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CBS Corporation (NYSE:CBS) Reports Year Over Year Growth

Boston, MA 05/27/2014 (wallstreetpr) –  CBS Corporation (NYSE:CBS) reported its first quarter revenue of $3.86 billion compared to $4.04 billion in the same period 2013. The 5% YoY decrease was due to the broadcast of two additional programs (Super Bowl and Basketball Championship) during 2013.

Content Group

Higher licensing of television programming fees drove the content licensing and distribution revenues by 6% that compensated the incurring loss from the additional programs.

Subscription fee and affiliate revenues increased by 9% due to higher cable affiliate fees and increasing fees from the affiliated television stations that raised the Cable Network segment’s revenues by 12% to $537 million (1Q2013: 478 million).

The Publishing segment was down by 11% to $153 million versus $171 million, but, the digital sales continue to drive the segment sales.

The increase in licensing revenue and higher cable fees improved the Content Group’s operating income before depreciation and amortization (OIBDA) with a contribution from Entertainment ($457 million), Cable ($259 million) and Publishing ($13 million).

Local Broadcasting

The negative impact of additional programs in 2013 continues to challenge CBS Corporation (NYSE:CBS)’s Local Broadcasting segment, which was down by 2% to $626 million (1Q2013: $638 million), partly offset by an increase in redistribution revenue and CBS Radio’s revenue. Lower programming costs were further offset the declining revenues and reported segment OIBDA $200 million (+1%).

CBS Outdoor

CBS Outdoor revenues were up by 4% at constant currency to $288 million due to an increase in billboard and transit businesses in the U.S. and growth in Canada. But, the incremental costs compressed the CNS Outdoor’s OIBDA by 7% to $69 million.


The increasing high margin revenue improved CBS’ overall OIBDA to $930 million (1Q2013: $921 million) and net earnings to $468 million with diluted EPS of $0.78 ($463 million or $0.73 per share).

As a result, CBS generated lower operating cash flow of $521 million (1Q2013: $610 million) and capital expenditure of $36 million, resulting to free cash flow of $485 million in 1Q2014 (1Q2013: $576 million).

CBS Corporation (NYSE:CBS) repurchased 31.4 million shares for $2 billion during the first quarter and offset by $1.6 billion of cash received from CBS Outdoor borrowings.

Published by Chris Brown

About Me: I have a Phd in Economics Gender: Male Interests: Playing games like cricket, volleyball Favorite Music: hip hop, rock, jazz

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