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Previous: WAUSAU MOSINEE PAPER MILLS CORP, 8-K, 1998-02-04 |
Next: WESTON ROY F INC, SC 13G/A, 1998-02-04 |
<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549-1004
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 4, 1998
Commission file number 1-977
-----
CBS CORPORATION
---------------
(Exact name of registrant as
specified in its charter)
PENNSYLVANIA 25-0877540
------------ ----------
(State or other jurisdiction (I.R.S. Employer
of incorporation) Identification Number)
Westinghouse Building, 11 Stanwix Street, Pittsburgh, Pennsylvania 15222-1384
-----------------------------------------------------------------------------
(Address of principal executive offices; zip code)
(412) 244-2000
--------------
(Registrant's Telephone No., including area code)
<PAGE> 2
Item 5. Other Events
------------
On February 4, 1998, the Registrant issued a press release concerning
earnings for the quarter and year ended December 31, 1997 and the announcement
of the intended purchase of up to $1 billion of the Registrant's common stock. A
copy of the press release is attached hereto as Exhibit 99.1 and is incorporated
herein. On December 31, 1997, the Registrant adopted Statement of Financial
Accounting Standards (SFAS) No. 128, "Earnings per Share." In connection with
this action, the Registrant has restated earnings per share for all prior
periods to reflect the presentation of basic and diluted earnings per share. A
copy of the consolidated statement of income and restated earnings per share for
1997 and 1996, by quarter, and total year 1995, 1994, and 1993 is attached
hereto as Exhibit 99.2 and is incorporated herein in its entirety. The
Registrant has also separately identified the component of continuing operations
related to residual costs of discontinued businesses. In connection with this
action, a copy of the restated segments for 1997 and 1996, by quarter, and total
year 1995, 1994, and 1993 is attached hereto as Exhibit 99.3 and is incorporated
herein in its entirety.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Exhibit No.
99.1 Press release concerning earnings of the
Registrant for the quarter and year ended
December 31, 1997 and the announcement of
the intended purchase of up to $1 billion of
the Registrant's common stock is filed as
Exhibit 99.1 to this Report.
99.2 Condensed Consolidated Statement of Income for
1997 and 1996, by quarter, and total year 1995,
1994, and 1993 is filed as Exhibit 99.2 to this
Report.
99.3 Segment Results for 1997 and 1996, by quarter,
and total year 1995, 1994, and 1993 is filed
as Exhibit 99.3 to this Report.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CBS CORPORATION
(Registrant)
By: /s/ CAROL V. SAVAGE
--------------------------------
Carol V. Savage
Vice President and
Chief Accounting Officer
Date: February 4, 1998
<PAGE> 3
EXHIBIT INDEX
-------------
Exhibit No. Description Sequential Page No.
- ----------- ----------- ------------------
99.1 Press Release
99.2 Condensed Consolidated Statement
of Income for 1997 and 1996, by
quarter, and total year
1995, 1994, and 1993.
99.3 Segment Results for 1997 and
1996, by quarter, and total year
1995, 1994, and 1993.
<PAGE> 1
Exhibit 99.1
CBS CORPORATION
[logo]
CBS CORPORATION REPORTS FOURTH QUARTER RESULTS;
ANNOUNCES STOCK BUY-BACK
STATIONS CONTINUE TO GENERATE DOUBLE-DIGIT REVENUE/EBITDA GROWTH
NETWORK REPORTS CONTINUED IMPROVEMENT
BOARD OF DIRECTORS AUTHORIZES PURCHASE OF UP TO $1 BILLION OF COMMON STOCK
NEW YORK, Feb. 4, 1998 -- CBS Corporation (NYSE:CBS) reported increased
revenues and earnings before interest, taxes, depreciation and amortization
(EBITDA) for the fourth quarter of 1997. The acquisitions of Infinity
Broadcasting at year-end 1996 and The Nashville Network (TNN) and Country Music
Television (CMT) in late 1997 contributed to these increases. On a proforma
basis, the fourth quarter's EBITDA of $241 million was up 77% from $136 million
in the year-ago quarter. Revenues on a proforma basis were up 16%.
The CBS Station Group reported double digit revenue and EBITDA growth.
The CBS Radio Group, which includes TDI, its outdoor advertising business,
continued to outpace the industry. The Radio Group's revenues and EBITDA, on a
proforma basis, were up 21% and 34%, respectively. The CBS Television Stations
Group's revenues and EBITDA were up 11% and 12%, respectively, despite facing
difficult comparisons from several factors, primarily political advertising
spending in the year-ago quarter.
