CBS Q3 Revenues Fall
November 1, 2007 at 1:34 PM (PT)
CBS RADIO revenues fell 12% to $445.7 million (same station off 7%) and operating income dropped 20% to $162 million for third quarter 2007. The drop was blamed on the sale of some stations and ad sales weakness.
CBS CORPORATION overall revenues fall 3% to $3.3 billion, with net earnings up 5% to $340.2 million (diluted earnings per share up 14% to 48 cents).
"CBS continues to position itself for future growth during this time of extraordinary opportunity," said Exec. Chairman SUMNER REDSTONE. "LESLIE (MOONVES) and his team have done an exceptional job of creating and distributing compelling, mass-appeal programming to the growing list of platforms around the world while expanding CBS's new media properties. At the same time, all of us at CBS remain focused on producing strong free cash flow and returning value to our shareholders in the form of dividends, which we have steadily increased."
"In the third quarter, we once again delivered on our promise to return capital to shareholders while driving solid EPS growth," said President and CEO LES MOONVES. "The operating performance of our core businesses delivered the healthy free cash flow that allowed us to raise our quarterly cash dividend to an annualized $1.00 per share and repurchase an additional $1.6 billion of our stock during the quarter. We also continue to refine our asset portfolio and aggressively pursue higher-growth businesses that complement our core operations, like the purchase of SIGNSTOREY, a leading distributor of programming and advertising content to retail stores in the attractive out-of-home market. At the same time, we have further invested in the CBS Audience Network, CBS.com and CBS Mobile, and our online extensions of our radio and TV stations, all of which play an important role in building audiences which are attractive to a broad range of existing and new advertisers."
In advance of its earnings announcement, CBS announced a quarterly dividend of 25 cents per share payable JANUARY 1st to shareholders of record as of NOVEMBER 30th.