CBS Corporation reported its second quarter 2008 results, with revenues up 1% to $3.4 billion. Net earnings were up 1% to $408 million and diluted EPS up 11% to $0.61 per share. Free cash flow for the quarter was $464 million, down from $570.5 million in the previous year. CBS also announced plans to divest approximately 50 radio stations in mid-size markets and completed its acquisition of CNET Networks.
CBS Corporation reported third quarter 2008 results with revenues of $3.4 billion, up 3% year-over-year. Television segment revenues were $2.1 billion, up 2%. Adjusted net earnings were $290.3 million with adjusted diluted EPS of $0.43. Free cash flow for the first nine months of 2008 was $1.4 billion. Revenues increased due to growth in syndication revenues from CSI: New York cable syndication. Earnings declined due to lower advertising sales and higher Outdoor operating costs. The company expects full-year OIBDA and operating income to decline mid-teens from prior year due to economic slowdown impacting advertising revenues.
Clear Channel Communications reported financial results for the third quarter of 2007, with revenue increasing 5% to $1.7 billion compared to the previous year. Operating expenses also increased 6% while income before discontinued operations rose 51% and diluted earnings per share increased 53%. The company's OIBDAN was $583.5 million, a 4% increase from 2006. Clear Channel's shareholders approved a merger agreement with a private equity group in September 2007. The company continues its plans to divest radio stations and its television group, with definitive agreements signed to sell 353 radio stations and its television business.
CBS Corporation reported first quarter 2008 results with increased net earnings, diluted EPS, and free cash flow compared to the same period in 2007. Total revenues were flat due to the absence of Super Bowl broadcast in 2008, while adjusted OIBDA and operating income increased 10% and 11% respectively due to higher television licensing fees and affiliate revenues. The company raised its quarterly dividend by 8% and expects OIBDA and operating income growth of 3-5% for 2008.
CBS Corporation reported its second quarter 2006 results, with the following key highlights:
- Net earnings from continuing operations were up 29% to $490 million compared to the same period last year, and earnings per share were up 36% to $0.64.
- Free cash flow increased 2% to $546.2 million.
- CBS Outdoor continued its strong growth with operating income up 32%.
- The company is on track to deliver low single-digit revenue growth and mid single-digit growth in operating income and earnings per share for 2006.
CBS Corporation reported strong financial results for the third quarter of 2006, with operating income up 4% to $646 million led by increases at the television and outdoor segments. Net earnings from continuing operations were up 26% to $324 million and earnings per share increased 27% to $0.42 per share. Free cash flow saw a significant increase of 65% to $432 million. While revenues were slightly down, solid profit increases in key business segments and lower interest expenses contributed to improved bottom line results.
CBS Corporation reported financial results for the fourth quarter and full year of 2008. Revenues for the fourth quarter were $3.5 billion, down 6% from the prior year. Adjusted OIBDA was $590.7 million for the quarter, down from $849.8 million in the previous year. For the full year, revenues were $14 billion, down 1% from 2007. Adjusted OIBDA for the full year was $2.8 billion, lower than the $3.18 billion reported in 2007. The company also announced a reduction in its quarterly dividend from $0.27 to $0.05 per share.
CBS Corporation reported financial results for the third quarter of 2007, with net earnings up 5% to $340 million and EPS up 14% to $0.48 per share. Revenues decreased 3% to $3.3 billion due to lower television license fees and the impact of asset sales. Free cash flow was $265.5 million. For the first nine months of 2007, revenues decreased 1% to $10.3 billion while free cash flow was $1.59 billion and the company repurchased over $3 billion of stock. The company expects full year 2007 revenues to be down 2-3% compared to 2006 but for operating income to be comparable.
news corp 2nd Qtr - FY07 - December 31, 2006 - US Dollars finance9
News Corporation reported a 24% increase in operating income for the second quarter ended December 31, 2006 compared to the same period the previous year. Income from continuing operations grew 18% year-over-year. Filmed entertainment delivered a 57% increase in operating income due to strong box office performances. Cable network programming operating income increased by $13 million driven by higher affiliate revenues at Fox News Channel. Newspapers operating income grew by $101 million compared to the prior year which included a large redundancy provision.
CBS Corporation reported third quarter 2008 results with revenues of $3.4 billion, up 3% year-over-year. Television segment revenues were $2.1 billion, up 2%. Adjusted net earnings were $290.3 million with adjusted diluted EPS of $0.43. Free cash flow for the first nine months of 2008 was $1.4 billion. Revenues increased due to growth in syndication revenues from CSI: New York cable syndication. Earnings declined due to lower advertising sales and higher Outdoor operating costs. The company expects full-year OIBDA and operating income to decline mid-teens from prior year due to economic slowdown impacting advertising revenues.
Clear Channel Communications reported financial results for the third quarter of 2007, with revenue increasing 5% to $1.7 billion compared to the previous year. Operating expenses also increased 6% while income before discontinued operations rose 51% and diluted earnings per share increased 53%. The company's OIBDAN was $583.5 million, a 4% increase from 2006. Clear Channel's shareholders approved a merger agreement with a private equity group in September 2007. The company continues its plans to divest radio stations and its television group, with definitive agreements signed to sell 353 radio stations and its television business.
CBS Corporation reported first quarter 2008 results with increased net earnings, diluted EPS, and free cash flow compared to the same period in 2007. Total revenues were flat due to the absence of Super Bowl broadcast in 2008, while adjusted OIBDA and operating income increased 10% and 11% respectively due to higher television licensing fees and affiliate revenues. The company raised its quarterly dividend by 8% and expects OIBDA and operating income growth of 3-5% for 2008.
CBS Corporation reported its second quarter 2006 results, with the following key highlights:
- Net earnings from continuing operations were up 29% to $490 million compared to the same period last year, and earnings per share were up 36% to $0.64.
- Free cash flow increased 2% to $546.2 million.
- CBS Outdoor continued its strong growth with operating income up 32%.
- The company is on track to deliver low single-digit revenue growth and mid single-digit growth in operating income and earnings per share for 2006.
CBS Corporation reported strong financial results for the third quarter of 2006, with operating income up 4% to $646 million led by increases at the television and outdoor segments. Net earnings from continuing operations were up 26% to $324 million and earnings per share increased 27% to $0.42 per share. Free cash flow saw a significant increase of 65% to $432 million. While revenues were slightly down, solid profit increases in key business segments and lower interest expenses contributed to improved bottom line results.
CBS Corporation reported financial results for the fourth quarter and full year of 2008. Revenues for the fourth quarter were $3.5 billion, down 6% from the prior year. Adjusted OIBDA was $590.7 million for the quarter, down from $849.8 million in the previous year. For the full year, revenues were $14 billion, down 1% from 2007. Adjusted OIBDA for the full year was $2.8 billion, lower than the $3.18 billion reported in 2007. The company also announced a reduction in its quarterly dividend from $0.27 to $0.05 per share.
CBS Corporation reported financial results for the third quarter of 2007, with net earnings up 5% to $340 million and EPS up 14% to $0.48 per share. Revenues decreased 3% to $3.3 billion due to lower television license fees and the impact of asset sales. Free cash flow was $265.5 million. For the first nine months of 2007, revenues decreased 1% to $10.3 billion while free cash flow was $1.59 billion and the company repurchased over $3 billion of stock. The company expects full year 2007 revenues to be down 2-3% compared to 2006 but for operating income to be comparable.
news corp 2nd Qtr - FY07 - December 31, 2006 - US Dollars finance9
News Corporation reported a 24% increase in operating income for the second quarter ended December 31, 2006 compared to the same period the previous year. Income from continuing operations grew 18% year-over-year. Filmed entertainment delivered a 57% increase in operating income due to strong box office performances. Cable network programming operating income increased by $13 million driven by higher affiliate revenues at Fox News Channel. Newspapers operating income grew by $101 million compared to the prior year which included a large redundancy provision.
- EPS for Disney increased 27% in the quarter and 15% over the prior six months, driven by growth across all operating segments led by Studio Entertainment.
- Revenues increased 9% in the quarter to $7.8 billion and 5% over six months to $16.5 billion. Segment operating income rose 14% in the quarter and 8% over six months.
- EPS and revenue growth were driven by increases in operating income from Media Networks, Parks and Resorts, Studio Entertainment, and Consumer Products.
Disney reported financial results for Q3 2005, with EPS up 41% over Q3 2004 to $0.41 per share. Media Networks saw significant growth, with operating income up 48% due to higher revenues at ESPN and the ABC television network. Parks and Resorts also grew operating income by 6% on higher guest spending and attendance. Studio Entertainment saw a decline in home entertainment sales offset somewhat by better theatrical and television distribution results. Consumer Products revenues and profits fell due to the sale of the Disney Stores business the prior year.
news corp 3rd Qtr - FY08 - March 31, 2008 - US Dollars finance9
News Corporation reported operating income of $1.4 billion for the third quarter of fiscal year 2008, a 16% increase over the previous year. Television operating income increased 53% due to lower programming costs and strong ratings and advertising at FOX. Cable network programming operating income grew 17% from gains at channels like Fox News, FX and international channels. Filmed entertainment operating income decreased due to strong results the previous year. Overall, the company saw revenue growth across many of its business segments.
Duke Energy reported third quarter 2006 results, with ongoing diluted EPS of 48 cents, down from 56 cents in the prior year's quarter. Reported diluted EPS was 60 cents, up from 4 cents in 2005. The company remains on track to meet its 2006 ongoing EPS target after adjusting for the sale of its Commercial Marketing and Trading business. During the quarter, Duke Energy created a joint venture for its Crescent Resources business, yielding $1.4 billion in after-tax cash proceeds. Business unit results were mixed compared to the prior year, with the Franchised Electric & Gas unit up but other units such as Natural Gas Transmission down due to various factors including costs and weather.
