CBS (CBS): No Good News

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CBS (CBS) revenues of $3.4 billion for the second quarter of 2007 decreased 3% from $3.5 billion for the same quarter last year. 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 income 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 for the second quarter of 2007 from $360.8 million.

Radio operating income fell 18% to $179 million.

Nothing to write home about.

Douglas A. McIntyre