EARNINGS: CBS Corp. Revenues Up 2%

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CBS Corp. announced revenues of $3.7 billion for the first quarter of 2007, up 2% from the same quarter last year. That includes a 2% bump in television. Operating income before depreciation and amortization was $636.5 million, up slightly from last year. Net earnings from continuing operations were $213.5 million for the quarter, compared with $234.5 million for the same period last year.

Free cash flow, meanwhile, was up 17% to $753 million.

The 2% growth in TV reflected a boost in advertising and home entertainment revenues and affiliate fees. Advertising was up 9%, thanks in part to the Super Bowl.

“Strong free cash flow growth and an increase in adjusted earnings per share reflect the strength and vitality of our businesses,” stated CBS Corp. Executive Chairman Sumner Redstone. “CBS creates some of the most popular content in the world, and we’re beginning to monetize it effectively with new distribution platforms.”

Added President and CEO Leslie Moonves, “The success of the Super Bowl, [basketball] Final Four, Grammys as well as our overall schedule proved that our core broadcasting business is strong, a position that is strengthening as interactive technologies become mainstream.”

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