The Television Network's EBITDA improved 63% from the year-ago quarter
to a loss of $28 million on a 17% revenue increase. While revenues were up on
stronger primetime pricing, ratings increases across other dayparts and higher
syndication revenues, they were partially offset by investments in programming
and promotion.
The Cable Group reported EBITDA of $34 million, up from $3 million in
the year-ago quarter. The acquisition of TNN and CMT on Sept. 30, 1997
contributed significantly to this growth. On a proforma basis, revenues and
EBITDA were up 20% and 13%, respectively.
Commenting on the Company's performance for the quarter, Michael H.
Jordan, CBS Chairman and Chief Executive Officer, said: "The CBS Station Group
continues to post impressive results. We are particularly pleased with the
dramatic rebound of our television stations in the second half of this year, and
with the record results reported by our Radio Group, which continues to outpace
the industry. The Network continues to show solid improvement in all areas,
ending the year strong with a first place in the November Sweep. And our two
newly purchased cable networks are already making a strong cash flow
contribution."
(Over)
<PAGE> 2
CBS Corporation...2
The Corporation reported a net loss from continuing operations for the
fourth quarter of 1997 of $10 million, or one cent per share, compared to a net
loss of $63 million, or $.18 per share for the year ago quarter. This year's
fourth quarter included a pre-tax charge of $15 million, or one cent per share,
for severance costs related to the transfer of various corporate functions to
New York and the resulting reductions at the Pittsburgh headquarters. For the
full year 1997, CBS reported a net loss from continuing operations of $131
million, or $.24 per share, compared to a net loss of $221 million, or $.67 per
share for 1996.
The Corporation's reported net income for the fourth quarter of 1997,
including both continuing and discontinued operations, was $861 million, or
$1.24 per share, compared to a net loss of $34 million, or $.11 per share for
the year-ago quarter. The 1997 quarter benefited from the $871 million net gain
from disposal of discontinued operations, primarily from the sale of Thermo King
in October 1997. For the full year 1997, the Corporation reported net income of
$549 million, or $.84 per share, compared to net income of $95 million or $.12
per share for 1996.
Looking to the future, Mr. Jordan said: "We enter 1998 with strong
momentum. The recent acquisition of the NFL's American Football Conference
broadcast rights will further strengthen our television stations and build our
Network's key younger demographics. The closing of the American Radio Systems
acquisition in the next several months will expand our fast growing radio group
into new markets. And both the Network and the Station Group will benefit from
the higher ratings and promotion opportunities created by the 1998 Winter
Olympics this month."
Stock Repurchase/Dividend Suspension
The Corporation also announced today that its Board of Directors has
authorized the purchase, through open market transactions, of up to $1 billion
of its common stock. The timing and actual number of shares purchased will
depend on a variety of factors, including price and other market conditions.
The Board of Directors also authorized the payment of the common stock
dividend of $.05 per share payable March 1, 1998 for holders of record as of
Feb. 16, 1998. In addition, the Board determined to suspend the payment of
future cash dividends on its common stock.
Mr. Jordan commented: "These actions reflect our confidence in the
future outlook for CBS. We believe purchasing our shares provides our
shareholders excellent value without impeding our ability to take advantage of
attractive growth opportunities. As a pure play media company with high free
cash flow growth, we believe that the dividend suspension, combined with the
share purchase, most effectively reinforces our commitment to shareholder
value."
