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November 5, 2009: CBS Corp.'s revenues in the third quarter of this year were $3.35 billion, down from $3.38 billion in the same period a year ago. OIBDA was $565.6 million, compared to a loss of $13.48 billion in Q3 2008, and operating income was $418.2 million, compared to an operating loss of $13.62 billion.

CBS's net earnings for Q3 were $207.6 million versus a net loss of $12.46 billion, and diluted earnings per share were 30 cents, compared to a loss of $18.58 per share a year ago.

Radio Revenues Fall

In the radio division, revenues fell by 19 percent, to $318.9 million from $392.5 million, primarily due to continued weakness in the radio ad marketplace. Operating income in radio was $41.1 million, including an impairment charge of $31.7 million for station divestitures, compared to an operating loss of $3.19 billion in Q3 2008, which included a $3.32 billion impairment charge.

TV revenues were up 9 percent, to $2.27 billion from $2.08 billion, primarily due to higher television license fees and affiliate revenues and partly offset by lower local ad sales. CBS Outdoor revenues were down 23 percent, to $424.9 million from $549.3 million, reflecting, CBS said, "the soft worldwide advertising marketplace and the unfavorable impact of foreign exchange rates."

"The operating environment for our businesses continues to improve, and we are finishing the year with strong momentum," said CBS Corp. President/CEO Leslie Moonves. "So far this year, each quarter has been better than the one before, with the third quarter showing significant improvement over the second, just as we expected. Going forward, we have many reasons for optimism as we look to 2010."

Moonves cited CBS-TV's ratings success and growing subscriptions in the premium cable business, as well as syndication revenues. He added, "On the local front, pacing continues rising steadily for TV, radio, and outdoor, and we expect that with our new streamlined cost structure, margins will improve significantly going forward as well."

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