UPDATE: Time Misses Q4 Views

reported weaker-than-expected earnings for the fourth quarter and issued a downbeat sales forecast for the full year. For the full year, Time projects revenue to fall 3% to 6%, versus analysts' estimates for a 2% drop. The New York-based company reported a quarterly profit of $145 million, or $1.32 per share, compared to $66 million, or $0.61 per share, in the year-ago period. Excluding special items, the company's earnings shrank to $0.73 per share from $1.02 per share. Its revenue dropped 7% to $895 million. However, analysts were expecting earnings of $0.78 per share on revenue of $904 million. Time's general advertising revenue dropped 8% to $496 million in the fourth quarter, while print and other advertising revenue declined 10% to $409 million. The company's digital-advertising revenue gained 2% to $87 million, while circulation revenue fell 8% to $288 million. Subscription revenue shrank 7% to $191 million, while newsstand revenue slipped 12% to $89 million in the quarter. Selling, general and administrative expenses fell 3% to $368 million in the quarter. The company's board declared a dividend of $0.19 per share. Time Inc.'s Chairman and CEO, Joe Ripp said, "Over the past year, we've been fundamentally re-engineering the business, and re-positioning our company for its return to growth. We have made significant progress toward the transformation of the cost structure, and successfully protected our margins and cash flows. We accelerated the growth and monetization of our digital audiences." Time shares fell 0.52% to close at $24.95 yesterday.