The Walt Disney Company reported higher earnings for the third quarter and first nine months of fiscal year 2004 compared to the prior year periods. Diluted earnings per share grew 21% for the quarter and between 96-110% year-to-date, driven by operating income growth at Media Networks, Parks and Resorts, and Consumer Products segments. Segment operating income increased 14% for the quarter and 53% year-to-date. However, Studio Entertainment segment operating income declined for the quarter due to weaker theatrical performance and higher costs. Excluding the impact of consolidating Euro Disney and Hong Kong Disneyland, net borrowings decreased $2.4 billion from the prior year through use of free cash flow to repay debt.
- Disney reported higher earnings per share (EPS) for the second quarter and first half of fiscal year 2004 compared to the previous year, led by growth in operating income at Media Networks, Parks and Resorts, and Consumer Products segments.
- Cash flow from operations for the first half of 2004 was $2.5 billion, more than double the prior year period. Free cash flow for the first half was $2 billion compared to $481 million in the previous year.
- Disney expects full year EPS growth of 50% or more excluding potential impacts like the sale of Disney Stores, and double-digit average annual EPS growth from 2004 through 2007.
- The Walt Disney Company reported higher earnings before restructuring and impairment charges for both the quarter and six months ended March 31, 2001 compared to the same period in the previous year.
- Earnings increased 33% for the quarter and 31% for the six months when excluding restructuring and impairment charges.
- Segment operating income increased at Parks & Resorts, Media Networks, Studio Entertainment, and Consumer Products, but decreased at Internet Group.
- Restructuring and impairment charges totaled $1 billion for the quarter and $1.2 billion for the six months, primarily related to the closure of the GO.com portal business.
CBS Corporation reported financial results for the first quarter of 2006 with increases in key financial metrics. Revenues increased 4% to $3.6 billion led by growth in the Television and Outdoor segments. Operating income rose 1% to $511 million and earnings per share increased 7% to $0.30. Free cash flow was up 12% to $585 million. The company is on track to meet guidance for low single-digit revenue growth and mid single-digit increases in operating income and earnings per share.
- The Progressive Corporation reported strong financial results for the second quarter and first half of 2005, with net premiums written growth of 8% and an underwriting margin of 85.6%.
- Progressive saw growth in both new customers and retention of existing customers, with policies in force up 7-16% across business lines.
- Strategic initiatives around claims handling, branding, and technology were making progress, including expanding the number of claims service centers, deploying new customer billing and claims management platforms, and breaking ground on a new data center.
Raytheon reported strong financial results for Q2 2008, with sales up 11% and EPS up 27%. All business segments saw sales growth. Raytheon increased full-year guidance for sales, EPS, operating cash flow and return on invested capital. The company also reported solid bookings of $6 billion for Q2 and a backlog of $37.5 billion.
- News Corporation reported record revenue and operating income for the fourth fiscal quarter and full year ended June 30, 2004.
- Fourth quarter revenue increased 20% to $5.5 billion and operating income increased 31% to $747 million. Full year revenue increased 20% to $21 billion and operating income increased 21% to a record $3.1 billion.
- Net profit increased 57% for the full year to a record $1.6 billion, driven by double-digit growth across most business segments, including filmed entertainment, cable networks, and newspapers.
Clear Channel Communications reported financial results for the fourth quarter and full year of 2002. For the fourth quarter, revenues increased 19% to $2.2 billion and EBITDA increased 68% to $579 million. For the full year, revenues increased 6% to $8.4 billion and EBITDA rose 14% to $2.2 billion. Radio revenues increased 10% for the quarter and 8% for the year. Outdoor revenues grew 17% for the quarter and 6% for the year. Entertainment revenues were up 28% for the quarter but down 1% for the year. The company had strong free cash flow of $273 million for the quarter and $1.25 billion for the full year. Management credited
Clear Channel Communications reported financial results for the first quarter of 2006, with revenue increasing 4% to $1.5 billion compared to the first quarter of 2005. Net income increased 102% to $96.8 million, and diluted earnings per share increased 58% to $0.19. Revenue growth was driven by increases in radio broadcasting and outdoor advertising revenue. The company continued its share repurchase program, repurchasing $1.3 billion of shares since August 2005.
News Corporation reported record full year operating income of $3.9 billion, up 9% over the previous fiscal year. Operating income increased across most business segments, led by 23% growth at Cable Network Programming and a $212 million improvement at SKY Italia. Fourth quarter operating income grew 8% to $1 billion on 11% higher revenues. Segments like Filmed Entertainment, Television, Cable Network Programming, and Direct Broadcast Satellite Television saw double-digit percentage increases in operating income for the quarter. The company invested in digital properties like MySpace and saw strong growth across its existing businesses.
Spectra Energy reported strong financial results for the fourth quarter and full year of 2007. Fourth quarter net income was $291 million, up 14% from the prior year, and full year net income was $957 million. The company exceeded its earnings per share target for employees of $1.40 by earning $1.51 per share. All of the company's business segments experienced increased earnings compared to the previous year. Spectra Energy also invested $1 billion in growth projects that will fuel future revenue and earnings increases. Management is confident that the company's momentum will continue into 2008.
- Disney reported higher revenues and earnings per share for the third quarter and first nine months of fiscal year 2006 compared to the same periods in 2005. Revenues increased 12% for the quarter and 5% year-to-date, while EPS grew 36% and 24% respectively.
- All of Disney's operating segments experienced growth in revenues and operating income for the quarter, led by Parks and Resorts and Studio Entertainment. Higher guest spending and attendance boosted Parks, while successful film releases increased profits at Studio Entertainment.
- Disney completed its acquisition of Pixar in May 2006, which added to earnings and increased outstanding shares. The company continues to invest in its brands and repurchase stock.
CBS Corporation reported third quarter 2008 results with revenues of $3.4 billion, up 3% year-over-year. Television segment revenues were $2.1 billion, up 2%. Adjusted net earnings were $290.3 million with adjusted diluted EPS of $0.43. Free cash flow for the first nine months of 2008 was $1.4 billion. However, an impairment charge of $14.1 billion resulted in a reported net loss of $12.5 billion for the quarter. While most segments saw revenue growth, lower advertising sales impacted earnings across segments. The company expects full-year operating income and OIBDA to decline mid-teens due to economic conditions negatively impacting advertising.
CBS Corporation reported financial results for the fourth quarter and full year of 2008. Fourth quarter revenues were $3.5 billion, a 6% decrease from the prior year due to lower advertising revenues in a weak economy, partially offset by acquisitions and higher affiliate fees. Full year revenues were $14 billion, a 1% decrease for similar reasons. Operating income and cash flow decreased in the fourth quarter and full year compared to the previous year. The company also announced a reduction in its quarterly dividend from $0.27 to $0.05 per share to strengthen its financial flexibility in the uncertain economic environment.
Clear Channel Communications reported financial results for the first quarter of 2007, with revenues increasing 8% to $1.6 billion compared to the first quarter of 2006. Expenses increased 5% to $1.1 billion, and income before discontinued operations increased 2% to $99.2 million. The company also discussed progress on divesting its television group and certain radio stations, with definitive agreements in place that are expected to net approximately $1.4 billion in proceeds after taxes and transaction costs. Pacing information showed radio revenues pacing down 1.6% for Q2 2007 and 0.6% for the full year, while outdoor revenues were pacing up 6.7% for Q2 and 5.9% for the
Raytheon reported strong financial results for the third quarter of 2008, with sales up 12% and earnings per share up 17%. The company increased its full-year earnings guidance and announced a new $2 billion share repurchase plan. All of Raytheon's business segments experienced sales growth in the quarter.
CC Media Holdings reported its second quarter 2008 results. Revenue increased 2% to $1.83 billion due to foreign exchange movements, while expenses rose 6% to $1.19 billion including foreign exchange effects. Income before discontinued operations increased 28% to $277 million and diluted EPS rose 27% to $0.56. Radio revenue fell 6% due to weakness in advertising, while outdoor revenue rose 9% including foreign exchange effects. The company completed its acquisition of Clear Channel on July 30, 2008.
CBS Corporation reported first quarter 2008 results with increased net earnings, diluted EPS, and free cash flow compared to the same period in 2007. Total revenues were flat due to the absence of Super Bowl broadcast in 2008, while adjusted OIBDA and operating income increased 10% and 11% respectively due to higher television licensing fees and affiliate revenues. The company raised its quarterly dividend by 8% and expects OIBDA and operating income growth of 3-5% for 2008.
- EPS for Disney increased 27% in the quarter and 15% over the prior six months, driven by growth across all operating segments led by Studio Entertainment.
- Revenues increased 9% in the quarter to $7.8 billion and 5% over six months to $16.5 billion. Segment operating income rose 14% in the quarter and 8% over six months.
- EPS and revenue growth were driven by increases in operating income from Media Networks, Parks and Resorts, Studio Entertainment, and Consumer Products.
Disney reported financial results for Q3 2005, with EPS up 41% over Q3 2004 to $0.41 per share. Media Networks saw significant growth, with operating income up 48% due to higher revenues at ESPN and the ABC television network. Parks and Resorts also grew operating income by 6% on higher guest spending and attendance. Studio Entertainment saw a decline in home entertainment sales offset somewhat by better theatrical and television distribution results. Consumer Products revenues and profits fell due to the sale of the Disney Stores business the prior year.
news corp 3rd Qtr - FY08 - March 31, 2008 - US Dollars finance9
News Corporation reported operating income of $1.4 billion for the third quarter of fiscal year 2008, a 16% increase over the previous year. Television operating income increased 53% due to lower programming costs and strong ratings and advertising at FOX. Cable network programming operating income grew 17% from gains at channels like Fox News, FX and international channels. Filmed entertainment operating income decreased due to strong results the previous year. Overall, the company saw revenue growth across many of its business segments.