* * *
Contacts: Jack Bergen CBS Corporation 212/975-3835
Michael Silver CBS Communications 212/975-3161
<PAGE> 1
Exhibit 99.2
CBS Corporation
Earnings Information
Fourth Quarter
(unaudited)
<TABLE>
<CAPTION>
(in millions except per share data) Three Months Ended Three Months Ended Six Months Ended
March 31 June 30 June 30
------------------ ------------------ ------------------
1997 1996 1997 1996 1997 1996
------------------ ------------------ ------------------
<S> <C> <C> <C> <C> <C> <C>
Sales and operating revenues $ 1,326 $ 1,117 $ 1,283 $ 1,100 $ 2,609 $ 2,217
Operating expenses (1,240) (1,098) (1,038) (858) (2,278) (1,956)
Depreciation and amortization (105) (67) (105) (75) (210) (142)
Residual costs of discontinued businesses (35) (24) (36) (30) (71) (54)
------- ------- ------- ------- ------- -------
Operating costs and expenses (1,380) (1,189) (1,179) (963) (2,559) (2,152)
------- ------- ------- ------- ------- -------
Operating profit (loss) (54) (72) 104 137 50 65
Other income and expenses, net 41 6 16 7 57 13
Interest expense (101) (132) (102) (96) (203) (228)
------- ------- ------- ------- ------- -------
Income (loss) from Continuing Operations before
income taxes and minority interest (114) (198) 18 48 (96) (150)
Income tax benefit (expense) 22 47 (29) (29) (7) 18
Minority interest 1 -- -- -- 1 --
------- ------- ------- ------- ------- -------
Income (loss) from Continuing Operations (91) (151) (11) 19 (102) (132)
------- ------- ------- ------- ------- -------
Discontinued Operations, net of income taxes:
Income (loss) from Discontinued Operations (60) (558) 12 (108) (48) (666)
Estimated gain (loss) on disposal of Discontinued
Operations -- 1,018 -- -- -- 1,018
------- ------- ------- ------- ------- -------
Income (loss) from Discontinued Operations (60) 460 12 (108) (48) 352
------- ------- ------- ------- ------- -------
Extraordinary item:
Loss on early extinguishment of debt -- (63) -- -- -- (63)
Cumulative effect of changes in accounting principles:
Other postemployment benefits -- -- -- -- -- --
------- ------- ------- ------- ------- -------
Net Income (loss) $ (151) $ 246 $ 1 $ (89) $ (150) $ 157
======= ======= ======= ======= ======= =======
Dividend requirements for Series B preferred stock -- -- -- -- -- --
Dividend requirements for Series C preferred stock 12 12 11 11 23 23
Net income (loss) applicable to common stock $ (163) $ 234 $ (10) $ (100) $ (173) $ 134
======= ======= ======= ======= ======= =======
Average shares outstanding - basic 589 397 604 399 596 398
Basic and diluted earnings (loss) per common share:
Continuing Operations $ (0.18) $ (0.41) $ (0.04) $ 0.02 $ (0.21) $ (0.39)
Discontinued Operations $ (0.10) $ 1.16 $ 0.02 $ (0.27) $ (0.08) $ 0.89
Extraordinary item $ 0.00 $ (0.16) $ 0.00 $ 0.00 $ 0.00 $ (0.16)
Cumulative effect of changes in
accounting principles $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
------- ------- ------- ------- ------- -------
Basic and diluted earnings (loss) per common share $ (0.28) $ 0.59 $ (0.02) $ (0.25) $ (0.29) $ 0.34
======= ======= ======= ======= ======= =======
</TABLE>
<PAGE> 2
CBS Corporation
Earnings Information
Fourth Quarter
(unaudited)
<TABLE>
<CAPTION>
(in millions except per share data) Three Months Ended Nine Months Ended
Sept 30 Sept 30
---------------------- -----------------------
1997 1996 1997 1996
---------------------- -----------------------
<S> <C> <C> <C> <C>
Sales and operating revenues $ 1,283 $ 910 $ 3,892 $ 3,127
Operating expenses (1,038) (772) (3,316) (2,728)
Depreciation and amortization (107) (68) (317) (210)
Residual costs of discontinued businesses (35) (30) (106) (84)
------- ------ ------- -------
Operating costs and expenses (1,180) (870) (3,739) (3,022)
------- ------ ------- -------
