NEW YORK - Time Warner says its fourth-quarter net income dropped 12 per cent, as higher costs offset revenue growth. But its adjusted profit managed to beat Wall Street predictions. Its shares edged higher in premarket trading. The New York -based media and entertainment company earned $983 million , or $1.06 per share, compared with $1.11 billion , or $1.15 per share, in the same quarter the year before. Excluding one-time items, the company posted an adjusted profit of $1.17 per share. Analysts surveyed by FactSet expected $1.15 per share. Revenue rose 5 per cent to $8.57 billion from $8.16 billion . Analysts expected $8.38 billion in revenue. Time Warner also says it still expects to complete the split off of its Time Inc. publishing division in the second quarter. ( The Associated Press )
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