CBS up in Q3, TV and radio results mixed


CBSThe television group at CBS was up, but did not board the double-digit gravy train that most television groups rode this election season, and radio suffered a reversal. But overall, it enjoyed gains including a 10% increase in operating income.

“CBS has continued its remarkable run with yet another record quarter,” said Sumner Redstone, Executive Chairman, CBS Corporation. “Our world-class content and multiplatform distribution strategy remain at the center of our success. I am very proud of all that Leslie and his team have accomplished, and I know we are in position for continued growth for many years to come.”

Here are the key figures CBS put in the spotlight:
Revenues of $3.4 Billion, Up 2%
OIBDA of $898 Million, Up 7%
Operating Income of $771 Million, Up 10%
Adjusted EPS of $.65, Up 30%

“The transformation of CBS continues as reflected in these record third quarter results,” said Leslie Moonves, President and Chief Executive Officer, CBS Corporation. “We have taken a number of significant steps during the last several months to execute our strategy and grow the Company. These include three major retransmission consent agreements, an important reverse compensation deal, new international and domestic streaming contracts, and the sale of our two new hit dramas, Vegas and Elementary, into international syndication. As we continue to take actions like these, we are increasing our recurring revenue from nonadvertising sources and setting ourselves up for even more record results in the future. Going forward, we will continue to expand the ways we achieve value for our content, and we are confident we will hit our goal of a record 2012 and an even better 2013.”

Content licensing and distribution income rose 8%, and affiliate and subscription fees rose 12% — the latter figure included income from cable networks, reverse compensation from the company’s television network and retransmission consent fees collected by its broadcast television stations.

Total local broadcast revenues increased a very modest 1% to $661M, a combination of a 7% gain on the television side, driven by political and retrans income, and a 5% decline on the radio side.

However, the local broadcast group enjoyed a 16% increase in OIBDA to $213M, driven by savings in programming and production expense and a decline in royalty fees.

Outdoor was up 2% to $486M, cable was up 4% to $436M and publishing was down 5% to $210M.