CBS Radio Q3 Revenues Off
November 2, 2006 at 9:42 AM (PT)
CBS RADIO reported third quarter revenues dropped 6%, from $542 million to $508.1 million. Operating income fell 10% to $201.7 million due largely to the cost of a massive, 100-plus-staff firing that began in JULY.
CBS CORP. Pres./CEO LESLIE MOONVES said. "In radio, our plan to strategically reduce the number of markets in which we operate is well underway. We also believe that the growth we're seeing in key formats such as JACK, Spanish and Talk bodes well for improved performance at radio in 2007."
CBS put stations in 10 of its small markets out for bid in MAY and has to date reached agreements to sell 29 radio stations in eight markets for a total of $570 million.
Overall, on a reported basis, CBS CORP.'s net income fell from $708.5 million last year, when it was still reporting as a combined company, to $316.9 million (from 90 cents to 41 cents/share). Earnings from continuing operations -- accounting for the split from VIACOM and the sale of its PARAMOUNT PARKS unit -- climbed from $256.9 million to $323.6 million (33-42 cents/share).
"CBS is right on track," said CBS CORP. Exec. Chairman SUMNER REDSTONE. "We remain committed to escalating shareholder value as we continue to drive our businesses forward. I am encouraged by the strategic vision LESLIE MOONVES and his team have put forth to capitalize upon the tremendous opportunities unfolding in the digital age."
Read the full report here.