CBS caps off “another terrific year”
Terrific is the way CBS Corporation Executive Chairman Sumner Redstone characterized the company’s fourth quarter results, which was highlighted by a modest increase in revenue but a double digit increase in operating income and EPS.
“CBS has turned in another quarter of exceptional performance, capping off another terrific year,” said Sumner Redstone, Executive Chairman, CBS Corporation. “Our results today speak to the strength of our strategy—producing and distributing great content and monetizing it over and over again. I am confident that Leslie and his team will continue to capitalize on all of the opportunities we have before us this year and beyond.”
“CBS had a record year in 2012, as well as a record fourth quarter, and the momentum is building for an even better 2013,” said Leslie Moonves, President and Chief Executive Officer, CBS Corporation. “Advertising revenue is growing, and our revenue from non-advertising sources continues to grow even faster. This includes new recently signed streaming, retransmission consent, and reverse compensation deals as well as ongoing strength in domestic and international syndication sales. Meanwhile, the confidence and visibility we have in our operations, along with the strategic actions we’re pursuing at CBS Outdoor, have allowed us to announce today that we are accelerating the pace of our share repurchase program by another billion dollars. Going forward, returning value to our shareholders will continue to be a top priority for us. We feel very good about our future, and we are very encouraged by the strength of our core businesses and the increasing premium we are able to command for our content.”
CBS detailed the following highlights:
* Fourth Quarter Revenue of $3.7 Billion, Up 2%
* Fourth Quarter Adjusted OIBDA of $866 Million, Up 6%
* Fourth Quarter Operating Income of $726 Million, Up 12%
* Fourth Quarter Adjusted Diluted EPS of $.64, Up 14%; Diluted EPS of $.62, Up 19%
Local broadcast was a particularly bright spot – revenues were up 9% to $787 million. Most of that came from the television side, which took advantage of the elections to post a 17% gain, while radio came in a modest 1% to the good. OIBDA for local broadcast enjoyed a 22% increase to $325M.