TIME <TL> SEES DILUTION FROM SCOTT, FORESMAN Time Inc said the acquisition of Scott, Foresman and Co last year will dilute earnings per share by about 17 cts a share for the full year in 1987. For the first quarter the acquisition will have a negative impact of about 20 cts per share, chief financial officer Thayer Bigelow told security analysts. He said Scott, Foresman, a textbook publisher, will contribute more than 50 mln dlrs in operating income before depreciation and amortization for the full year. N.J. Nicholas, president and chief operating officer, said Soctt Foresman will have over 200 mln dlrs in revenue in 1987. Bigelow said the textbook business, which normally has its highest profit in the third quarter and incurs a loss in the first quarter, will have an "adverse impact of 15 mln dlrs' on book publishing income for the first quarter. "First quarter performance for the rest of Time Inc will be better than last year," Bigelow said. The dilution of 17 cts per share for 1987 includes the effects of financing the acquisition. Bigelow also said the company is "comfortable" with estimates that earnings will be between 3.75 dlrs and 4.25 dlrs per share for the year.