CBS Radio Q4 Revenues Fall 12% But Pacing Up In Q1
February 18, 2010 at 4:25 PM (PT)
CBS CORPORATION fourth quarter revenyes dropped 1% to $3.5 billion, with adjusted net earnings up 19% to $171.1 million (25 cents/diluted share) and reported net earnings falling from $136.1 million to $58.8 million (20 to 9 cents/diluted share).
CBS RADIO revenues decreased 12% to $322.2 million, partially reflecting radio station divestitures.
"Throughout the past year, LESLIE (MOONVES) and his team did all the right things to position CBS for a vibrant future, and the results we're reporting today speak to our momentum," said Executive Chairman SUMNER REDSTONE. "We've managed through the year with financial prudence, while at the same time continuing to invest in our top-quality content businesses and maintain our industry-leading position. I'm very excited about all that we can achieve going forward."
"As we promised, each quarter in 2009 improved on the one before -- culminating in our best performance of the year in the fourth quarter," said Pres./CEO LES MOONVES. "The good news is, the rising revenue trends are continuing into 2010.
"We see a number of very positive signs at both our Content Group and our Local Group. The CBS Television Network is again #1 this season and up in every key demographic year-over-year, and we've added two new hits -- both of which are wholly-owned by CBS. Cable Networks' subscriber and profit growth continues, and traffic to CBS Interactive sites hit new records during the quarter. Meanwhile, both national and local advertising are improving substantially -- with dramatic gains in scatter and sales pacing for the Network and our TV Stations in the first quarter. Local radio stations are pacing well above last year's first quarter, and Outdoor has reached last year's levels. And with growing retransmission and affiliate fees, we've established a substantial secondary revenue stream. At the same time, we continue to manage our cost structure to deliver better efficiencies in any economy, and have improved our liquidity position -- all of which we believe will help us better capitalize on the ongoing economic recovery in 2010."