CBS (CBS) revenues of $3.3 billion for the third quarter of 2007 decreased 3% from $3.4 billion for the same quarter last year, reflecting lower television license fees, the impact of radio and television station divestitures and the absence of UPN, which ceased broadcasting in September 2006.
Net earnings from continuing operations for the third quarter of 2007 increased 5% to $340.2 million from $323.6 million for the same prior-year period. Diluted earnings per share from continuing operations of $.48 increased 14% from $.42 per diluted share for the same prior-year period due primarily to lower shares outstanding in 2007
CBS said when comparing full year 2007 to 2006 on a reported basis, revenues will be down 2% to 3% as we have disposed of certain lower-margin, slower-growth assets, including 39 radio stations, 9 television stations, UPN, and the non- renewal of several of our urban outdoor transit contracts. Operating income in 2007 will be comparable to 2006 due to the above factors and higher expense for stock-based compensation.
If radio results had not been so bad, it would have been a decent quarter. Revenue in the unit fell 12% $446 million. Operating income was off 20% to $162 million.
Douglas A. McIntyre
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