It was a classic good news-bad news situation for CBS
For the first quarter, CBS earned $244 million, or $0.36 a share. That's up 14% (versus the same quarter last year) on the net income line from $214 million, or $0.28 a share. Revenue was about flat at $3.65 billion.
In the first quarter of 2007, CBS hosted Super Bowl XLI and the NCAA Men's Basketball Tournament semifinals. In the most recent quarter, the company benefited from a new international self-distribution arrangement for the CSI television program. Previously, the franchise had been distributed through a third party.
Looking at the company's individual segments, television -- which dwarfs the other CBS units -- eked out a 1% revenue growth but was able to improve its operating income before depreciation and amortization (OIBDA) by 13%. The outdoor segment increased revenue by 7%, while both radio and publishing saw their revenues decline.
Looking ahead, management expects adjusted operating income to grow in the range of 3% to 5% this year. One of the areas that isn't firing on all cylinders involves the local TV stations, which generate about 15% of total revenue. Almost certainly, however, they'll benefit this year from increased advertising tied to the elections.
CBS thus becomes the latest in a group of disparate media companies to report this quarter's results. Thus far, a direction for the group is difficult to discern. Although CBS' earnings were up, both Time Warner
As to CBS, the company's shares have slid by about 35% since hitting $35 a share last July. My inclination, given the difficulties being experienced by many advertising-based companies, is to suggest that there are preferable companies in the media space for Fools' hard-earned investment dough.
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