Duke Energy reported third quarter 2006 results, with ongoing diluted EPS of 48 cents, down from 56 cents in the prior year's quarter. Reported diluted EPS was 60 cents, up from 4 cents in 2005. The company remains on track to meet its 2006 ongoing EPS target after adjusting for the sale of its Commercial Marketing and Trading business. During the quarter, Duke Energy created a joint venture for its Crescent Resources business, yielding $1.4 billion in after-tax cash proceeds. Business unit results were mixed compared to the prior year, with the Franchised Electric & Gas unit up but other units such as Natural Gas Transmission down due to various factors including costs and weather.
The Walt Disney Company reported higher earnings for the third quarter and first nine months of fiscal year 2004 compared to the prior year periods. Diluted earnings per share grew 21% for the quarter and between 96-110% year-to-date, driven by operating income growth at Media Networks, Parks and Resorts, and Consumer Products segments. Segment operating income increased 14% for the quarter and 53% year-to-date. However, Studio Entertainment segment operating income declined for the quarter due to weaker theatrical performance and higher costs. Excluding the impact of consolidating Euro Disney and Hong Kong Disneyland, net borrowings decreased $2.4 billion from the prior year through use of free cash flow to repay debt.
- Disney reported higher earnings per share (EPS) for the second quarter and first half of fiscal year 2004 compared to the previous year, led by growth in operating income at Media Networks, Parks and Resorts, and Consumer Products segments.
- Cash flow from operations for the first half of 2004 was $2.5 billion, more than double the prior year period. Free cash flow for the first half was $2 billion compared to $481 million in the previous year.
- Disney expects full year EPS growth of 50% or more excluding potential impacts like the sale of Disney Stores, and double-digit average annual EPS growth from 2004 through 2007.
- The Walt Disney Company reported higher earnings before restructuring and impairment charges for both the quarter and six months ended March 31, 2001 compared to the same period in the previous year.
- Earnings increased 33% for the quarter and 31% for the six months when excluding restructuring and impairment charges.
- Segment operating income increased at Parks & Resorts, Media Networks, Studio Entertainment, and Consumer Products, but decreased at Internet Group.
- Restructuring and impairment charges totaled $1 billion for the quarter and $1.2 billion for the six months, primarily related to the closure of the GO.com portal business.
CBS Corporation reported financial results for the first quarter of 2006 with increases in key financial metrics. Revenues increased 4% to $3.6 billion led by growth in the Television and Outdoor segments. Operating income rose 1% to $511 million and earnings per share increased 7% to $0.30. Free cash flow was up 12% to $585 million. The company is on track to meet guidance for low single-digit revenue growth and mid single-digit increases in operating income and earnings per share.
- The Progressive Corporation reported strong financial results for the second quarter and first half of 2005, with net premiums written growth of 8% and an underwriting margin of 85.6%.
- Progressive saw growth in both new customers and retention of existing customers, with policies in force up 7-16% across business lines.
- Strategic initiatives around claims handling, branding, and technology were making progress, including expanding the number of claims service centers, deploying new customer billing and claims management platforms, and breaking ground on a new data center.
Raytheon reported strong financial results for Q2 2008, with sales up 11% and EPS up 27%. All business segments saw sales growth. Raytheon increased full-year guidance for sales, EPS, operating cash flow and return on invested capital. The company also reported solid bookings of $6 billion for Q2 and a backlog of $37.5 billion.
- News Corporation reported record revenue and operating income for the fourth fiscal quarter and full year ended June 30, 2004.
- Fourth quarter revenue increased 20% to $5.5 billion and operating income increased 31% to $747 million. Full year revenue increased 20% to $21 billion and operating income increased 21% to a record $3.1 billion.
- Net profit increased 57% for the full year to a record $1.6 billion, driven by double-digit growth across most business segments, including filmed entertainment, cable networks, and newspapers.
Clear Channel Communications reported financial results for the fourth quarter and full year of 2002. For the fourth quarter, revenues increased 19% to $2.2 billion and EBITDA increased 68% to $579 million. For the full year, revenues increased 6% to $8.4 billion and EBITDA rose 14% to $2.2 billion. Radio revenues increased 10% for the quarter and 8% for the year. Outdoor revenues grew 17% for the quarter and 6% for the year. Entertainment revenues were up 28% for the quarter but down 1% for the year. The company had strong free cash flow of $273 million for the quarter and $1.25 billion for the full year. Management credited
Clear Channel Communications reported financial results for the first quarter of 2006, with revenue increasing 4% to $1.5 billion compared to the first quarter of 2005. Net income increased 102% to $96.8 million, and diluted earnings per share increased 58% to $0.19. Revenue growth was driven by increases in radio broadcasting and outdoor advertising revenue. The company continued its share repurchase program, repurchasing $1.3 billion of shares since August 2005.
News Corporation reported record full year operating income of $3.9 billion, up 9% over the previous fiscal year. Operating income increased across most business segments, led by 23% growth at Cable Network Programming and a $212 million improvement at SKY Italia. Fourth quarter operating income grew 8% to $1 billion on 11% higher revenues. Segments like Filmed Entertainment, Television, Cable Network Programming, and Direct Broadcast Satellite Television saw double-digit percentage increases in operating income for the quarter. The company invested in digital properties like MySpace and saw strong growth across its existing businesses.
Spectra Energy reported strong financial results for the fourth quarter and full year of 2007. Fourth quarter net income was $291 million, up 14% from the prior year, and full year net income was $957 million. The company exceeded its earnings per share target for employees of $1.40 by earning $1.51 per share. All of the company's business segments experienced increased earnings compared to the previous year. Spectra Energy also invested $1 billion in growth projects that will fuel future revenue and earnings increases. Management is confident that the company's momentum will continue into 2008.
- Disney reported higher revenues and earnings per share for the third quarter and first nine months of fiscal year 2006 compared to the same periods in 2005. Revenues increased 12% for the quarter and 5% year-to-date, while EPS grew 36% and 24% respectively.
- All of Disney's operating segments experienced growth in revenues and operating income for the quarter, led by Parks and Resorts and Studio Entertainment. Higher guest spending and attendance boosted Parks, while successful film releases increased profits at Studio Entertainment.
- Disney completed its acquisition of Pixar in May 2006, which added to earnings and increased outstanding shares. The company continues to invest in its brands and repurchase stock.
CBS Corporation reported third quarter 2008 results with revenues of $3.4 billion, up 3% year-over-year. Television segment revenues were $2.1 billion, up 2%. Adjusted net earnings were $290.3 million with adjusted diluted EPS of $0.43. Free cash flow for the first nine months of 2008 was $1.4 billion. However, an impairment charge of $14.1 billion resulted in a reported net loss of $12.5 billion for the quarter. While most segments saw revenue growth, lower advertising sales impacted earnings across segments. The company expects full-year operating income and OIBDA to decline mid-teens due to economic conditions negatively impacting advertising.
CBS Corporation reported financial results for the fourth quarter and full year of 2008. Fourth quarter revenues were $3.5 billion, a 6% decrease from the prior year due to lower advertising revenues in a weak economy, partially offset by acquisitions and higher affiliate fees. Full year revenues were $14 billion, a 1% decrease for similar reasons. Operating income and cash flow decreased in the fourth quarter and full year compared to the previous year. The company also announced a reduction in its quarterly dividend from $0.27 to $0.05 per share to strengthen its financial flexibility in the uncertain economic environment.
Clear Channel Communications reported financial results for the first quarter of 2007, with revenues increasing 8% to $1.6 billion compared to the first quarter of 2006. Expenses increased 5% to $1.1 billion, and income before discontinued operations increased 2% to $99.2 million. The company also discussed progress on divesting its television group and certain radio stations, with definitive agreements in place that are expected to net approximately $1.4 billion in proceeds after taxes and transaction costs. Pacing information showed radio revenues pacing down 1.6% for Q2 2007 and 0.6% for the full year, while outdoor revenues were pacing up 6.7% for Q2 and 5.9% for the
Raytheon reported strong financial results for the third quarter of 2008, with sales up 12% and earnings per share up 17%. The company increased its full-year earnings guidance and announced a new $2 billion share repurchase plan. All of Raytheon's business segments experienced sales growth in the quarter.
CC Media Holdings reported its second quarter 2008 results. Revenue increased 2% to $1.83 billion due to foreign exchange movements, while expenses rose 6% to $1.19 billion including foreign exchange effects. Income before discontinued operations increased 28% to $277 million and diluted EPS rose 27% to $0.56. Radio revenue fell 6% due to weakness in advertising, while outdoor revenue rose 9% including foreign exchange effects. The company completed its acquisition of Clear Channel on July 30, 2008.
CBS Corporation reported first quarter 2008 results with increased net earnings, diluted EPS, and free cash flow compared to the same period in 2007. Total revenues were flat due to the absence of Super Bowl broadcast in 2008, while adjusted OIBDA and operating income increased 10% and 11% respectively due to higher television licensing fees and affiliate revenues. The company raised its quarterly dividend by 8% and expects OIBDA and operating income growth of 3-5% for 2008.
This document summarizes Raytheon's financial results for the fourth quarter and full year of 2008. Key points include: Raytheon reported solid financial results for Q4 and full year 2008, with record backlog of $38.9 billion; Q4 sales were $6.1 billion and adjusted EPS was $1.13; Full year sales grew 9% to $23.2 billion and adjusted EPS grew 23% to $4.06; Raytheon reaffirmed its financial guidance for 2009 and expects continued growth.
Clear Channel Communications reported financial results for Q1 2008. Revenue increased 4% to $1.6 billion due to foreign exchange movements, while expenses rose 8% to $1.1 billion. Income before discontinued operations increased 70% to $161.4 million. The company sold its television group and 223 non-core radio stations. Radio revenues declined 4% to $769.6 million due to weakness in automotive, retail, and services advertising. Outdoor revenues rose 12% to $775.6 million due to international growth and new contracts, though expenses rose 18% due to site costs. The company provided Q2 and full year 2008 revenue pacing compared to prior years and expense outlooks by division.
