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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
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
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