Turner Broadcasting System Inc. yesterday reported a 30 percent increase in net income and a slight increase in revenue for the year ended Dec. 31, 1984.
Net income for the year was $10 million (49 cents per share), up from $7 million (34 cents) for 1983. Revenue was $282 million for 1984, up slightly from $224.5 million. Included in net income were benefits from operating loss carryforwards of $5 million (24 cents) in 1984 and $3.6 million (18 cents) in 1983.
For the fourth quarter ended Dec. 31, 1984, TBS reported net income of $1.9 million (9 cents) on revenue of $71 million, up from a net loss of $5.1 million (25 cents) on revenue of $57.9 million in the 1983 fourth quarter.
Fourth-quarter 1984 net income included a $784,000 benefit (3 cents) from operating-loss tax-carryforwards, while the 1983 fourth quarter reflects an income tax charge of $2.3 million (11 cents) because of a reversal of operating-loss carryforward benefits during previous periods of 1983.
TBS Chairman and President Ted Turner said recent increases in subscriber fees for Cable News Network, together with the continued strength of the Atlanta WTBS SuperStation, make the company "optimistic about continued earnings improvement in 1985." TBS also owns CNN Headline News and the Atlanta Braves.