CBS Radio Revenues Fall 23%, Radio OI Down 62%
|RADIO ONLINE | , ,|
CBS Corp. reported second quarter results on Thursday with revenues of $3.01 billion, down 11.8%. The company's radio unit, CBS Radio, posted a revenue decline of 23% to $322 million from $416.4 million in 2008. Radio operating income (OI) fell 62% to $86 million from $150.7 million. CBS posted net earnings of $15.4 million (2 cents per share) as compared to $408.4 million (61 cents per diluted share).
"As we anticipated, early signs of a recovery took hold in the second quarter, and our revenue, profit, and EPS trends were all better than in the first quarter," commented CBS Corp. President/CEO Les Moonves. "We continue to believe that the back half of the year will be considerably stronger than the first. We are particularly encouraged by the strong performance of our many content businesses."
Moonves continued, "As the U.S. economy improves, we are confident we can deliver stronger financial results in both the near and longer term."