Time Inc revenue falls again as print ads dry up

By Sai Sachin R (Reuters) - Time Inc, the publisher of Time, People and Sports Illustrated magazines, reported yet another decline in quarterly revenue as circulation dropped further, and advertising dollars continued to move to digital media from print. The company, which was spun off from Time Warner Inc last June, is among several publishers who have lost readers to the online medium as more and more people prefer mobiles and tablets over printed magazines and newspapers. Time, whose stable includes Fortune and Entertainment Weekly, reported a loss of 6 cents per share, excluding items, for the first quarter ended March 31 — much lower than the 20 cents loss analysts expected on average, according to Thomson Reuters I/B/E/S. Revenue, however, declined for the sixth time in eight quarters, falling 8.7 percent to $680 million. A slight rise in digital advertising revenue could not nearly offset a 12 percent slide in print ad sales. A 10 percent drop in newsstand sales and an 8 percent fall in subscription didn't help the largest U.S. magazine publisher either. "2015 will still likely prove to be a choppy year as the company navigates intensive restructuring and reinvestment in the face of falling sales," analysts at Macquarie Research wrote in a note. Time will try to beef up business through acquisitions, Chief Executive Joseph Ripp told Reuters. "Some of them may involve print as we are in conversations with various parties," Ripp said. The company was also trying shore up revenue by organizing events. It's already holding more than 300 events a year. "There's a real opportunity for us in the events business that you'll start to see in the not-so-distant future," Ripp said. Time will also focus on its video offerings, mobile platform and increase its social media outreach, the CEO said. The New York-based company's shares were slightly down at $21.25 on the New York Stock Exchange. (Editing by Joyjeet Das and Kirti Pandey)