Time’s 2nd-Quarter Income Up 12% Over Same Period in ’88

NEW YORK — Time Inc.’s second-quarter net income rose 12% to $94 million, or $1.61 a share, compared to $84 million, or $1.45 a share, in the corresponding 1988 period, the company reported today.

The company, which is battling to complete an offer to acquire Warner Communications Inc., valued at $14 billion, said increased second-quarter earnings reflected operating gains in its four divisions--magazines, books, television programming and cable television--and the inclusion of a $12-million pretax annual dividend from the company’s investment in Atlanta-based Turner Broadcasting System.

Time’s performance, however, was off slightly for the first half of 1989 because of first-quarter expenses relating to its business combination with Warner, a Time spokesman said. The company earned $143 million, or $2.49 a share, a 5% dip from $150 million, or $2.58 a share, in the first half of 1988.