CBS Corp. Q3 Revs Flat, Radio Unit Continues Decline
CBS Corp. reported third quarter revenues were essentially flat at $3.35 billion when compared to $3.38 billion in 2008. Operating income was $565.6 million compared with a operating loss of $13.48 billion in last year's third quarter. The company's radio unit, CBS Radio, posted $318.9 million in Q3 revenues, a 19% drop from 392.5 million.
Net earnings totaled $207.6 million (30 cents per share) versus a net loss of $12.46 billion ($18.58 per share) in the year-ago period. Results for Q3 included a pre-tax non-cash impairment charge of $31.7 million ($23.1 million, net of tax), which was related to the disposition of radio stations, offset by a settlement of $28 million.
"The operating environment for our businesses continues to improve and we are finishing the year with strong momentum," said CBS President/CEO Leslie Moonves. "So far this year, each quarter has been better than the one before, with the third quarter showing significant improvement over the second, just as we expected."
Moonves continued, "Over the long term, we continue to believe that great content is the best driver of growth in this industry, which is why we've been so focused on building our content businesses across the company. To highlight this strategy, we are realigning our business segments beginning in the fourth quarter."
