CBS Radio Revenues Off 9% In Q1
April 29, 2008 at 6:56 AM (PT)
CBS CORPORATION first-quarter revenues were flat at $3.7 billion, with operating income before depreciation and amortization up 10% to $720 million and adjusted net earnings up 9% to $291.4 million (diluted earnings per share up 23% to 43 cents). Net income rose 14% to $244.3 million (36 cents/share). CBS RADIO revenues fell 9% (same station 6%) to $363.5 million, with ad market weakness and the sale of some stations offset partially by $10.4 million of revenue from the former deals with WESTWOOD ONE.
The company also raised its dividend 8% to 27 cents/share.
"The solid financial performance of CBS CORPORATION, in spite of a challenging economic environment, demonstrates the enduring strength of its brands and world-class assets," said Exec. Chairman SUMNER REDSTONE. "LESLIE (MOONVES) and his team are consistently delivering strong results while positioning CBS for future growth and returning significant cash to shareholders."
"I'm very pleased with the operating performance of the Company, which produced terrific first-quarter free cash flow of $938 million and diluted EPS of $.36," said Pres./CEO LES MOONVES. "As a result of our continued confidence in our businesses, we are increasing our quarterly dividend by 8% to $.27 per share, paying among the highest dividends in the industry. Driving the Company's performance this quarter was significant profit improvement at Television, led by a new distribution arrangement for our valuable CSI franchise in international markets. We also continued to drive digital operations forward, nearly doubling our online revenues for MARCH MADNESS ON DEMAND. At Radio, we are seeing positive signs early in the second quarter with sales pacing up over last year in some of our larger markets. Our recent acquisition of the largest outdoor company in SOUTH AMERICA adds to CBS OUTDOOR's portfolio of fast-growing attractive billboard markets."