timeTime Inc. CEO Joe Ripp today reported a seven percent decline in Q4 sales to $895M as circulation and advertising revenues slide. Revenues for the full year were off two percent to $3.2B.

A one-time gain of $85M bolstered quarterly net income from $66M to $145M.

Ripp calls 2015 "a pivotal year" as the publisher plans the launch of various growth initiatives.

He said Time has reengineered its business model in the aftermath of the split from Time Warner.

Time reported ad strength in the financial and pharmaceutical sectors while the food/beverage, auto and home categories were weak.

Digital ads rose two percent in Q4 to $85M and six percent for the year to $298M.

Time claims a global audience of more than 120M from print and online each from properties such as Time, Sports Illustrated, Real Simple, Entertainment Weekly, People and Fortune.