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EARNINGS

April 20, 1993

Time Warner Inc., a media-entertainment conglomerate, posted a $15-million first-quarter loss despite improved performances by each of its five operating divisions. The deficit stemmed from changes in how the company must account for payments on the heavy debt load incurred in the merger that created Time Warner in 1990. The New York-based firm said the loss was equal to 33 cents a share in the three months ended March 31. The figures contrast with a profit of $3 million a year ago. After deducting preferred dividend payments, the company lost 40 cents a share in the year earlier. Revenue rose 8.3% to $3.26 billion from $3.01 billion a year earlier.

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