CBS Corp. Q2 Revenue Down, But Profits Up
Radio Revenue Down 2%
August 2, 2012 at 2:23 PM (PT)
CBS CORP. offered a mixed report card for its Q2 report. Revenue declined by 3% decline in revenue from Q2 2011 to $3.48 billion. However, its profit or net income rose 8.1% to $427 million.
Its Radio division decreased 2%, as "growth in automotive advertising was offset by a decline in spending by retail and financial services advertisers." BUSINESSWEEK has more details. The company noted the sale of its WEST PALM BEACH cluster as a factor in that decline.
"CBS's content continues to fuel the success of this great company," CBS CORP. Exec. Chairman SUMNER REDSTONE said. "In a world where great programming commands premium pricing, we continue to hit on all cylinders. I am extremely pleased with our terrific second-quarter results, and I am confident that LESLIE and his management team will build on our momentum in the quarters and years to come."
"Our record second quarter results reflect CBS' underlying strength and the ongoing evolution of our business to encompass multiple sources of growing and recurring high-margin revenue," Pres./CEO LESLIE MOONVES added. "The good news is, there's so much more to come, and there are several important events just ahead. The U.S. presidential election will be a major factor in our second half results, and the LONDON OLYMPICS will give a considerable lift to our Outdoor business. And as we head into 2013, we will benefit from the SUPER BOWL, CBS' success in the upfront marketplace, as well as from a number of hit shows that will be sold into syndication. Plus, we are containing our costs and reducing our interest expense, and as a sign of the confidence we have in our future, we recently announced a significant increase in the amount of capital we are returning to our shareholders both through our ongoing dividend and accelerated share buyback program. For all of these reasons, we're confident 2012 will be a record year, and we will produce exceptional results in 2013 and beyond as well."