Time Warner Says It Will Meet 2005 Targets

Time Warner Inc. said it was on track to meet its 2005 targets, a day after corporate raider Carl Icahn said he would seek a seat on the company’s board to push for changes at the world’s largest media company.

The company backed its forecast of high single-digit percentage growth in 2005 for its adjusted operating income, which is before depreciation and amortization. In 2004, its adjusted operating income was $9.9 billion.

Time Warner also backed previous statements that it would convert 30% to 40% of its 2005 adjusted operating income into free cash flow.

Time Warner shares fell 23 cents to $17.98.