AOL Time Warner reports higher earnings

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New York--Bucking the lousy earnings trend among media companies, AOL Time Warner Inc., the world's biggest media and Internet company, Wednesday reported higher first-quarter earnings, excluding a range of costs. The company cited strong growth in its online and cable TV subscription businesses. AOL said its cash earnings per share, which exclude amortization of goodwill, taxes and charges, rose to 23 cents from 19 cents a year earlier on a pro forma adjusted basis. First-quarter earnings before interest, taxes, depreciation and amortization, or EBITDA, a cash flow measure, grew 20% to $2.1 billion--in line with analysts' expectations.
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