CBS Gains 14% in Q1
By Robert Marich -- Broadcasting & Cable, 5/4/2008 8:00:00 PM
Helped by sales in its syndication division, CBS's net income rose 14% in the first quarter, and President and CEO Leslie Moonves increased the quarterly dividend payment by 8% to $0.27 per share, which Moonves noted is among the highest in the industry.
But CBS reported weak local TV and radio ad sales, downbeat results in its radio segment, and a less-robust forecast for full-year results.
Revenue was down very slightly to $3.654 billion from $3.658 billion a year earlier. Net income climbed to $244.3 million from $213.5 million, up 14%. The company forecast that operating income will be up 3%-5% in 2008, excluding stock-based executive compensation and restructuring charges.
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