Time Inc. reported a $32M net loss on $820M revenues in its debut quarter following the spin-off from Time Warner.

The nation's largest magazine company chalked up a $75M profit during the `13 comparable period.

CEO Joe Ripp reminded shareholders TI is "undergoing significant transformation" as it works to expend its brands across platforms, develops adjacent business opportunities and moves toward a "leaner and more nimble operating culture."

He warned of "secular challenges."

During the quarter, TI took a $55M charge for "planned headcount reductions" and real estate transactions.

It also had a $50M expense to settle obligations for vacating six floors at its Columbus Circle headquarters.

The publisher of Sports Illustrated, People, Fortune, Entertainment Weekly, InStyle, Southern Living and Time is moving to lower Manhattan late next year.