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CBS Corporation Message Board

  • bluecheese4u bluecheese4u Feb 14, 2013 11:47 PM Flag

    CBS CORPORATION REPORTS RECORD RESULTS FOR THE 2012 FOURTH QUARTER AND FULL YEAR

    CBS CORPORATION REPORTS RECORD RESULTS FOR THE 2012 FOURTH QUARTER AND FULL YEAR

    Fourth Quarter Revenue of $3.7 Billion, Up 2%
    Fourth Quarter Adjusted OIBDA of $866 Million, Up 6%
    Fourth Quarter Operating Income of $726 Million, Up 12%
    Fourth Quarter Adjusted Diluted EPS of $.64, Up 14%; Diluted EPS of $.62, Up 19%

    NEW YORK, February 14, 2013 – CBS Corporation (NYSE: CBS.A and CBS) today reported results for the fourth quarter and full year ended December 31, 2012.
    “CBS has turned in another quarter of exceptional performance, capping off another terrific year,” said Sumner Redstone, Executive Chairman, CBS Corporation. “Our results today speak to the strength of our strategy— producing and distributing great content and monetizing it over and over again. I am confident that Leslie and his team will continue to capitalize on all of the opportunities we have before us this year and beyond.”
    “CBS had a record year in 2012, as well as a record fourth quarter, and the momentum is building for an even better 2013,” said Leslie Moonves, President and Chief Executive Officer, CBS Corporation. “Advertising revenue is growing, and our revenue from non-advertising sources continues to grow even faster. This includes new recently signed streaming, retransmission consent, and reverse compensation deals as well as ongoing strength in domestic and international syndication sales. Meanwhile, the confidence and visibility we have in our operations, along with the strategic actions we’re pursuing at CBS Outdoor, have allowed us to announce today that we are accelerating the pace of our share repurchase program by another billion dollars. Going forward, returning value to our shareholders will continue to be a top priority for us. We feel very good about our future, and we are very encouraged by the strength of our core businesses and the increasing premium we are able to command for our content.”

    Fourth Quarter 2012 Results
    The Company set fourth quarter records in the following key metrics:
     Adjusted operating income before depreciation and amortization (“OIBDA”) of $866 million
     Operating income of $726 million
     Adjusted diluted earnings per share from continuing operations of $.64
     Diluted earnings per share from continuing operations of $.62
    Revenues of $3.70 billion for the fourth quarter of 2012 increased 2% from $3.61 billion in the same prior-year period. This growth was led by a 3% increase in advertising revenues, which reflects higher political and network advertising. Affiliate and subscription fee revenues rose 9%, driven by growth at Cable Networks, as well as higher retransmission revenues and fees from CBS Network affiliated television stations. Content licensing and distribution revenues were down 7%, primarily from the timing of streaming revenues.
    Adjusted OIBDA of $866 million increased 6% in the fourth quarter of 2012 from $814 million for the same prior-year period. Operating income of $726 million increased 12% in the fourth quarter of 2012 from $647 million in the fourth quarter of 2011. The growth in adjusted OIBDA and operating income was primarily driven by the higher revenues.
    Adjusted net earnings from continuing operations were $414 million for the fourth quarter of 2012, or $.64 per diluted share, up from $377 million, or $.56 per diluted share, for the same prior-year period. Reported net earnings from continuing operations were $403 million for the fourth quarter of 2012, or $.62 per diluted share, up from $351 million, or $.52 per diluted share, for last year’s fourth quarter. The increase in diluted earnings per share reflected the operating income growth, lower interest expense as a result of the Company’s 2012 debt refinancing, and lower weighted average shares outstanding as a result of the Company’s ongoing share repurchase program.
    Adjusted OIBDA and adjusted net earnings from continuing operations in the fourth quarter of 2012 exclude $19 million of restructuring charges, primarily for the reorganization of certain business operations and early contract termination costs. The Company will begin to see recurring cost savings related to these actions in 2013. In the fourth quarter of 2011, restructuring charges were $43 million.
    In addition, during the first quarter of 2013, the Company announced a pair of strategic initiatives at its outdoor advertising business. In the fourth quarter of 2012, the Company began the process of converting its outdoor business in the Americas into a real estate investment trust (“REIT”), and initiated a plan to divest its outdoor advertising business in Europe and Asia. As a result, the Company’s outdoor advertising business in Europe and

    cbscorporationDOTcom/_uploads/mce_files/CBS%20Fourth%20Quarter%20and%20Full%20Year%202012%20Earnings%20Release.pdf

 
CBS
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