CC Media Holdings reported financial results for Q4 and full year 2008. Q4 revenue was $1.6 billion, down 14% year-over-year, and full year revenue was $6.7 billion, down 3%. Operating expenses grew 3% in Q4 and 5% for the full year. The company reported a large net loss of $4.99 billion in Q4 and $4.6 billion for the full year, primarily due to a $5.3 billion impairment charge. OIBDAN (operating income before depreciation and amortization) declined 50% in Q4 to $309 million and 21% for the full year to $1.8 billion. The company also announced
CC Media Holdings reported third quarter 2008 results. It was formed in 2007 by private equity firms to acquire Clear Channel Communications, which became its wholly owned subsidiary after the acquisition closed on July 30, 2008. CC Media Holdings reported $1.7 billion in third quarter revenue, a 4% decrease from the previous year. Operating expenses increased 5% to $1.2 billion due to factors including $30.6 million in non-cash compensation from equity awards that vested in the merger. The company reported a loss of $86.1 million before discontinued operations, compared to a $253.4 million profit in the previous year, with merger expenses contributing to the decline.
- Sprint Nextel reported financial results for Q4 and full-year 2007, with consolidated revenues of $9.8 billion for Q4 and $40.1 billion for the year.
- A non-cash goodwill impairment charge of $29.7 billion was recorded in Q4, resulting in a net loss of $29.5 billion for the quarter.
- Wireless profitability declined in Q4 due to lower service revenues and higher expenses, though data revenues grew. Wireline profitability increased.
- The company is taking actions to increase financial flexibility, including borrowing funds and discontinuing dividend payments for the foreseeable future.
Qwest Communications reported its fourth quarter and full year 2007 results, highlighting growth in key areas. Net income grew substantially both year-over-year and quarter-over-quarter. Adjusted free cash flow also grew 29% for the full year. Qwest expanded adjusted EBITDA margins by 190 basis points for the full year through continued improvements in productivity and cost reductions. Consumer bundle penetration reached 62% in the fourth quarter, driving higher consumer revenue per user.
news corp 4th Qtr - FY08 - June 30, 2008 - US Dollars finance9
News Corporation reported record full year operating income of $5.4 billion, up 21% from the previous fiscal year. All business segments saw increased profits except for Television. Key highlights included record results at Filmed Entertainment, Cable Network Programming, and Direct Broadcast Satellite. Fox News Channel saw a 14% increase in operating income for the quarter and 35% increase for the full year. SKY Italia added over 366,000 subscribers over the past year and saw operating income increase 37% for the quarter and 198% for the full year. HarperCollins had 62 books on the New York Times bestseller list during the quarter.
Cat Financial reported record second quarter revenues of $785 million, a 5% increase over the previous year. Net income increased 6% to $130 million. New retail financing reached a record high of $4.6 billion, up 26% compared to the second year. While past dues increased from the previous year, write-offs remained in line with historical averages. The company president said Cat Financial continues to deliver reliable earnings and be a source of financing for customers, despite economic uncertainty in some markets.
Cat Financial reported record second quarter revenues of $785 million, a 5% increase over the previous year. Net income increased 6% to $130 million. New retail financing reached a record high of $4.6 billion, up 26% compared to the second year. While past dues increased from the previous year, write-offs remained in line with historical averages. The company president said Cat Financial continues to deliver reliable earnings and be a source of financing for customers during economic uncertainty.
Cat Financial reported record second quarter revenues of $785 million, a 5% increase over the previous year. Net income increased 6% to $130 million. New retail financing reached a record high of $4.6 billion, up 26% compared to the second year. While past dues increased from the previous year, write-offs remained in line with historical averages. The company president said Cat Financial continues to deliver reliable earnings and be a financing source for customers, despite economic uncertainty in some markets.
news corp 2nd Qtr - FY09 - December 31, 2008 - US Dollarsfinance9
News Corporation reported financial results for the second quarter of fiscal year 2009. While revenue was $7.9 billion, adjusted operating income declined 42% to $818 million due to weakness across many business segments. A $8.4 billion non-cash impairment charge related to goodwill and assets resulted in a net loss of $6.4 billion for the quarter. The company is implementing cost cuts in response to the economic downturn.
Merck reported third quarter 2008 non-GAAP EPS of $0.80 excluding restructuring charges, and GAAP EPS of $0.51. Merck announced a global restructuring plan to eliminate approximately 7,200 positions by the end of 2011 and expects $3.8-4.2 billion in cumulative pretax savings from 2008-2013. Merck anticipates full-year 2008 non-GAAP EPS of $3.28-$3.32 excluding items, and GAAP EPS of $3.45-$3.55.
Merck reported third quarter 2008 non-GAAP EPS of $0.80 excluding restructuring charges of $0.29 per share, and GAAP EPS of $0.51. Merck announced a global restructuring plan to eliminate approximately 7,200 positions by the end of 2011 and expects $3.8-4.2 billion in cumulative pretax savings from 2008-2013. Merck anticipates full-year 2008 non-GAAP EPS of $3.28-$3.32 excluding certain items, and GAAP EPS of $3.45-$3.55.
Clear Channel Communications reported financial results for the second quarter of 2007, with revenue increasing 5% to $1.8 billion compared to the second quarter of 2006. Operating expenses grew 6% to $1.1 billion, and income before discontinued operations increased 21% to $208.7 million. By division, radio revenues grew 1% to $918 million while outdoor advertising revenues increased 12% to $837 million. The company also provided an outlook for the third quarter and full year 2007, with radio revenues pacing down 1.5% and 0.2% respectively, while outdoor revenues were pacing up 10.6% for Q3 and 7.2% for the full year.
The document discusses Pepsi Bottling Group's use of non-GAAP financial measures to provide additional context for investors beyond standard GAAP reporting. It defines one such measure, Operating Free Cash Flow (OFCF), as cash from operations less capital expenditures plus excess tax benefits from stock options. Management uses OFCF to evaluate business performance and liquidity. The document provides Pepsi's forecast for 2007 OFCF between $530-550 million and outlines adjustments made to certain first quarter 2007 financial results to exclude foreign currency translation impacts.
The document discusses Pepsi Bottling Group's (PBG) use of non-GAAP financial measures to provide additional context for investors beyond standard GAAP reporting. It provides non-GAAP adjusted figures for PBG's second quarter 2007 results which exclude the impact of foreign currency translation. It also gives adjusted guidance figures for full year 2007 diluted EPS and effective tax rate which exclude the impact of reversing tax contingencies. Finally, it defines and discusses the non-GAAP measure of operating free cash flow, and provides PBG's estimated range for full year 2007 operating free cash flow.
The document provides reconciliations of Pepsi Bottling Group's (PBG) reported and comparable non-GAAP financial measures for the third quarter and year-to-date 2007, including net revenue, gross profit, operating income, earnings per share (EPS), and operating free cash flow (OFCF). It also provides PBG's 2007 guidance ranges on a reported and adjusted basis, adjusting for items affecting comparability including tax matters, restructuring charges, and asset rationalization charges.
pepsi bottling Non Gaap Investor Day121307finance19
The document provides reconciliations of non-GAAP financial measures reported by The Pepsi Bottling Group to GAAP measures for 2005-2007 and 2008 guidance. It summarizes adjustments made for items affecting comparability between years, including restructuring charges, tax law changes, and accounting rule changes. Operating profit growth, EPS, and cash flow are reconciled for these periods. Non-GAAP measures are used to evaluate underlying business performance by excluding certain non-recurring or variable items.
The document summarizes Pepsi Bottling Group's (PBG) fourth quarter 2007 earnings conference call. It provides non-GAAP financial measures to allow for meaningful year-over-year comparisons. Items affecting comparability in 2007 include a tax contingency reversal, tax law changes, and restructuring charges. The document also reconciles 2007 and Q4 2007 reported results to comparable results. Guidance for 2008 reported and comparable operating income growth and EPS is also provided.
The document provides a reconciliation of non-GAAP financial measures for Pepsi Bottling Group's first quarter 2008 earnings conference call. It summarizes restructuring charges and an asset disposal charge that affected comparability between periods. It provides comparable and reported operating income growth, EPS, and guidance figures. It also defines and provides guidance for operating free cash flow.
The document summarizes Pepsi Bottling Group's second quarter 2008 earnings conference call. It discusses non-GAAP financial measures used by the company to provide meaningful year-over-year comparisons and evaluate underlying business performance. Items affecting comparability between years are also reviewed, including restructuring charges, asset disposal charges, and tax items. Specific metrics for certain international markets and 2008 guidance figures both on a comparable and reported basis are also presented. Operating free cash flow is defined and full-year 2008 expectations provided.
The document provides reconciliations of non-GAAP financial measures reported by The Pepsi Bottling Group for 2008. It identifies items affecting comparability between years, including restructuring charges, asset disposal charges, and stock-based compensation. The document summarizes the quantitative impact of these items on key financial metrics like operating income growth, earnings per share, and cash flow. It also provides guidance for 2008 operating free cash flow.
The document provides reconciliations of non-GAAP financial measures and items affecting comparability for The Pepsi Bottling Group's third quarter 2008 earnings conference call. It summarizes restructuring charges, asset disposal charges, a tax audit settlement, tax law changes, and stock-based compensation adjustments. It also provides comparable and reported figures for net revenue, operating income, earnings per share, and other metrics. Guidance is given for full-year 2008 measures on a comparable and reported basis.
The document provides financial information and reconciliation of non-GAAP measures for The Pepsi Bottling Group's fourth quarter 2008 earnings conference call. It summarizes items affecting comparability for 2008 and 2009, including impairment charges, restructuring charges, and the impact of foreign exchange rates. It also provides the company's operating free cash flow for 2008 and guidance for comparable net revenues, costs, operating income, earnings per share, and operating free cash flow for 2009.
