CBS Corp., Radio Produce Mixed Results In Q4, 2011

Good News And Bad News

CBS CORP. offered mixed results of its Q4 and full year 2011 numbers. While earnings rose 31% in Q4 and revenue rose to $370 million, full-year revenue fell 3%. Specific number crunching can be found here.

CBS RADIO revenues increased slightly from the prior year, reflecting growth in domestic auto, financial services, and retail advertising, partially offset by lower political advertising sales. However, for the full year, Radio revenue decreased 5%, reflecting the decline in political spending, which was partially offset by growth in domestic auto and financial services advertising.

"2011 was a record year for CBS, and we're confident 2012 will be even better," CBS Corp. Pres./CEO LESLIE MOONVES said. "In the fourth quarter, margins continued to expand, and EPS continued to grow. And we've recently taken strategic steps to accelerate our growth in what we see as an improving marketplace. We've reached another key retransmission agreement, and we've extended our NFL contract well into the future. In addition, the performance of the CBS Television Network in the first half of this season was the industry's best in decades. Plus, as the election season progresses and the automotive rebound continues, our local businesses will continue to improve. What's particularly exciting, however, is our ability to capitalize on the fundamental changes in our business model, meaning that the ways we get paid for our content are becoming more lucrative all the time. As our momentum builds and our revenue mix becomes more steady and recurring, we are positioned to enhance margins, drive earnings, and return significant value to our shareholders for many years to come."

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