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TW 2Q: YOU'VE GOT PROFITS!!

AOL Keyword: Yeeehaaaaa!
On the eve of its merger with America Online, Time Warner posted a 12% increase in second-quarter pre-tax operating earnings before interest, taxes, depreciation and amortization (EBITDA) of $1.38 billion, or 11 cents a share.

Revenues jumped 6.4% to $7.08 billion from $6.53 billion.

After posting a 10% decline in the first quarter compared to a year ago, Warner Music Group posted an 11% increase in its EBITDA for the second quarter.

WMG earnings for the second quarter were $109 million, compared to $98 million a year earlier. Six-month earnings were $189 million, compared to $187 million for the first six months of 1999.

TW chief gerald levin',390,400);">gerald levin',390,400);">Gerald Levin praised the music group, singling out its chief Michael Fuchs. "Naturally, Mo, Lenny and the gang also did a bang-up job," said Levin. "And Joe Smith is really doing well at Elektra."

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