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CBS 1Q tops forecasts
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April 29, 1999: 7:50 a.m. ET
Earns 4 cents a share from operations on strength in radio, TV turnaround
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NEW YORK (CNNfn) - CBS Corp. said Thursday that first-quarter profits jumped 32 percent, beating forecasts on Wall Street, on continued strength in its radio operations and a turnaround in its television business.
New York-based CBS said it posted record results from continuing operations even though it faced tough comparisons to the first quarter of 1998, which included broadcasts of the Winter Olympics.
CBS said it earned $25 million, or 4 cents a diluted share, from continuing operations in the quarter, compared to earnings of $19 million, or 3 cents a share, a year earlier. That beat Wall Street forecasts of a loss of 1 cent a share for the latest quarter, according to First Call, which tracks analysts' estimates.
Including a $366 million gain from discontinued operations and a $4 million loss from early debt retirement, CBS had net income of $387 million, or 55 cents a diluted share, for the latest quarter.
Sales fell 9 percent to $1.77 billion from $1.95 billion. Excluding revenues from advertising during the Winter Olympics in the 1998 quarter, sales rose 18 percent, CBS said.
Earnings before interest, taxes and depreciation, a measure known as cash flow that Wall Street uses to gauge media companies, rose 3 percent to $280 million, CBS said. But they jumped 55 percent excluding the effects of the Winter Olympics.
CBS also cited lower interest expenses and cost-cutting at its television stations.
CBS stock fell 1-3/8 to 45 Wednesday.
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CBS Corp.
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