Operating profit (loss) 103 40 153 105
Other income and expenses, net 4 22 61 35
Interest expense (102) (88) (305) (316)
------- ------ ------- -------
Income (loss) from Continuing Operations before
income taxes and minority interest 5 (26) (91) (176)
Income tax benefit (expense) (25) 1 (32) 19
Minority interest 1 (1) 2 (1)
------- ------ ------- -------
Income (loss) from Continuing Operations (19) (26) (121) (158)
------- ------ ------- -------
Discontinued Operations, net of income taxes:
Income (loss) from Discontinued Operations (143) 28 (191) (638)
Estimated gain (loss) on disposal of Discontinued
Operations -- -- -- 1,018
------- ------ ------- -------
Income (loss) from Discontinued Operations (143) 28 (191) 380
------- ------ ------- -------
Extraordinary item:
Loss on early extinguishment of debt -- (30) -- (93)
Cumulative effect of changes in accounting principles:
Other postemployment benefits -- -- -- --
------- ------ ------- -------
Net Income (loss) $ (162) $ (28) $ (312) $ 129
======= ====== ======= =======
Dividend requirements for Series B preferred stock -- -- -- --
Dividend requirements for Series C preferred stock -- 12 23 35
Net income (loss) applicable to common stock $ (162) $ (40) $ (335) $ 94
======= ====== ======= =======
Average shares outstanding - basic 630 401 608 399
Basic and diluted earnings (loss) per common share:
Continuing Operations $ (0.03) $(0.09) $ (0.24) $ (0.48)
Discontinued Operations $ (0.23) $ 0.07 $ (0.31) $ 0.95
Extraordinary item $ 0.00 $(0.08) $ 0.00 $ (0.23)
Cumulative effect of changes in
accounting principles $ 0.00 $ 0.00 $ 0.00 $ 0.00
------- ------ ------- -------
Basic and diluted earnings (loss) per common share $ (0.26) $(0.10) $ (0.55) $ 0.24
======= ====== ======= =======
</TABLE>
<PAGE> 3
CBS Corporation
Earnings Information
Fourth Quarter
(unaudited)
<TABLE>
<CAPTION>
(in millions except per share data) Three Months Ended Twelve Months Ended
Dec 31 Dec 31
----------------------- -----------------------
1997 1996 1997 1996
----------------------- -----------------------
<S> <C> <C> <C> <C>
Sales and operating revenues $ 1,471 $ 1,016 $ 5,363 $ 4,143
Operating expenses (1,210) (968) (4,526) (3,696)
Depreciation and amortization (128) (69) (445) (279)
Residual costs of discontinued businesses (37) (30) (143) (114)
------- ------- ------- -------
Operating costs and expenses (1,375) (1,067) (5,114) (4,089)
------- ------- ------- -------
Operating profit (loss) 96 (51) 249 54
Other income and expenses, net 17 20 78 55
Interest expense (81) (85) (386) (401)
------- ------- ------- -------
Income (loss) from Continuing Operations before
income taxes and minority interest 32 (116) (59) (292)
Income tax benefit (expense) (41) 52 (73) 71
Minority interest (1) 1 1 --
------- ------- ------- -------
Income (loss) from Continuing Operations (10) (63) (131) (221)
------- ------- ------- -------
Discontinued Operations, net of income taxes:
Income (loss) from Discontinued Operations -- 29 (191) (609)
Estimated gain (loss) on disposal of Discontinued
Operations 871 -- 871 1,018
------- ------- ------- -------
Income (loss) from Discontinued Operations 871 29 680 409
------- ------- ------- -------
Extraordinary item:
Loss on early extinguishment of debt -- -- -- (93)
Cumulative effect of changes in accounting principles:
Other postemployment benefits -- -- -- --
------- ------- ------- -------
Net Income (loss) $ 861 ($ 34) $ 549 $ 95
======= ======= ======= =======
Dividend requirements for Series B preferred stock -- -- -- --
Dividend requirements for Series C preferred stock -- 12 23 47
Net income (loss) applicable to common stock $ 861 $ (46) $ 526 $ 48
======= ======= ======= =======
Average shares outstanding - basic 693 404 629 401
