CBS (CBS): No Good News
July 31, 2007 by Douglas A. McIntyreCBS (CBS) revenues of $3.4 billion for the second quarter of 2007 decreased 3% from $3.5 billion for the same quarter last year. Operating income before depreciation and amortization ("OIBDA") of $859.4 million and operating income of $749.9 million for the second quarter of 2007 remained flat with $858.9 million and $750.3 million, respectively, for the same prior-year period.
On an adjusted basis, excluding tax benefits from income tax settlements in both years and the pre- tax gain and related tax effect of station divestitures, net earnings from continuing operations increased 9% to $393.1 million for the second quarter of 2007 from $360.8 million.
Radio operating income fell 18% to $179 million.
Nothing to write home about.
Douglas A. McIntyre
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