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  • bluecheese4u bluecheese4u May 7, 2009 8:44 PM Flag

    CBS CORPORATION REPORTS FIRST QUARTER 2009 RESULTS

    CBS CORPORATION REPORTS FIRST QUARTER 2009 RESULTS
    New York, New York, May 7, 2009 – CBS Corporation (NYSE: CBS.A and CBS) today reported
    results for the first quarter ended March 31, 2009.
    “During a tremendously challenging period, Leslie and his team continue to manage CBS with
    distinction,” said Sumner Redstone, Executive Chairman, CBS Corporation. “I have no doubt that the
    actions we are taking today, together with the strength of our industry-leading content, will translate to
    significantly better results once the economy improves.”
    “Like other companies, our results were affected by the economic downturn that continued during the
    first quarter,” said Leslie Moonves, President and Chief Executive Officer, CBS Corporation. “In
    addition, there were a number of factors that had an impact on comparability. The advertising
    marketplace remained relatively robust through the first half of last year. And last year’s first quarter
    benefited from several special items, including the shift to self-distribution of our CSI franchise
    internationally, significantly lower production costs as a result of the writers’ strike, and record political
    advertising revenues, which were not repeated this year. We are confident that the second half of the
    year will bring improved results due to a strong slate of syndication releases, the effect of cost
    reductions that were made last year and early signs of an improving local advertising marketplace.”
    Moonves continued: “We are extremely pleased with the performance of our content businesses,
    particularly the CBS Television Network, which is having its best season in years with ratings up in all
    measures. And our non-advertising-supported businesses, which represent one-third of revenues,
    continue to perform exceptionally well. Each of our business segments was profitable on an OIBDA
    basis in the quarter, and together they generated healthy free cash flow. Meanwhile, we remain focused
    on reducing our cost structure, significantly lowering capital expenditures, and conserving cash in order
    to meet our debt obligations going forward.”
    2
    First Quarter 2009 Results
    Revenues for the first quarter of 2009 totaled $3.16 billion compared to $3.65 billion for the same
    quarter last year due to lower advertising revenues, as the softness in the advertising marketplace
    continued during the first quarter. The Company’s first quarter revenues also declined due to a
    significant benefit in the first quarter of 2008 when it shifted to self-distribution for its CSI franchise
    internationally. The decline in advertising and absence of the CSI self-distribution benefit were
    partially offset by the positive impact of the acquisition of CNET Networks (“CNET”) and higher
    affiliate and home entertainment revenues.
    Operating income before depreciation and

    http://www.cbscorporation.com/assets/documents/CBSQ1Earnings2009.pdf

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