Basic and diluted earnings (loss) per common share:
Continuing Operations $ (0.01) $ (0.18) $ (0.24) $ (0.67)
Discontinued Operations $ 1.25 $ 0.07 $ 1.08 $ 1.02
Extraordinary item $ 0.00 $ 0.00 $ 0.00 $ (0.23)
Cumulative effect of changes in
accounting principles $ 0.00 $ 0.00 $ 0.00 $ 0.00
------- ------- ------- -------
Basic and diluted earnings (loss) per common share $ 1.24 $ (0.11) $ 0.84 $ 0.12
======= ======= ======= =======
</TABLE>
<PAGE> 4
CBS Corporation
Earnings Information
1996 By Quarter
(unaudited)
<TABLE>
<CAPTION>
Three Three Six Three Nine Three Twelve
Months Months Months Months Months Months Months
(in millions except per share data) Ended Ended Ended Ended Ended Ended Ended
Mar 31 Jun 30 Jun 30 Sep 30 Sep 30 Dec 31 Dec 31
------- ------- ------- ------ ------- ------- -------
1996 1996 1996 1996 1996 1996 1996
------- ------- ------- ----- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
Sales and operating revenues $ 1,117 $ 1,100 $ 2,217 $ 910 $ 3,127 $ 1,016 $ 4,143
Operating expenses (1,098) (858) (1,956) (772) (2,728) (968) (3,696)
Depreciation and amortization (67) (75) (142) (68) (210) (69) (279)
Residual costs of discontinued businesses (24) (30) (54) (30) (84) (30) (114)
------- ------- ------- ------ ------- ------- -------
Operating costs and expenses (1,189) (963) (2,152) (870) (3,022) (1,067) (4,089)
------- ------- ------- ------ ------- ------- -------
Operating profit (loss) (72) 137 65 40 105 (51) 54
Other income and expenses, net 6 7 13 22 35 20 55
Interest expense (132) (96) (228) (88) (316) (85) (401)
------- ------- ------- ------ ------- ------- -------
Income (loss) from Continuing Operations before
income taxes and minority interest (198) 48 (150) (26) (176) (116) (292)
Income tax benefit (expense) 47 (29) 18 1 19 52 71
Minority interest -- -- -- (1) (1) 1 --
------- ------- ------- ------ ------- ------- -------
Income (loss) from Continuing Operations (151) 19 (132) (26) (158) (63) (221)
------- ------- ------- ------ ------- ------- -------
Discontinued Operations, net of income taxes:
Income (loss) from Discontinued Operations (558) (108) (666) 28 (638) 29 (609)
Estimated gain (loss) on disposal of Discontinued
Operations 1,018 -- 1,018 -- 1,018 -- 1,018
------- ------- ------- ------ ------- ------- -------
Income (loss) from Discontinued Operations 460 (108) 352 28 380 29 409
------- ------- ------- ------ ------- ------- -------
Extraordinary item:
Loss on early extinguishment of debt (63) -- (63) (30) (93) -- (93)
Cumulative effect of changes in accounting principles:
Other postemployment benefits -- -- -- -- -- -- --
------- ------- ------- ------ ------- ------- -------
Net Income (loss) $ 246 $ (89) $ 157 $ (28) $ 129 $ (34) $ 95
======= ======= ======= ====== ======= ======= =======
Dividend requirements for Series B preferred stock -- -- -- -- -- -- --
Dividend requirements for Series C preferred stock 12 11 23 12 35 12 47
Net income (loss) applicable to common stock $ 234 $ (100) $ 134 $ (40) $ 94 $ (46) $ 48
======= ======= ======= ====== ======= ======= =======
Average shares outstanding - basic 397 399 398 401 399 404 401
Basic and diluted earnings (loss) per common share:
Continuing Operations $ (0.41) $ 0.02 $ (0.39) $(0.09) $ (0.48) $ (0.18) $ (0.67)
Discontinued Operations $ 1.16 $ (0.27) $ 0.89 $ 0.07 $ 0.95 $ 0.07 $ 1.02
Extraordinary item $ (0.16) $ 0.00 $ (0.16) $(0.08) $ (0.23) $ 0.00 $ (0.23)
Cumulative effect of changes in
accounting principles $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
------- ------- ------- ------ ------- ------- -------
Basic and diluted earnings (loss) per common share $ 0.59 $ (0.25) $ 0.34 $(0.10) $ 0.24 $ (0.11) $ 0.12
======= ======= ======= ====== ======= ======= =======
</TABLE>
