CBS Corp. Q4 Radio Revenues Off 1%, Overall Revs Rise 2%
February 23, 2006 at 6:27 AM (PT)
CBS CORP.'s first financial results as a separate entity from VIACOM shows revenues up 2% overall to $3.8 billion, credited to growth in TV, outdoor, and parks/publishing divisions. Pro forma net earnings fell from $1.26 billion to $310.8 million ($1.59 to 41 cents/share), and, including non-cash impairment charges, the company posted an operating loss that narrowed from $17.4 to $8.8 billion for the quarter.
Radio revenues fell 1% to $543.5 million, with operating income (excluding a non-cash impairment charge of $3.1 billion for 2005 and $7.1 billion in 2004) off 11% to $205.3 billion, with 2004's numbers reflecting a gain from a station sale.