CBS Reports 68% Profit Decline, Cites Drop in Sports, Audience
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CBS Inc. said Monday that its earnings fell 68% in the first quarter from a year ago due to the absence of strong sports programming and a decline in its prime-time audience.
Net income fell to $21.9 million, or 32 cents a share, from $69.3 million, or 85 cents, a year ago. Sales fell 28% to $897.7 million.
Chairman Laurence Tisch said CBS had a short-term surge in ratings and revenue in 1994 as a result of its broadcast of the Olympic Winter Games from Lillehammer, Norway.
“Lacking this unique event in 1995, the company experienced a sharp falloff in sports advertising sales,” he said. “In addition, the CBS Television Network’s share of prime-time audience has slipped significantly in the 1994-95 season, affecting sales and profits adversely.”
Tisch said the televised trial of O.J. Simpson has also upset daily viewing patterns.
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