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CBS Corp. Reports Q1 Record Revenues, Radio Flat
RADIO ONLINE | Wednesday, May 1, 2013 |
CBS Corp., parent of CBS Radio, reported its strongest ever quarterly results Wednesday, including revenue that exceeded $4 billion for the first time since CBS became a stand-alone company in 2006. Revenues grew 6% to $4.04 billion from $3.79 billion in 2012. Operating income rose 18% to $800 million from $677 million. CBS Radio revenues remained flat over 2012, as the benefit of the new CBS Sports Radio network was offset by the impact of radio station dispositions in 2012.
"CBS has started the year with a terrific first quarter," said Executive Chairman Sumner Redstone. "Our premium content and multiplatform distribution strategy are leading to results that are better than ever. I am confident that this approach, under the guidance of Leslie and his team, will continue to propel CBS ahead in the years to come."
"Across key financial measures -- including revenue, OIBDA, operating income, and EPS -- this was the most successful quarter in our company's history," added President/CEO Leslie Moonves. "The value of our world-class content clearly continues to rise. In terms of big-event television, we had tremendous success during the quarter with the Super Bowl, the GRAMMYs, the NCAA men's basketball tournament, and more recently, the Academy of Country Music Awards."
Q1 net earnings from continuing operations were $463 million (73 cents per diluted share), up from $394 million (59 cents) in the year-ago period. The EPS increase reflected the company's operating income growth, lower interest expense as a result of the company's 2012 debt refinancing and lower weighted average shares outstanding as part of its ongoing share repurchase program.
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