<PAGE> 5
CBS Corporation
Earnings Information
1995, 1994, and 1993
(unaudited)
<TABLE>
<CAPTION>
(in millions except per share data) Twelve Months Ended
------------------------------------
1995 1994 1993
------------------------------------
<S> <C> <C> <C>
Sales and operating revenues $ 1,074 $ 744 $ 684
Operating expenses (820) (477) (603)
Depreciation and amortization (57) (41) (34)
Residual costs of discontinued businesses (37) (75) (1)
------------------------------------
Operating costs and expenses (914) (593) (638)
------------------------------------
Operating profit (loss) 160 151 46
Other income and expenses, net 152 (131) 35
Interest expense (184) (26) (55)
------------------------------------
Income (loss) from Continuing Operations before
income taxes and minority interest 128 (6) 26
Income tax benefit (expense) (75) 1 43
Minority interest (6) (5) (6)
------------------------------------
Income (loss) from Continuing Operations 47 (10) 63
------------------------------------
Discontinued Operations, net of income taxes:
Income (loss) from Discontinued Operations 19 58 (293)
Estimated gain (loss) on disposal of Discontinued
Operations (76) -- (95)
------------------------------------
Income (loss) from Discontinued Operations (57) 58 (388)
Extraordinary item:
Loss on early extinguishment of debt -- -- --
Cumulative effect of changes in accounting principles:
Other postemployment benefits -- -- (4)
------------------------------------
Net Income (loss) $ (10) $ 48 $ (329)
====================================
Dividend requirements for Series B preferred stock 34 50 50
Dividend requirements for Series C preferred stock 47 35 --
Net income (loss) applicable to common stock $ (91) $ (37) $ (379)
====================================
Average shares outstanding - basic 370 355 349
Basic and diluted earnings (loss) per common share:
Continuing Operations $ (0.09) $(0.27) $ 0.04
Discontinued Operations $ (0.16) $ 0.16 $(1.11)
Extraordinary item $ 0.00 $ 0.00 $ 0.00
Cumulative effect of changes in
accounting principles $ 0.00 $ 0.00 $(0.01)
------------------------------------
Basic and diluted earnings (loss) per common share $ (0.25) $(0.11) $(1.08)
====================================
</TABLE>
<PAGE> 1
Exhibit 99.3
CBS Corporation
Segment Information
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31
1997 1996 % Change
---- ---- --------
<S> <C> <C> <C>
TV
Sales 177 188 -5.9%
Operating Profit (Loss) 56 54 3.7%
Depreciation & Amortization 11 14 -21.4%
Capital Expenditures 2 3 -33.3%
EBITDA 67 67 --
NETWORK
Sales 804 773 4.0%
Operating Profit (Loss) (64) (8) -700.0%
Depreciation & Amortization 16 11 45.5%
Capital Expenditures 9 14 -35.7%
EBITDA (46) 3 -1633.3%
RADIO
Sales 313 121 158.7%
Operating Profit (Loss) 47 20 135.0%
Depreciation & Amortization 44 10 340.0%
Capital Expenditures 3 1 200.0%
EBITDA 91 31 193.5%
CABLE
Sales 49 42 16.7%
Operating Profit (Loss) -- 12 -100.0%
Depreciation & Amortization 3 2 50.0%
Capital Expenditures 6 1 500.0%
EBITDA 28 15 86.7%
CORPORATE & OTHER
Sales (17) (7) -142.9%
Operating Profit (Loss) (58) (126) 54.0%
OP (Loss) without Special Items (58) (50) -16.0%
Depreciation & Amortization 31 30 3.3%
Capital Expenditures 1 2 -50.0%
EBITDA (13) (91) 85.7%
RESIDUAL COSTS OF DISCONTINUED
BUSINESSES
Sales N/A
Operating Profit (Loss) (35) (24) -45.8%
OP (Loss) without Special Items (35) (24) -45.8%
Depreciation & Amortization N/A
Capital Expenditures N/A
EBITDA (35) (24) -45.8%
TOTAL CONTINUING OPERATIONS
Sales 1,326 1,117 18.7%
Operating Profit (Loss) (54) (72) 25.0%
OP (Loss) without Special Items (54) 4 -1450.0%
Depreciation & Amortization 105 67 56.7%
Capital Expenditures 21 21 --
EBITDA 92 1 9100.0%
</TABLE>
<PAGE> 2
CBS Corporation
Segment Information
