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  • bluecheese4u bluecheese4u Aug 2, 2012 4:46 PM Flag

    CBS Corporation Reports Record Results in the Second Quarter of 2012

    CBS Corporation Reports Record Results in the Second Quarter of 2012

    OIBDA of $901 Million, Up 3%

    Operating Income of $769 Million, Up 5%

    Diluted EPS of $.65, Up 12%

    NEW YORK, Aug. 2, 2012 /PRNewswire/ -- CBS Corporation (NYSE: CBS.A and CBS) today reported results for the second quarter ended June 30, 2012, including operating income before depreciation and amortization ("OIBDA"), operating income, and diluted earnings per share that were all-time records for CBS Corporation since it became a stand-alone Company in 2006.

    "CBS's content continues to fuel the success of this great company," said Sumner Redstone, Executive Chairman, CBS Corporation. "In a world where great programming commands premium pricing, we continue to hit on all cylinders. I am extremely pleased with our terrific second-quarter results, and I am confident that Leslie and his management team will build on our momentum in the quarters and years to come."

    "Our record second quarter results reflect CBS's underlying strength and the ongoing evolution of our business to encompass multiple sources of growing and recurring high-margin revenue," said Leslie Moonves, President and Chief Executive Officer, CBS Corporation. "The good news is, there's so much more to come, and there are several important events just ahead. The U.S. presidential election will be a major factor in our second half results, and the London Olympics will give a considerable lift to our Outdoor business. And as we head into 2013, we will benefit from the Super Bowl, CBS's success in the upfront marketplace, as well as from a number of hit shows that will be sold into syndication. Plus, we are containing our costs and reducing our interest expense, and as a sign of the confidence we have in our future, we recently announced a significant increase in the amount of capital we are returning to our shareholders both through our ongoing dividend and accelerated share buyback program. For all of these reasons, we're confident 2012 will be a record year, and we will produce exceptional results in 2013 and beyond as well."

    Second Quarter 2012 Results

    In the second quarter of 2012, the Company set new quarterly records in the following key metrics:
    •OIBDA of $901 million
    •Operating income of $769 million
    •Diluted earnings per share of $.65

    Two significant factors in the

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