CBS Corp. Reports Fourth Quarter & Full Year Fiscal Results
Febrary 13, 2014
CBS Corporation has released its fiscal results for the company's fourth quarter and full year 2013. In Q4 2013, CBS reported a six percent growth in overall revenue to $3.91 billion, up from $3.7 billion a year earlier. Operating income was $793 million in the quarter, a nine percent increase from Q4 2012.
For the full year, CBS Corp. brought in record revenue of $15.28 billion, up eight percent from $14.09 billion in 2012, reflecting increases across all of the company's revenue sources.
CBS Radio is grouped in with the company's "Local Broadcasting" division, which saw a decline in Q4 from $787 million a year ago to $719 million in 2013. However, this was largely attributed to political ad dollars from the 2012 Presidential election. CBS Radio specifically saw a four percent revenue decline in Q4 '13, again attributed to the previous year's election. Non-political revenue for CBS Radio was essentially comparable with Q4 2012. For the full year, Local Broadcasting revenue fell from almost $2.8 billion in 2012 to just under $2.7 billion.
"CBS continues to turn in stellar performances year in and year out, and none better than 2013," said Sumner Redstone, Executive Chairman, CBS Corporation. "The Company’s strategy of monetizing its content across all platforms is driving our results today, and it will continue to enhance our ability to achieve even greater success in the future. I’m confident that Les and his team will lead CBS to new heights in 2014 and beyond."
"Our record fourth-quarter and full-year results demonstrate CBS’s stature as one of the world’s foremost creators of premium content," said Leslie Moonves, President/CEO, CBS Corporation. "In addition to the solid performance of our base business, our fast-growing, non-advertising revenue streams are playing a bigger and bigger role in our results, and they will continue to do so in the years to come. These include the sale of three hit shows—Hawaii Five-0, Blue Bloods and Elementary—into domestic syndication, along with new deals in digital streaming, international syndication, retransmission consent, and reverse compensation. Plus, we plan to launch the IPO of our Outdoor business this quarter, which will unlock its value and significantly enhance our ability to return capital to shareholders. In fact, that’s why today we’re announcing an accelerated share repurchase of $1.5 billion in addition to stepping up the pace of our open market share repurchases during the first quarter. Our Outdoor transactions will also result in a CBS that is much closer to a pure content Company, with about half of our revenue coming from steady and recurring sources. Looking ahead, we are extremely excited about all the opportunities that we have in a marketplace that’s exploding with new ways to engage with the best content."