In its first stand-alone quarter after the spin-off from Viacom, CBS posted a 4% increase in revenues and a 5% boost in net earnings over first quarter 2005, although earnings were down slightly.
Operating income was only up 1%, to $634 million, for the quarter. Net earnings from continuing operations were up 1% as well, to $227 million.
Leading the TV side was "significant revenue growth" at CBS Paramount Television, the TV stations, and Showtime, said CBS President Leslie Moonves, particularly the first of those.
TV revenues were up 5% to $2.5 billion, driven by a 55% boost in syndication dollars from the second-cycle sales of Frasier. TV station revenues were up 3%.