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30 June 30
1997 1996 % Change 1997 1996 % Change
---- ---- -------- ---- ---- --------
<S> <C> <C> <C> <C> <C> <C>
TV
Sales 213 226 -5.8% 390 414 -5.8%
Operating Profit (Loss) 87 90 -3.3% 143 144 -0.7%
Depreciation & Amortization 12 11 9.1% 23 25 -8.0%
Capital Expenditures 5 3 66.7% 7 6 16.7%
EBITDA 98 102 -3.9% 165 169 -2.4%
NETWORK
Sales 645 688 -6.3% 1,449 1,461 -0.8%
Operating Profit (Loss) (23) 78 -129.5% (87) 70 -224.3%
Depreciation & Amortization 15 20 -25.0% 31 31 --
Capital Expenditures 7 1 600.0% 16 15 6.7%
EBITDA (6) 100 -106.0% (52) 103 -150.5%
RADIO
Sales 378 145 160.7% 691 266 159.8%
Operating Profit (Loss) 113 47 140.4% 160 67 138.8%
Depreciation & Amortization 44 8 450.0% 88 18 388.9%
Capital Expenditures 3 1 200.0% 6 2 200.0%
EBITDA 157 55 185.5% 248 86 188.4%
CABLE
Sales 63 51 23.5% 112 93 20.4%
Operating Profit (Loss) 3 17 -82.4% 3 29 -89.7%
Depreciation & Amortization 3 2 50.0% 6 4 50.0%
Capital Expenditures 2 1 100.0% 8 2 300.0%
EBITDA 8 20 -60.0% 36 35 2.9%
CORPORATE & OTHER
Sales (16) (10) -60.0% (33) (17) -94.1%
Operating Profit (Loss) (40) (65) 38.5% (98) (191) 48.7%
OP (Loss) without Special Items (40) (65) 38.5% (98) (115) 14.8%
Depreciation & Amortization 31 34 -8.8% 62 64 -3.1%
Capital Expenditures 1 10 -90.0% 2 12 -83.3%
EBITDA 4 (28) 114.3% (9) (119) 92.4%
RESIDUAL COSTS OF DISCONTINUED
BUSINESSES
Sales N/A -- -- N/A
Operating Profit (Loss) (36) (30) -20.0% (71) (54) -31.5%
OP (Loss) without Special Items (36) (30) -20.0% (71) (54) -31.5%
Depreciation & Amortization N/A -- -- N/A
Capital Expenditures N/A -- -- N/A
EBITDA (36) (30) -20.0% (71) (54) -31.5%
TOTAL CONTINUING OPERATIONS
Sales 1,283 1,100 16.6% 2,609 2,217 17.7%
Operating Profit (Loss) 104 137 -24.1% 50 65 -23.1%
OP (Loss) without Special Items 104 137 -24.1% 50 141 -64.5%
Depreciation & Amortization 105 75 40.0% 210 142 47.9%
Capital Expenditures 18 16 12.5% 39 37 5.4%
EBITDA 225 219 2.7% 317 220 44.1%
</TABLE>
<PAGE> 3
CBS Corporation
Segment Information
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30 September 30
1997 1996 % Change 1997 1996 % Change
---- ---- -------- ---- ---- --------
<S> <C> <C> <C> <C> <C> <C>
TV
Sales 195 169 15.4% 585 583 0.3%
Operating Profit (Loss) 67 47 42.6% 210 191 9.9%
Depreciation & Amortization 11 11 -- 34 36 -5.6%
Capital Expenditures 7 3 133.3% 14 9 55.6%
EBITDA 78 70 11.4% 243 239 1.7%
NETWORK
Sales 672 560 20.0% 2,121 2,021 4.9%
Operating Profit (Loss) 30 17 76.5% (57) 87 -165.5%
Depreciation & Amortization 17 16 6.3% 48 47 2.1%
Capital Expenditures 18 10 80.0% 34 25 36.0%
EBITDA 49 37 32.4% (3) 140 -102.1%
RADIO
Sales 374 136 175.0% 1,065 402 164.9%
Operating Profit (Loss) 102 42 142.9% 262 109 140.4%
Depreciation & Amortization 45 8 462.5% 133 26 411.5%
Capital Expenditures 4 2 100.0% 10 4 150.0%
EBITDA 150 49 206.1% 398 135 194.8%
CABLE
Sales 58 50 16.0% 170 143 18.9%
Operating Profit (Loss) (1) 10 -110.0% 2 39 -94.9%
Depreciation & Amortization 3 2 50.0% 9 6 50.0%
Capital Expenditures 2 4 -50.0% 10 6 66.7%
EBITDA 3 12 -75.0% 39 47 -17.0%
CORPORATE & OTHER
Sales (16) (5) -220.0% (49) (22) -122.7%
Operating Profit (Loss) (60) (46) -30.4% (158) (237) 33.3%
OP (Loss) without Special Items (60) (46) -30.4% (158) (161) 1.9%
Depreciation & Amortization 31 31 -- 93 95 -2.1%
Capital Expenditures 2 1 100.0% 4 13 -69.2%
EBITDA (31) (8) -287.5% (40) (127) 68.5%
RESIDUAL COSTS OF DISCONTINUED
BUSINESSES
Sales N/A -- -- N/A
Operating Profit (Loss) (35) (30) -16.7% (106) (84) -26.2%
OP (Loss) without Special Items (35) (30) -16.7% (106) (84) -26.2%
Depreciation & Amortization N/A -- -- N/A
Capital Expenditures N/A -- -- N/A
EBITDA (35) (30) -16.7% (106) (84) -26.2%
TOTAL CONTINUING OPERATIONS
Sales 1,283 910 41.0% 3,892 3,127 24.5%
