Time Inc. reported that its 1987 net...

Time Inc. reported that its 1987 net income totaled $250 million, down 33% from 1986, due in part to a huge pretax gain from an initial public offering at its American Television and Communications Corp. subsidiary in 1986. Annual revenue jumped more than 10% to $1.14 billion, reflecting strong subscriber growth at Home Box Office cable movie service, higher magazine circulation and the added sales of recently acquired Scott, Foresman & Co.