NEW YORK — CBS said Tuesday that net income from continuing operations declined 2% in the third quarter as the communications company absorbed a $23.7-million charge tied to personnel cuts, the writedown of some feature film program rights and the closing of a research unit, CBS Technology Center.
The broadcasting company said net income from continuing operations in the period ended Sept. 30 declined to $28.6 million on revenue of $1.15 billion, compared to $29.1 million on revenue of $1.12 billion in the like period of 1985.
The company, which has continued to lay off staff in the past year and a half, said a portion of the unusual charges related to special severance payments to discharged employees. A spokesman declined to provide a specific figure.
Operating profit in the quarter was helped by strong results in the CBS Records Group, where income rose 54% to $19.2 million. The broadcast unit's profit increased 2% to $47.7 million, and the publishing division's profit grew 14% to $46.9 million.