Operating Profit (Loss) 103 40 157.5% 153 105 45.7%
OP (Loss) without Special Items 103 40 157.5% 153 181 -15.5%
Depreciation & Amortization 107 68 57.4% 317 210 51.0%
Capital Expenditures 33 20 65.0% 72 57 26.3%
EBITDA 214 130 64.6% 531 350 51.7%
</TABLE>
<PAGE> 4
CBS Corporation
Segment Information
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Three Months Ended Total Year
December 31 December 31
1997 1996 % Change 1997 1996 % Change
---- ---- -------- ---- ---- --------
<S> <C> <C> <C> <C> <C> <C>
TV
Sales 251 226 11.1% 836 809 3.3%
Operating Profit (Loss) 115 104 10.6% 325 295 10.2%
Depreciation & Amortization 12 9 33.3% 46 45 2.2%
Capital Expenditures 19 18 5.6% 33 27 22.2%
EBITDA 127 113 12.4% 370 352 5.1%
NETWORK
Sales 695 596 16.6% 2,816 2,617 7.6%
Operating Profit (Loss) (50) (96) 47.9% (107) (9) -1088.9%
Depreciation & Amortization 16 16 -- 64 63 1.6%
Capital Expenditures 17 9 88.9% 51 34 50.0%
EBITDA (28) (75) 62.7% (31) 65 -147.7%
RADIO
Sales 410 152 169.7% 1,475 554 166.2%
Operating Profit (Loss) 128 52 146.2% 390 161 142.2%
Depreciation & Amortization 43 10 330.0% 176 36 388.9%
Capital Expenditures 5 2 150.0% 15 6 150.0%
EBITDA 177 62 185.5% 575 197 191.9%
CABLE
Sales 132 48 175.0% 302 191 58.1%
Operating Profit (Loss) 8 1 700.0% 10 40 -75.0%
Depreciation & Amortization 26 2 1200.0% 35 8 337.5%
Capital Expenditures 7 3 133.3% 17 9 88.9%
EBITDA 34 3 1033.3% 73 50 46.0%
CORPORATE & OTHER
Sales (17) (6) -183.3% (66) (28) -135.7%
Operating Profit (Loss) (68) (82) 17.1% (226) (319) 29.2%
OP (Loss) without Special Items (53) (73) 27.4% (211) (234) 9.8%
Depreciation & Amortization 31 32 -3.1% 124 127 -2.4%
Capital Expenditures 1 4 -75.0% 5 17 -70.6%
EBITDA (32) (35) 8.6% (72) (162) 55.6%
RESIDUAL COSTS OF DISCONTINUED
BUSINESSES
Sales N/A -- -- N/A
Operating Profit (Loss) (37) (30) -23.3% (143) (114) -25.4%
OP (Loss) without Special Items (37) (30) -23.3% (143) (114) -25.4%
Depreciation & Amortization N/A -- -- N/A
Capital Expenditures N/A -- -- N/A
EBITDA (37) (30) -23.3% (143) (114) -25.4%
TOTAL CONTINUING OPERATIONS
Sales 1,471 1,016 44.8% 5,363 4,143 29.4%
Operating Profit (Loss) 96 (51) 288.2% 249 54 361.1%
OP (Loss) without Special Items 111 (42) 364.3% 264 139 89.9%
Depreciation & Amortization 128 69 85.5% 445 279 59.5%
Capital Expenditures 49 36 36.1% 121 93 30.1%
EBITDA 241 38 534.2% 772 388 99.0%
</TABLE>
<PAGE> 5
CBS Corporation
Segment Information
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Total Year
December 31
1995 1994 1993
---- ---- ----
<S> <C> <C> <C>
TV
Sales 405 325 287
Operating Profit (Loss) 149 130 92
Depreciation & Amortization 18 9 9
Capital Expenditures 11 12 12
EBITDA 168 138 102
NETWORK
Sales 252 26 31
Operating Profit (Loss) (18) (13) (13)
Depreciation & Amortization 5 1 2
Capital Expenditures 1 1 --
EBITDA 6 (13) 10
RADIO
Sales 216 175 181
Operating Profit (Loss) 55 47 44
Depreciation & Amortization 16 16 15
Capital Expenditures 9 8 3
EBITDA 70 93 62
CABLE
Sales 143 125 119
Operating Profit (Loss) 40 35 29
Depreciation & Amortization 6 5 5
Capital Expenditures 9 11 5
EBITDA 48 42 34
CORPORATE & OTHER
Sales 58 93 66
Operating Profit (Loss) (29) 27 (105)
OP (Loss) without Special Items (4) 25 (65)
Depreciation & Amortization 12 10 3
Capital Expenditures 2 5 3
EBITDA 114 (124) (92)
RESIDUAL COSTS OF DISCONTINUED
BUSINESSES
Sales
Operating Profit (Loss) (37) (75) (1)
OP (Loss) without Special Items (37) (75) (1)
Depreciation & Amortization
Capital Expenditures
EBITDA (37) (75) (1)
TOTAL CONTINUING OPERATIONS
Sales 1,074 744 684
Operating Profit (Loss) 160 151 46
OP (Loss) without Special Items 185 149 86
Depreciation & Amortization 57 41 34
Capital Expenditures 32 37 23
EBITDA 369 61 115
</TABLE>
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