The Time Inc. magazine business saw revenue fall 7 percent to $967 million as ad revenue fell and the company no longer had money from a school fundraising business sold in early 2012. Subscription revenue was flat.
The company expects 2013 adjusted earnings to be up in the low double-digit percentage, an estimate that reflects the anticipated restructuring charges at Time Inc. It was $3.28 per share in 2013, meaning the projected range is $3.61 to $3.77. Analysts had expected earnings of $3.66 per share for 2013.