CBS Corp. Q1 Revenues Up 12% ... As Radio Dips 2%
May 1, 2012 at 1:52 PM (PT)
CBS CORP. had what it considers to be a great Q1 2012, generated revenues of $3.9 billion, which was up 12% from last year's Q1. Net profit rose from $202 million in 20122 to $363 million, or 54 cents per share, in Q1 2012.
However, local broadcasting was flat at $622 million, with CBS TV stations enjoying a 4% increase, balanced by a 2% dip in radio revenue. According to BLOOMBERG, CBS' net profit bump can primarily be attributed to increased cable system fees and a 39% increase in program syndication revenue.
"As great as these last few years have been, this quarter tops it all," CBS CORP. Exec. Chairman SUMNER REDSTONE said. "What's most exciting is that we are poised to benefit from all of the strategic actions we've taken – and continue to take – for a long, long time. We have the best content and the right management to ensure success, and as a result, I have never been more confident about our Company's future than I am today."
"The transformation of CBS' business model continues, and I am extremely pleased that we posted record results," Pres./CEO LESLIE MOONVES said. "Our ability to capitalize on the fundamental shifts in our industry has led to the growth of significant new revenue streams and has also allowed us to increase our share of non-advertising revenue. At the same time, we continue to benefit from underlying advertising growth. Of course, the cornerstone of our ability to drive earnings will always come back to our success in creating premium content. In that regard, we greatly look forward to building on our leading position when we unveil our new primetime schedule in a couple of weeks. We will then sell that lineup into what we're confident will be a very healthy upfront marketplace, and begin anew the process of monetizing our programming through the burgeoning content value chain. So, with political dollars due to ramp up in the back half of 2012, and with the syndication programming pipeline we have established for 2013, we look forward to the future with great confidence."