CBS profit slips; radio interference takes blame

CBS Corp. posted a 6% decline in first-quarter profit Thursday, hurt by weakness in its radio business, costs related to the sale of some radio stations, and a decline in television licensing revenue.

Net income fell to $213.5 million, or 28 cents a share, from $226.9 million, or 30 cents a share. On an adjusted basis, excluding a pretax gain and the related tax effect of radio-station sales, it earned 33 cents a share.
Revenue rose to $3.65 billion from $3.58 billion.

Analysts, on average, expected the company to earn 32 cents a share on revenue of $3.62 billion, according to Thomson Financial.

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- Posted: 2007-05-03 09:59:54

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