-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, R0Bv2ZqxTSTDAV+8roKIp7hXhutOXI5rbdnMOWANMAjR691Qvfiu3AEIdXOXQI7/ oOLyS+93vh9f+EztVHVqnA== 0000950128-98-000498.txt : 19980205 0000950128-98-000498.hdr.sgml : 19980205 ACCESSION NUMBER: 0000950128-98-000498 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19980204 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980204 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CBS CORP CENTRAL INDEX KEY: 0000106413 STANDARD INDUSTRIAL CLASSIFICATION: TELEVISION BROADCASTING STATIONS [4833] IRS NUMBER: 250877540 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-00977 FILM NUMBER: 98521456 BUSINESS ADDRESS: STREET 1: WESTINGHOUSE BLDG STREET 2: 11 STANWIX STREET CITY: PITTSBURGH STATE: PA ZIP: 15222-1384 BUSINESS PHONE: 4122442000 FORMER COMPANY: FORMER CONFORMED NAME: WESTINGHOUSE ELECTRIC CORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: WESTINGHOUSE ELECTRIC & MANUFACTURING CO DATE OF NAME CHANGE: 19710510 8-K 1 CBS CORPORATION 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) 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 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. EX-99.1 2 CBS CORPORATION 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) 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 EX-99.2 3 CBS CORPORATION 1 Exhibit 99.2 CBS Corporation Earnings Information Fourth Quarter (unaudited)
(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 ------------------ ------------------ ------------------ 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 ======= ======= ======= ======= ======= =======
2 CBS Corporation Earnings Information Fourth Quarter (unaudited)
(in millions except per share data) Three Months Ended Nine Months Ended Sept 30 Sept 30 ---------------------- ----------------------- 1997 1996 1997 1996 ---------------------- ----------------------- 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 ======= ====== ======= =======
3 CBS Corporation Earnings Information Fourth Quarter (unaudited)
(in millions except per share data) Three Months Ended Twelve Months Ended Dec 31 Dec 31 ----------------------- ----------------------- 1997 1996 1997 1996 ----------------------- ----------------------- 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 ======= ======= ======= =======
4 CBS Corporation Earnings Information 1996 By Quarter (unaudited)
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 ------- ------- ------- ----- ------- ------- ------- 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 ======= ======= ======= ====== ======= ======= =======
5 CBS Corporation Earnings Information 1995, 1994, and 1993 (unaudited)
(in millions except per share data) Twelve Months Ended ------------------------------------ 1995 1994 1993 ------------------------------------ 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) $(1.08) ====================================
EX-99.3 4 CBS CORPORATION 1 Exhibit 99.3 CBS Corporation Segment Information ($ in millions) (unaudited)
Three Months Ended March 31 1997 1996 % Change ---- ---- -------- 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%
2 CBS Corporation Segment Information ($ in millions) (unaudited)
Three Months Ended Six Months Ended June 30 June 30 1997 1996 % Change 1997 1996 % Change ---- ---- -------- ---- ---- -------- 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%
3 CBS Corporation Segment Information ($ in millions) (unaudited)
Three Months Ended Nine Months Ended September 30 September 30 1997 1996 % Change 1997 1996 % Change ---- ---- -------- ---- ---- -------- 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%
4 CBS Corporation Segment Information ($ in millions) (unaudited)
Three Months Ended Total Year December 31 December 31 1997 1996 % Change 1997 1996 % Change ---- ---- -------- ---- ---- -------- 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%
5 CBS Corporation Segment Information ($ in millions) (unaudited)
Total Year December 31 1995 1994 1993 ---- ---- ---- 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
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