The bottom line is -- despite this tragedy and the resulting economic affects -- our unique mix of assets give us
confidence that we can generate strong earnings growth next year and into the future.``
About AOL Time Warner
AOL Time Warner (NYSE:AOL - news) is the world`s first Internet-powered media and communications company, whose
industry-leading businesses include interactive services, cable systems, publishing, music, networks and filmed entertainment.
Caution Concerning Forward-Looking Statements
This document includes certain ``forward-looking statements`` within the meaning of the Private Securities Litigation Reform Act of
1995. These statements are based on management`s current expectations or beliefs and are naturally subject to uncertainty and
changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to
changes in economic, business, competitive, technological and/or regulatory factors and factors affecting the integration of the
businesses of America Online, Inc. and Time Warner Inc. More detailed information about these factors is set forth in filings by AOL
Time Warner with the Securities and Exchange Commission, including AOL Time Warner`s annual report on Form 10-K for the year
ended December 31, 2000 and its most recent quarterly report on Form 10-Q. AOL Time Warner is under no obligation to (and
expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information,
future events or otherwise.
--------------------------------------------------
Contact:
AOL Time Warner, New York
Edward Adler, 212/484-6630
Tricia Primrose, 212/484-7450
MfG
Star Ikone
