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CBS Posts 2% Decline in Net for 3rd Quarter

October 09, 1986|PAUL RICHTER | Times Staff Writer

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.

In the broadcast group, a profit decline in the CBS television network was more than offset by improvements in CBS' collection of television stations, CBS Radio and other operations, the company said.

CBS has predicted weakness in network television results for several quarters.

Net income for the quarter compared with a quarterly loss in the similar period of 1985, when the company discontinued its toy, theatrical film and home computer software operations.

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