CBS (NYSE:CBS) today announced results for the second quarter that were dreadful.
Net income plunged 48% to $404 million, or 55 cents per share, versus $781.7 million, or $1.02 per share, a year earlier. Revenue fell 3% to $3.4 billion.
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 iincome 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, or 54 cents. Analysts had expected a profit of 51 cents per share on revenue of $3.42 billion..
Nothing to write home about.
Where is Mel Karamzin when you need him?
Douglas A. McIntyre is a partner at 24/7 Wall St.
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Reader Comments (Page 1 of 1)
7-31-2007 @ 6:17PM
Yigal Marcus said...
When looking at CBS, you've got to take notice at how aggressive and smart they've been the in digital space. They've made intelligent strategic investments in young companies that are undergoing explosive growth. If CBS was sticking to its "traditional media" mold, we should all be concerned. But they're not. They're creating a diversified media behemoth that will have a strong impact across all media sectors. Investors - relax. CBS has a strong leader, with a vision. They're not learning the trade. They're revolutionizing it.