The document provides reconciliation of non-GAAP financial measures for The Pepsi Bottling Group for 2008. It summarizes items affecting comparability between years such as impairment charges, restructuring charges, and accounting standard changes. Tables show the impact of these items on operating income, net revenues, operating profit, and earnings per share for 2008 compared to 2005, 2007, and 2003. The document also provides 2009 guidance forecasts for revenue growth, operating income growth, earnings per share, and operating free cash flow.
The document discusses PBG's financial highlights and growth in 2000. Key points:
1) PBG had strong financial results in 2000, with net revenues of $7.982 billion and EPS of $1.53, up from 1999. Operating income and EBITDA also grew substantially.
2) Two-thirds of PBG's business comes from take-home sales. In 2000 PBG focused on growing its bottled water and flavor carbonated soft drink segments in the take-home market.
3) PBG launched Sierra Mist, a new lemon-lime flavor, to capitalize on the fast growing lemon-lime segment of the carbonated soft drink category. The launch was swift in
World Fuel Services Corporation is a global leader in the downstream marketing and financing of aviation and marine fuel products and related services. For the nine-month period ended December 31, 2002, the company reported revenue of $1.55 billion, up 52.6% from the same period the previous year. Net income was $9.9 million, down 22.6% from the previous year. The company has a strong balance sheet with $312 million in total assets and $127.7 million in stockholders' equity.
World Fuel Services Corporation is a global leader in the downstream marketing and financing of aviation and marine fuel products and related services. For the nine-month period ended December 31, 2002, the company reported revenue of $1.55 billion, up 52.6% from the same period the previous year. Net income was $9.9 million, down 22.6% from the previous year. The company has a strong balance sheet with $312 million in total assets and $127.7 million in stockholders' equity.
The Rise of Generative AI in Finance: Reshaping the Industry with Synthetic DataChampak Jhagmag
In this presentation, we will explore the rise of generative AI in finance and its potential to reshape the industry. We will discuss how generative AI can be used to develop new products, combat fraud, and revolutionize risk management. Finally, we will address some of the ethical considerations and challenges associated with this powerful technology.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
1. CBS CORPORATION REPORTS SECOND QUARTER 2008 RESULTS
Revenues Up 1% to $3.4 Billion
Net Earnings Up 1% to $408 Million
Diluted EPS Up 11% to $.61 Per Share
First Half Free Cash Flow of $1.4 Billion Up 6%
Free Cash Flow of $464 Million For the Quarter
Company to Divest 50 Mid-size Market Radio Stations
New York, New York, July 31, 2008 – CBS Corporation (NYSE: CBS.A and CBS) today reported results
for the second quarter ended June 30, 2008.
“The media business is changing and CBS Corporation is changing along with it, to enable us to expand
the reach of our world-class content to fast-growing areas such as the interactive marketplace,” said
Sumner Redstone, Executive Chairman, CBS Corporation. “I am very confident that Leslie and his team
are effectively operating our Company to prevail in the current market environment, while positioning
CBS to thrive over the long term.”
“We’ve taken key steps to position our asset portfolio for superior long-term growth,” said Leslie
Moonves, President and Chief Executive Officer, CBS Corporation. “During the quarter, we completed
our acquisition of CNET Networks, which we believe will add at least two percentage points to our
revenue and profit growth rates going forward, in addition to being accretive to earnings and free cash
flow in 2008. We also closed on our acquisition of IOA, the largest outdoor business in the vibrant South
American market. Both of these growing businesses exemplify our strategy to increase our presence in
the areas of highest potential. At the same time, we have taken this opportunity to change our portfolio
by initiating a plan to divest 50 mid-size market radio stations. By selling selected stations in these
markets we can focus on the larger market stations, many of which are showing growth.”
Moonves continued: “In a more difficult economic environment, with our local businesses affected by an
advertising slowdown, we have taken aggressive cost reduction actions to manage expenses. Since the
2. 2
beginning of the year, well before the current softness in the marketplace, we have been working to
rationalize the cost structure in our Television, Radio and Outdoor businesses. When the marketplace
comes back, we will be well prepared to capitalize on that upturn.”
“Finally, I’m pleased that we have maintained our ability to grow revenues and generate strong free cash
flow of more than $1.4 billion in the first half of 2008, up 6% over the first half of 2007,” Moonves
added. “Free cash flow is an extremely important way that we measure our success. It has enabled us to
raise our dividend again during the quarter – the sixth time since the start of 2006. This is our way of
demonstrating confidence in our ability to keep generating healthy free cash flow, and our commitment to
returning value to shareholders.”
Second Quarter 2008 Results
Revenues of $3.39 billion for the second quarter of 2008 increased 1% from the same quarter in 2007,
due to strong growth in syndication revenues, as a result of the new international self-distribution
arrangement for the CSI franchise and higher international syndication sales, as well as revenue growth at
Outdoor, partially offset by lower local advertising sales at television and radio stations.
Operating income before depreciation and amortization (“OIBDA”) of $760.4 million and operating
income of $637.0 million for the second quarter of 2008 decreased 12% and 15%, respectively, from the
same prior-year period. On an adjusted basis, OIBDA for the second quarter of 2008 decreased 10% to
$802.1 million and operating income decreased 13% to $678.7 million principally reflecting lower
advertising sales partially offset by higher profits from syndication sales. Adjusted results exclude stock-
based compensation expense and restructuring charges. Stock-based compensation expense for the
second quarter of 2008 was $39.1 million versus $30.5 million for the same quarter last year.
Net earnings increased 1% to $408.4 million for the second quarter of 2008 from $404.0 million for the
same quarter last year, and diluted earnings per share increased 11% to $.61 in 2008 from $.55, due to the
gain on the sale of the Company’s investment in Sundance Channel and lower shares outstanding
resulting from 2007 share repurchases. On an adjusted basis, net earnings for the second quarter of 2008
were $355.3 million, or $.53 per diluted share, versus $419.4 million, or $.57 per diluted share, for the
same prior-year period. Adjusted results exclude stock-based compensation expense, restructuring
charges and dispositions.
Free cash flow for the second quarter of 2008 was $464.2 million, down from $570.5 million for the same
prior-year period, due to higher working capital and capital spending.
3. 3
On June 30, 2008, the Company completed the acquisition of CNET Networks, Inc. (“CNET”) for $1.8
billion in cash. The Company is combining its existing interactive businesses, which are currently
reported in the Television segment, with those of CNET, to create an expanded CBS Interactive business
unit. Beginning in the third quarter of 2008, the Company will report a separate Interactive segment and
prior period results will be reclassified to conform to the new presentation.
The Company today also announced its intention to divest approximately 50 of its radio stations in
several mid-size markets. Management intends to use the value received from the divestiture to reduce its
shares outstanding.
First Half 2008 Results
Revenues of $7.05 billion for the first half of 2008 increased $15.1 million from the same prior-year
period. Results were positively affected by higher syndication revenues as a result of the new
international self-distribution arrangement for the CSI franchise and higher domestic and international
syndication sales, higher affiliate revenues, and revenue growth at Outdoor, partially offset by the absence
of the 2007 telecast of Super Bowl XLI on CBS Network and lower local advertising sales at television
and radio stations.
OIBDA of $1.40 billion and operating income of $1.16 billion for the first half of 2008 decreased 6% and
9%, respectively, from the same prior-year period. On an adjusted basis, OIBDA for the first half of 2008
decreased 2% to $1.52 billion from $1.55 billion for the same prior-year period and operating income
decreased 3% to $1.28 billion from $1.32 billion, driven by lower advertising sales partially offset by
higher profits from syndication sales. Adjusted results exclude stock-based compensation expense and
$47.5 million of restructuring charges incurred during the first half of 2008. Stock-based compensation
expense was $72.2 million for the first six months of 2008 versus $51.5 million for the same prior-year
period.
Net earnings for the first half of 2008 increased 6% to $652.7 million from $617.5 million for the same
prior-year period, and diluted earnings per share increased 17% to $.97 from $.83, primarily reflecting the
gain on the sale of the Company’s investment in Sundance Channel and lower shares outstanding
resulting from 2007 share repurchases. On an adjusted basis, net earnings of $646.7 million for the first
half of 2008 decreased from $685.7 million for the same prior-year period. Adjusted diluted earnings per
share, however, increased 4% to $.96 from $.92 for the prior-year period due to the impact of 2007 share
repurchases. Adjusted results exclude stock-based compensation expense, restructuring charges and
dispositions.
4. 4
Free cash flow of $1.40 billion for the first half of 2008 increased 6% from $1.32 billion for the same
prior-year period, primarily due to lower cash taxes.
Business Outlook
The Company expects OIBDA growth to be in the low single digits for 2008 and operating income to be
comparable to the prior year, from growth of between 3% and 5%, due to recent softness in the U.S.
economy and its effects on the Company’s local businesses. The Company’s 2008 business outlook
excludes the effects of the acquisition of CNET, which the Company expects will add to OIBDA growth
in 2008. The outlook also excludes stock-based compensation expense, restructuring charges and the
impact of acquisitions and divestitures.
Consolidated and Segment Results
The tables below present the Company’s revenues, OIBDA and operating income by segment for the
three and six months ended June 30, 2008 and 2007 (dollars in millions). Reconciliations of all non-
GAAP measures to reported results have been included at the end of this earnings release.
