Re: Horatio/DC's Thread #11
In today's Chicago Sun Times - business section, page 54 - there's a nice pic of DC accompanying an article about CBS. The caption under the pic read: DC is part of CBS' formula toward high profitablity in the third quarter. TV profit rose 26% during that period.
Here's the article:
Pretty picture as CBS fine tunes profits
November 3, 2006
CBS Corp., owner of the most-watched U.S. television network, said third-quarter profit rose 26 percent on increased earnings from TV and outdoor advertising.
The company also announced it plans to buy back $1 billion to $1.5 billion of shares early next year.
Profit from continuing operations advanced to $323.6 million, or 42 cents a share. Sales were $3.38 billion, little changed for a second quarter, the New York-based company said Thursday.
Shares slipped 8 cents to close at $28.73.
Chief Executive Officer Leslie Moonves sliced programming costs at CBS TV to compensate for a 3 percent decline in advertising sales. Since Chairman Sumner Redstone split the company from Viacom Inc. in January, Moonves has put CBS shows such as ''CSI: Miami'' and the nightly news hosted by Katie Couric on the Web to reverse the revenue decline. Outdoor ad revenue rose 34 percent and radio sales dropped 6 percent.
''Television advertising is still a bit of a concern, but they are figuring out how to monetize some of their properties online,'' said David Joyce, an analyst at Miller Tabak & Co., who rates the shares ''neutral.''
While CBS beat the average analyst estimates of 40 cents, sales fell short of the $3.43 billion estimate, based on a Thomson Financial survey.
I apologize in advance if this is the wrong place to post this. Unfortunately, the picture isn't available in the online edition of the newspaper.