CBS Posts Q4 Profit As Stand Alone

Feb 27, 2007  •  Post A Comment

CBS Corp. posted annual and fourth-quarter profit Tuesday, largely driven by its television, publishing and outdoor advertising divisions.

The company, which split from Viacom, Inc. at the beginning of 2006, posted a fourth-quarter profit of $335 million (43 cents per share). Last year, the company posted a $9.14 billion loss (or $12 per share). Revenue was up 2 percent from the same period last year, due to a 3 percent growth in television, 10 percent in outdoor and 7 percent in publishing, partly offset by an 8 percent decline in radio.

“CBS’s fourth quarter results capped off a strong first year as a stand alone company,” said CBS Corp. President and Chief Executive Officer Leslie Moonves in a statement. “Strong fourth-quarter operating results at television, outdoor and publishing helped us surpass our key financial targets for the year.”

During the earnings conference call, Mr. Moonves touted CBS gaining retransmission fees for content, reshaping the company’s portfolio and strong ratings from CBS.

“Our real strength lies in the depth and consistency of our successful shows,” he said.

The company also announced an increase in quarterly dividends by 10 percent and a $1.5 billion share repurchase program.

The results mark the first fourth quarter for the company since its split from Viacom.

(Editor: Grego)