Three Months Ended Six Months Ended
June 30, Better/ June 30, Better/
Revenues 2008 2007 (Worse)% 2008 2007 (Worse)%
Television $ 2,201.1 $ 2,163.0 2% $ 4,798.7 $ 4,736.0 1%
Radio 416.4 463.4 (10) 779.9 860.9 (9)
Outdoor 598.1 554.2 8 1,095.0 1,016.5 8
Publishing 186.0 200.3 (7) 387.6 429.6 (10)
Eliminations (7.9) (6.0) (32) (13.4) (10.3) (30)
$ 3,393.7 $ 3,374.9 1% $ 7,047.8 $ 7,032.7 —%
Total Revenues
Three Months Ended Six Months Ended
June 30, Better/ June 30, Better/
OIBDA 2008 2007 (Worse)% 2008 2007 (Worse)%
Television $ 495.6 $ 549.5 (10)% $ 945.1 $ 948.5 —%
Radio 158.6 187.3 (15) 280.9 351.7 (20)
Outdoor 153.6 168.3 (9) 255.1 268.5 (5)
Publishing 17.0 20.1 (15) 34.1 43.9 (22)
Corporate (41.9) (41.6) (1) (67.9) (68.4) 1
Residual costs (22.5) (24.2) 7 (44.9) (48.3) 7
$ 760.4 $ 859.4 (12)% $ 1,402.4 $ 1,495.9 (6)%
Total OIBDA
Three Months Ended Six Months Ended
June 30, Better/ June 30, Better/
Operating Income 2008 2007 (Worse)% 2008 2007 (Worse)%
Television $ 446.8 $ 506.1 (12)% $ 848.9 $ 856.2 (1)%
Radio 150.7 179.4 (16) 265.7 336.2 (21)
Outdoor 92.4 115.3 (20) 136.5 162.3 (16)
Publishing 14.6 18.1 (19) 29.2 39.5 (26)
Corporate (45.0) (44.8) — (74.2) (74.7) 1
Residual costs (22.5) (24.2) 7 (44.9) (48.3) 7
$ 637.0 $ 749.9 (15)% $ 1,161.2 $ 1,271.2 (9)%
Total Operating Income
5. 5
Television (CBS Television Network, CBS Television Stations, CBS Paramount Network Television, CBS
Television Distribution, Showtime Networks and CBS College Sports Network)
Television revenues for the second quarter of 2008 increased 2% to $2.20 billion from $2.16 billion for
the same prior-year period. Television license fees rose 35%, driven by higher syndication sales as a
result of both the new international self-distribution arrangement for the CSI franchise and higher
international syndication sales. Affiliate revenues increased 5% due to rate increases and subscriber
growth at Showtime Networks and CBS College Sports Network. Television advertising revenues
declined 6% due to softness in the local television station advertising market and lower primetime ratings,
partially offset by the timing of the Semifinals of the NCAA Men’s Basketball Tournament, which aired
in the second quarter of 2008 versus the first quarter of 2007.
Television OIBDA decreased 10% to $495.6 million and operating income decreased 12% to $446.8
million for the second quarter of 2008 primarily due to lower advertising sales partially offset by higher
profits from syndication sales, principally from the CSI franchise, and higher affiliate revenues.
Television results included stock-based compensation expense of $18.4 million and $14.8 million for the
second quarter of 2008 and 2007, respectively.
Radio (CBS Radio)
Radio revenues decreased 10% to $416.4 million from $463.4 million for the same prior-year period,
reflecting weakness in the radio advertising market and the impact of radio station divestitures. On a
same station basis, Radio revenues declined 9% from the second quarter of 2007.
Radio OIBDA and operating income for the second quarter of 2008 decreased 15% to $158.6 million and
16% to $150.7 million, respectively, due to lower advertising sales and the absence of profits from
divested stations partially offset by lower employee-related expenses and marketing and promotion costs
as a result of restructuring and cost-saving initiatives. Radio results included stock-based compensation
expense of $5.6 million and $5.0 million for the second quarter of 2008 and 2007, respectively.
Outdoor (CBS Outdoor)
Outdoor revenues for the second quarter of 2008 increased 8% to $598.1 million from $554.2 million for
the same prior-year period reflecting growth in both International and North America. International
(which is composed of Europe, Asia and South America) was up 18%, led by the impact of fluctuations in
foreign exchange rates, strength in the U.K. and France, and the acquisition of International Outdoor
Advertising Group (“IOA”). Revenues in North America (which is composed of the United States,
Canada and Mexico) were up 2%. Revenues were negatively affected by the non-renewal of two major
6. 6
municipal contracts in Toronto and San Francisco, which reduced North America revenue growth by 2%
for the quarter. In constant dollars, Outdoor revenues increased 4% from last year’s second quarter.
Outdoor OIBDA and operating income decreased 9% to $153.6 million and 20% to $92.4 million,
respectively, for the second quarter of 2008 driven by declines in North America. North America OIBDA
decreased 12% to $126.7 million and operating income decreased 18% to $79.7 million due to higher
transit and billboard lease costs, the aforementioned non-renewal of municipal contracts and $2.6 million
of restructuring costs incurred in the second quarter of 2008. International OIBDA increased 9% to $26.9
million driven by the revenue growth offset largely by higher transit costs. International operating
income declined 29% to $12.7 million due to higher depreciation expense associated with recent capital
expenditures. Outdoor results included stock-based compensation expense of $2.0 million and $1.2
million for the second quarter of 2008 and 2007, respectively.
On April 23, 2008, the Company acquired IOA, the leading out-of-home advertising company in South
America, for $111.6 million.
Publishing (Simon & Schuster)
Publishing revenues for the second quarter of 2008 declined 7% to $186.0 million from $200.3 million
for the same prior-year period, as best-selling titles in the second quarter of 2008, including The Broken
Window by Jeffery Deaver and Chasing Harry Winston by Lauren Weisberger, did not match
contributions from prior year titles which included Blaze by Stephen King writing as Richard Bachman,
and The Secret by Rhonda Byrne.
Publishing OIBDA and operating income decreased 15% to $17.0 million and 19% to $14.6 million,
respectively, with lower revenues partially offset by lower royalty expenses. Publishing results included
stock-based compensation expense of $1.2 million and $.9 million for the second quarter of 2008 and
2007, respectively.
Corporate
Corporate expenses before depreciation expense were $41.9 million for the second quarter versus $41.6
million for the same prior-year period. Corporate expenses included stock-based compensation expense
of $11.9 million and $8.6 million for the second quarter of 2008 and 2007, respectively.
7. 7
Residual Costs
Residual costs primarily include pension and postretirement benefits costs for benefit plans retained by
the Company for previously divested businesses. Residual costs decreased to $22.5 million for the
second quarter of 2008 from $24.2 million for the same prior-year period.
Interest Expense
Interest expense of $134.3 million for the second quarter of 2008 decreased from $145.5 million for the
same prior-year period primarily due to lower interest rates.
Interest Income
Interest income of $15.2 million for the second quarter of 2008 decreased from $33.8 million for the same
prior-year period reflecting lower interest rates and lower average cash balances as a result of 2007 share
repurchases.
Other Items, Net
Other items, net, for the second quarter and first half of 2008 include a pre-tax gain of $127.2 million on
the sale of the Company’s investment in Sundance Channel.
Provision for Income Taxes
The Company’s effective income tax rate for the second quarter was 36.2% for 2008 versus 36.4% for
2007.
About CBS Corporation
CBS Corporation (NYSE: CBS.A and CBS) is a mass media company with constituent parts that reach
back to the beginnings of the broadcast industry, as well as newer businesses that operate on the leading
edge of the media industry. The Company, through its many and varied operations, combines broad reach
with well-positioned local businesses, all of which provide it with an extensive distribution network by
which it serves audiences and advertisers in all 50 states and key international markets. It has operations
in virtually every field of media and entertainment, including broadcast television (CBS and The CW – a
joint venture between CBS Corporation and Warner Bros. Entertainment), cable television (Showtime
Networks and CBS College Sports Network), local television (CBS Television Stations), television
production and syndication (CBS Paramount Network Television and CBS Television Distribution), radio
(CBS Radio), advertising on out-of-home media (CBS Outdoor), publishing (Simon & Schuster),
interactive media (CBS Interactive), music (CBS Records), licensing and merchandising (CBS Consumer
Products), video/DVD (CBS Home Entertainment), in-store media (CBS Outernet) and motion pictures
(CBS Films). For more information, log on to www.cbscorporation.com.
8. 8
Cautionary Statement Concerning Forward-looking Statements
This news release contains both historical and forward-looking statements. All statements, including
Business Outlook, other than statements of historical fact are, or may be deemed to be, forward-looking
statements within the meaning of section 27A of the Securities Act of 1933 and section 21E of the
Securities Exchange Act of 1934. These forward-looking statements are not based on historical facts, but
rather reflect the Company’s current expectations concerning future results and events. Similarly,
statements that describe our objectives, plans or goals are or may be forward-looking statements. These
forward-looking statements involve known and unknown risks, uncertainties and other factors that are
difficult to predict and which may cause the actual results, performance or achievements of the Company
to be different from any future results, performance or achievements expressed or implied by these
statements. These risks, uncertainties and other factors include, among others: advertising market
conditions generally; changes in the public acceptance of the Company’s programming; changes in
technology and its effect on competition in the Company’s markets; changes in the Federal
Communications laws and regulations; the impact of piracy on the Company’s products, the impact of the
consolidation in the market for the Company’s programming; other domestic and global economic,
business, competitive and/or other regulatory factors affecting the Company’s businesses generally; the
impact of union activity, including possible strikes or work stoppages or the Company’s inability to
negotiate favorable terms for contract renewals; and other factors described in the Company’s news
releases and filings with the Securities and Exchange Commission including but not limited to the
Company’s most recent Form 10-K. The forward-looking statements included in this document are made
only as of the date of this document, and under section 27A of the Securities Act and section 21E of the
Exchange Act, we do not have any obligation to publicly update any forward-looking statements to reflect
subsequent events or circumstances.
