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.

CBS: No good news originally appeared on BloggingStocks on Tue, 31 Jul 2007 10:05:00 EST. Please see our terms for use of feeds.