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EARNINGS

CBS Net Dips on Lower Broadcast Revenue

July 09, 1987

CBS Inc.'s second-quarter profit fell 10.6% from a year earlier, largely because of a decline in revenue from broadcasting operations, the broadcasting, recording and publishing giant said. The profit totaled $92.1 million.

In the year-ago period, results included pretax income of $20.9 million, reflecting the gain on the sale of KMOX-TV in St. Louis but was partly offset by writedown charges for program rights for National Football League games and feature films.

Revenue for the current quarter rose 2.5% to $1.20 billion.

The New York-based company's broadcast group continues to operate in an environment of intensified competition for advertising dollars and audience share, said CBS President and Chief Executive Laurence A. Tisch. He said broadcast revenue fell 3% in the quarter from a year earlier. Broadcast profits declined to $145.6 million on revenue of $715.1 million, compared to earnings of $197.2 million on revenue of $739.4 million a year earlier.

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