Contacts:
Press: Investors:
Gil Schwartz Martin Shea
Executive Vice President, Corporate Communications Executive Vice President, Investor Relations
(212) 975-2121 (212) 975-8571
gdschwartz@cbs.com marty.shea@cbs.com
Dana McClintock Adam Townsend
Senior Vice President, Corporate Communications Executive Vice President, Investor Relations
(212) 975-1077 (212) 975-5292
dlmcclintock@cbs.com adam.townsend@cbs.com
Andrea Prochniak Debra Wichser
Vice President, Corporate Communications Vice President, Investor Relations
(212) 975-0053 (212) 975-3718
andrea.prochniak@cbs.com debra.wichser@cbs.com
9. 9
CBS CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited; all amounts, except per share amounts, are in millions)
Three Months Ended Six Months Ended
June 30, June 30,
2008 2007 2008 2007
$ 3,393.7 $ 3,374.9 $ 7,047.8 $ 7,032.7
Revenues
Operating income 637.0 749.9 1,161.2 1,271.2
Interest expense (134.3) (145.5) (273.0) (285.3)
Interest income 15.2 33.8 32.8 73.1
Other items, net 124.9 4.3 124.7 2.8
642.8 642.5 1,045.7 1,061.8
Earnings before income taxes
Provision for income taxes (232.9) (233.7) (384.2) (437.9)
Equity in loss of investee companies, net of tax (1.2) (4.9) (8.4) (6.8)
Minority interest, net of tax (.3) .1 (.4) .4
$ 408.4 $ 404.0 $ 652.7 $ 617.5
Net earnings
$ .61 $ .56 $ .98 $ .84
Basic net earnings per common share
$ .61 $ .55 $ .97 $ .83
Diluted net earnings per common share
Weighted average number of common shares
outstanding:
Basic 669.4 720.8 668.7 738.6
Diluted 674.3 729.4 674.0 747.2
$ .27 $ .22 $ .52 $ .44
Dividends per common share
10. 10
CBS CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited; Dollars in millions)
At June 30, At December 31,
2008 2007
Assets
Cash and cash equivalents $ 813.9 $ 1,346.9
Receivables, net 2,668.0 2,678.0
Programming and other inventory 635.7 971.9
Prepaid expenses and other current assets 1,116.0 1,034.1
Total current assets 5,233.6 6,030.9
Property and equipment 4,863.4 4,683.4
Less accumulated depreciation and amortization 1,836.1 1,761.9
Net property and equipment 3,027.3 2,921.5
Programming and other inventory 1,413.3 1,548.5
Goodwill 20,134.3 18,452.0
Intangible assets 9,943.5 10,081.3
Other assets 1,495.8 1,396.0
Total Assets $ 41,247.8 $ 40,430.2
Liabilities and Stockholders’ Equity
Accounts payable $ 364.3 $ 352.3
Participants’ share and royalties payable 942.4 612.5
Program rights 781.8 1,009.7
Current portion of long-term debt 16.7 19.1
Accrued expenses and other current liabilities 2,595.2 2,411.0
Total current liabilities 4,700.4 4,404.6
Long-term debt 7,072.7 7,068.6
Other liabilities 7,545.4 7,483.1
Minority interest 2.1 1.5
Stockholders’ equity 21,927.2 21,472.4
Total Liabilities and Stockholders’ Equity $ 41,247.8 $ 40,430.2
11. 11
CBS CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited; Dollars in millions)
Six Months Ended
June 30,
2008 2007
Operating activities:
Net earnings $ 652.7 $ 617.5
Adjustments to reconcile net earnings to net cash flow
provided by operating activities:
Depreciation and amortization 241.2 224.7
Stock-based compensation 72.2 51.5
Equity in loss of investee companies, net of distributions 14.2 11.8
Minority interest, net of tax .4 (.4)
Change in assets and liabilities, net of effects of acquisitions 641.7 624.9
1,622.4 1,530.0
Net cash flow provided by operating activities
Investing activities:
Acquisitions, net of cash acquired (1,886.2) (309.6)
Capital expenditures (220.2) (206.6)
Investments in and advances to investee companies (18.2) (43.8)
Purchases of marketable securities (20.8) —
Proceeds from sales of marketable securities 10.0 —
Proceeds from dispositions 360.4 305.6
Net (payments to) receipts from Viacom Inc. related to the Separation (2.9) 212.2
Other, net (10.8) (.8)
(1,788.7) (43.0)
Net cash flow used for investing activities
Financing activities:
Borrowings from (repayments to) banks, including commercial paper, net (4.0) 1.9
Payment of capital lease obligations (9.4) (8.2)
Proceeds from issuance of notes — 678.0
Repayment of notes — (660.0)
Purchase of Company common stock (44.7) (1,602.1)
Dividends (343.2) (313.9)
Proceeds from exercise of stock options 31.2 131.7
Excess tax benefit from stock-based compensation 3.4 7.8
(366.7) (1,764.8)
Net cash flow used for financing activities
Net decrease in cash and cash equivalents (533.0) (277.8)
Cash and cash equivalents at beginning of period 1,346.9 3,074.6
$ 813.9 $ 2,796.8
Cash and cash equivalents at end of period
12. 12
CBS CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION
(Unaudited; Dollars in millions)
Operating Income Before Depreciation and Amortization
The following tables set forth the Company’s Operating Income before Depreciation and Amortization (“OIBDA”) for
the three and six months ended June 30, 2008 and 2007. The Company defines OIBDA as net earnings adjusted to
exclude the following line items presented in its Statements of Operations: Minority interest, net of tax; Equity in loss
of investee companies, net of tax; Provision for income taxes; Other items, net; Interest income; Interest expense; and
Depreciation and amortization.
The Company uses OIBDA, among other things, to evaluate the Company’s operating performance, to value
prospective acquisitions and as one of several components of incentive compensation targets for certain management
personnel, and this measure is among the primary measures used by management for planning and forecasting of
future periods. This measure is an important indicator of the Company’s operational strength and performance of its
business because it provides a link between profitability and operating cash flow. The Company believes the
presentation of this measure is relevant and useful for investors because it allows investors to view performance in a
manner similar to the method used by the Company’s management, helps improve their ability to understand the
Company’s operating performance and makes it easier to compare the Company’s results with other companies that
have different financing and capital structures or tax rates. In addition, this measure is also among the primary
measures used externally by the Company's investors, analysts and peers in its industry for purposes of valuation and
comparing the operating performance of the Company to other companies in its industry.
Since OIBDA is not a measure of performance calculated in accordance with generally accepted accounting principles
(“GAAP”), it should not be considered in isolation of, or as a substitute for, net earnings as an indicator of operating
performance. OIBDA, as the Company calculates it, may not be comparable to similarly titled measures employed by
other companies. In addition, this measure does not necessarily represent funds available for discretionary use, and is
not necessarily a measure of the Company’s ability to fund its cash needs. As OIBDA excludes certain financial
information compared with net earnings, the most directly comparable GAAP financial measure, users of this financial
information should consider the types of events and transactions which are excluded. The Company provides the
following reconciliations of total OIBDA to net earnings and OIBDA for each segment to such segment’s operating
income, the most directly comparable amounts reported under GAAP.
13. 13
CBS CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION (continued)
(Unaudited; Dollars in millions)
Three Months Ended June 30, 2008
Depreciation Operating
OIBDA and Amortization Income (Loss)
Television $ 495.6 $ (48.8) $ 446.8
Radio 158.6 (7.9) 150.7
Outdoor 153.6 (61.2) 92.4
Publishing 17.0 (2.4) 14.6
Corporate (41.9) (3.1) (45.0)
Residual costs (22.5) — (22.5)
$ 760.4 $ (123.4) $ 637.0
Total
Three Months Ended June 30, 2007
Depreciation Operating
OIBDA and Amortization Income (Loss)
Television $ 549.5 $ (43.4) $ 506.1
Radio 187.3 (7.9) 179.4
Outdoor 168.3 (53.0) 115.3
Publishing 20.1 (2.0) 18.1
Corporate (41.6) (3.2) (44.8)
Residual costs (24.2) — (24.2)
$ 859.4 $ (109.5) $ 749.9
Total
Three Months Ended June 30,
2008 2007
Total OIBDA $ 760.4 $ 859.4
Depreciation and amortization (123.4) (109.5)
Operating income 637.0 749.9
Interest expense (134.3) (145.5)
Interest income 15.2 33.8
Other items, net 124.9 4.3
Earnings before income taxes 642.8 642.5
Provision for income taxes (232.9) (233.7)
Equity in loss of investee companies, net of tax (1.2) (4.9)
Minority interest, net of tax (.3) .1
$ 408.4 $ 404.0
Net earnings
14. 14
CBS CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION (continued)
(Unaudited; Dollars in millions)
Six Months Ended June 30, 2008
Depreciation Operating
OIBDA and Amortization Income (Loss)
Television $ 945.1 $ (96.2) $ 848.9
Radio 280.9 (15.2) 265.7
Outdoor 255.1 (118.6) 136.5
Publishing 34.1 (4.9) 29.2
Corporate (67.9) (6.3) (74.2)
Residual costs (44.9) — (44.9)
$ 1,402.4 $ (241.2) $ 1,161.2
Total
Six Months Ended June 30, 2007
Depreciation Operating
OIBDA and Amortization Income (Loss)
Television $ 948.5 $ (92.3) $ 856.2
Radio 351.7 (15.5) 336.2
Outdoor 268.5 (106.2) 162.3
Publishing 43.9 (4.4) 39.5
Corporate (68.4) (6.3) (74.7)
Residual costs (48.3) — (48.3)
$ 1,495.9 $ (224.7) $ 1,271.2
Total
Six Months Ended June 30,
2008 2007
Total OIBDA $ 1,402.4 $ 1,495.9
Depreciation and amortization (241.2) (224.7)
Operating income 1,161.2 1,271.2
Interest expense (273.0) (285.3)
Interest income 32.8 73.1
Other items, net 124.7 2.8
Earnings before income taxes 1,045.7 1,061.8
Provision for income taxes (384.2) (437.9)
Equity in loss of investee companies, net of tax (8.4) (6.8)
Minority interest, net of tax (.4) .4
$ 652.7 $ 617.5
Net earnings
15. 15
CBS CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION (continued)
(Unaudited; Dollars in millions)
Free Cash Flow
Free cash flow reflects the Company’s net cash flow from operating activities less capital expenditures. The Company
uses free cash flow, among other measures, to evaluate its operating performance. Management believes free cash flow
provides investors with an important perspective on the cash available to service debt, make strategic acquisitions and
investments, maintain its capital assets, satisfy its tax obligations and fund ongoing operations and working capital needs.
