CBS Radio Takes 22% Hit In Q2
August 6, 2009 at 3:54 PM (PT)
CBS RADIO revenues took a 22% hit in second quarter to $322 million, blamed on weakness in the ad marketplace. Radio OIBDA and operating income fell 40% to $95.3 million and 43% to $86.0 million, respectively, partially offset by lower talent and employee-related costs resulting from restructuring and cost-savings initiatives.
The parent company, CBS CORPORATION, reported a net loss for the quarter of $39.3 million (6 cents/diluted share) versus a gain of $652.7 million (97 cents/diluted share) in second quarter 2008.
"LESLIE (MOONVES) and his management team continue to run CBS with a sure and steady hand," said Executive Chairman SUMNER REDSTONE. "We are focused on what matters most: maintaining financial flexibility and positioning the Company as one of the leading beneficiaries in an economic recovery. I am proud of the work our people do each day to achieve these goals, and confident in CBS's bright future."
"As we anticipated, early signs of a recovery took hold in the second quarter, and our revenue, profit and EPS trends were all better than in the first quarter," said Pres./CEO LES MOONVES. "We continue to believe that the back half of the year will be considerably stronger than the first. We are particularly encouraged by the strong performance of our many content businesses. Following a season where we were the only Network to grow in all key demos, CBS is again alone in adding viewers this summer, and well positioned to carry that momentum into the fall. We also have a strong slate of syndication titles in the pipeline for release between now and year-end. And we continue to see the benefits of the aggressive steps we have taken to reduce expenses throughout the Company. As the U.S. economy improves, we are confident we can deliver stronger financial results in both the near and longer term."