As a result, free cash flow is a significant measure of the Company’s ability to generate long term value. It is useful for
investors to know whether this ability is being enhanced or degraded as a result of the Company’s operating performance.
The Company believes the presentation of free cash flow is relevant and useful for investors because it allows investors to
view performance in a manner similar to the method used by management. In addition, free cash flow is also a primary
measure used externally by the Company’s investors, analysts and peers in its industry for purposes of valuation and
comparing the operating performance of the Company to other companies in its industry.
As free cash flow is not a measure of performance calculated in accordance with GAAP, free cash flow should not be
considered in isolation of, or as a substitute for, net earnings as an indicator of operating performance or net cash flow
provided by operating activities as a measure of liquidity. Free cash flow, as the Company calculates it, may not be
comparable to similarly titled measures employed by other companies. In addition, free cash flow does not necessarily
represent funds available for discretionary use and is not necessarily a measure of the Company’s ability to fund its cash
needs. As free cash flow deducts capital expenditures from net cash flow provided by operating activities, the most
directly comparable GAAP financial measure, users of this financial information should consider the types of events and
transactions which are not reflected. The Company provides below a reconciliation of free cash flow to net cash flow
provided by operating activities, the most directly comparable amount reported under GAAP.
The following table presents a reconciliation of the Company’s net cash flow provided by operating activities to free cash
flow:
Three Months Ended Six Months Ended
June 30, June 30,
2008 2007 2008 2007
Net cash flow provided by operating activities $ 595.6 $ 682.0 $ 1,622.4 $ 1,530.0
Less capital expenditures 131.4 111.5 220.2 206.6
Free cash flow $ 464.2 $ 570.5 $ 1,402.2 $ 1,323.4
The following table presents a summary of the Company’s cash flows:
Three Months Ended Six Months Ended
June 30, June 30,
2008 2007 2008 2007
Net cash flow provided by operating activities $ 595.6 $ 682.0 $ 1,622.4 $ 1,530.0
Net cash flow used for investing activities $ (1,831.3) $ (320.9) $ (1,788.7) $ (43.0)
Net cash flow used for financing activities $ (209.3) $ (942.9) $ (366.7) $(1,764.8)
16. 16
CBS CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION (continued)
(Unaudited; all amounts, except per share amounts, are in millions)
2008 and 2007 Adjusted Results
The following tables reconcile financial measures excluding stock-based compensation expense, restructuring charges and
dispositions, to the reported measures included in this earnings release. The Company believes that adjusting its financial
results for the impact of these items is relevant and useful for investors because it allows investors to view performance in a
manner similar to the method used by the Company's management, provides a clearer perspective on the current underlying
performance of the Company and makes it easier to compare the Company's year-over-year results.
Three Months Ended June 30, 2008
2008 Stock-based Restructuring 2008 Decrease vs.
Charges(a) Dispositions(b) Adjusted
Reported Compensation 2007 Adjusted
— — —
Revenues $ $ $
$ 3,393.7 $ 3,393.7
OIBDA 760.4 39.1 2.6 — 802.1 (10)%
Operating income 637.0 39.1 2.6 — 678.7 (13)%
— —
Interest expense (134.3) — (134.3)
— —
Interest income 15.2 — 15.2
— —
Other items, net 124.9 (127.2) (2.3)
642.8 39.1 2.6 (127.2) 557.3
Earnings before income taxes
Provision for income taxes (232.9) (15.5) (1.0) 48.9 (200.5)
Effective income tax rate 36.2% 36.0%
Equity in loss of investee companies,
— —
net of tax (1.2) — (1.2)
— —
Minority interest, net of tax (.3) — (.3)
$ 408.4 $ 23.6 $ 1.6 $ (78.3) $ 355.3 (15)%
Net earnings
—
$ .61 $ .03 $ (.12) $ .53 (7)%
Diluted EPS $
Diluted weighted average number of
674.3 674.3 674.3 674.3 674.3
common shares outstanding
Three Months Ended June 30, 2007
2007 Stock-based 2007
Dispositions(c)
Reported Compensation Adjusted
— —
$ 3,374.9 $ 3,374.9
Revenues $ $
—
OIBDA 859.4 30.5 889.9
—
Operating income 749.9 30.5 780.4
— —
Interest expense (145.5) (145.5)
— —
Interest income 33.8 33.8
—
Other items, net 4.3 (9.2) (4.9)
642.5 30.5 (9.2) 663.8
Earnings before income taxes
Provision for income taxes (233.7) (12.1) 6.2 (239.6)
Effective income tax rate 36.4% 36.1%
— —
Equity in loss of investee companies, net of tax (4.9) (4.9)
— —
Minority interest, net of tax .1 .1
$ 404.0 $ 18.4 $ (3.0) $ 419.4
Net earnings
—
$ .55 $ .03 $ .57
Diluted EPS $
Diluted weighted average number of
729.4 729.4 729.4 729.4
common shares outstanding
(a) Restructuring charges at Outdoor reflecting severance costs associated with headcount reductions.
(b) Gain on sale of investment in Sundance Channel.
(c) Gain on the divestitures of radio stations.
17. 17
CBS CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION (continued)
(Unaudited; all amounts, except per share amounts, are in millions)
Six Months Ended June 30, 2008
2008 Stock-based Restructuring 2008 Inc/(Dec) vs.
Charges(a) Dispositions(b) Adjusted
Reported Compensation 2007 Adjusted
— — —
$ 7,047.8 $ 7,047.8
Revenues $ $ $
OIBDA 1,402.4 72.2 47.5 — 1,522.1 (2)%
Operating income 1,161.2 72.2 47.5 — 1,280.9 (3)%
— —
Interest expense (273.0) — (273.0)
— —
Interest income 32.8 — 32.8
— —
Other items, net 124.7 (127.2) (2.5)
1,045.7 72.2 47.5 (127.2) 1,038.2
Earnings before income taxes
Provision for income taxes (384.2) (28.6) (18.8) 48.9 (382.7)
Effective income tax rate 36.7% 36.9%
Equity in loss of investee companies,
— —
net of tax (8.4) — (8.4)
— —
Minority interest, net of tax (.4) — (.4)
$ 652.7 $ 43.6 $ 28.7 $ (78.3) $ 646.7 (6)%
Net earnings
$ .97 $ .06 $ .04 $ (.12) $ .96 4%
Diluted EPS
Diluted weighted average number of
674.0 674.0 674.0 674.0 674.0
common shares outstanding
Six Months Ended June 30, 2007
2007 Stock-based 2007
Dispositions(c)
Reported Compensation Adjusted
— —
$ 7,032.7 $ 7,032.7
Revenues $ $
—
OIBDA 1,495.9 51.5 1,547.4
—
Operating income 1,271.2 51.5 1,322.7
— —
Interest expense (285.3) (285.3)
— —
Interest income 73.1 73.1
—
Other items, net 2.8 (12.6) (9.8)
1,061.8 51.5 (12.6) 1,100.7
Earnings before income taxes
Provision for income taxes (437.9) (20.4) 49.7 (408.6)
Effective income tax rate 41.2% 37.1%
— —
Equity in loss of investee companies, net of tax (6.8) (6.8)
— —
Minority interest, net of tax .4 .4
$ 617.5 $ 31.1 $ 37.1 $ 685.7
Net earnings
$ .83 $ .04 $ .05 $ .92
Diluted EPS
Diluted weighted average number of
747.2 747.2 747.2 747.2
common shares outstanding
(a) Restructuring charges at Television ($34.9 million), Radio ($10.0 million) and Outdoor ($2.6 million) reflecting severance costs
associated with headcount reductions.
(b) Gain on sale of investment in Sundance Channel.
(c) Pre-tax gain and related tax provision of the divestitures of radio stations.
18. 18
CBS CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION (continued)
(Unaudited; Dollars in millions)
Radio Segment Same Station Reconciliation
The Company has completed all of the previously announced sales of 39 radio stations in ten of its smaller markets. The
following table presents the revenues for the Radio segment on a same station basis, which excludes all revenues for the
divested stations, for all periods presented. The Company believes that adjusting the revenues of the Radio segment for the
impact of station divestitures provides investors with a clearer perspective on the current underlying financial performance of
the Radio segment.
Three Months Ended Six Months Ended
June 30, Better/ June 30, Better/
2008 2007 (Worse)% 2008 2007 (Worse)%
Radio revenues, as reported $ 416.4 $ 463.4 (10)% $ 779.9 $ 860.9 (9)%
⎯ ⎯
Divested stations (8.1) n/m (17.7) n/m
Radio revenues, same station basis $ 416.4 $ 455.3 (9)% $ 779.9 $ 843.2 (8)%
n/m – not meaningful
Business Outlook
The following table presents the Company's business outlook for 2008, which is based on 2007 results adjusted to
exclude stock-based compensation expense. The Company believes that providing its business outlook excluding the
impact of stock-based compensation expense is relevant and meaningful because it provides management and investors
with a clearer perspective on the Company's underlying growth. The Company currently expects stock-based
compensation expense in 2008 to be in the range of $155 million to $165 million compared to $106.6 million in 2007.
Twelve Months Ended December 31, 2007
2007 Stock-based 2007 2008
Reported Compensation Adjusted Business Outlook
OIBDA $ 3,077.5 $ 106.6 $ 3,184.1 Low Single-Digit Growth
⎯
Depreciation and amortization (455.7) (455.7)
Operating income $ 2,621.8 $ 106.6 $ 2,728.4 Comparable