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CBS ANNOUNCES FIRST QUARTER 1992 RESULTS

 CBS ANNOUNCES FIRST QUARTER 1992 RESULTS
 NEW YORK, April 15 /PRNewswire/ -- For the first quarter of 1992,


CBS Inc. (NYSE: CBS) earned $18.6 million, or $1.20 per share, from continuing operations on net sales of $1,082.0 million, the company announced today. This compares to income from continuing operations of $10.4 million, or $0.54 per share, and net sales of $762.0 million for 1991's first quarter.
 Although the recession continued to cut advertiser demand for television, both the CBS Television Network and the CBS Television Stations reported improvements in their operating results, which offset a large decline in the company's interest income on investments. The company's results for the first quarter were as follows (dollars in millions, except per share amounts):
 First quarter 1992 1991 Pct. Change
 Income from continuing operations $18.6 $10.4 79
 Income from continuing operations
 per share $1.20 $0.54 122
 Net income $18.6 $23.3 (20)
 Net income per share $1.20 $1.21 (1)
 Net sales $1,082.0 $762.0 42
 Laurence A. Tisch, chairman and chief executive officer of CBS, commented on the quarterly financial results, "In spite of being hampered by the harsh slump in advertising, CBS's earnings rose to $1.20 per share in the first quarter of 1992 and more than doubled the prior year's result from continuing operations. The company's upswing in profitability stemmed in large part from the absence of unusual charges that were incurred in 1991 in order to provide comprehensive coverage of the Persian Gulf conflict and to implement a corporate-wide restructuring program. Although remaining unprofitable, the CBS Television Network's operating results were improved by a reduction in underlying costs. Underlying costs exclude expenses related to the Olympic Winter Games and Super Bowl broadcasts. In addition, the company is just beginning to benefit from its new No. 1 ranking in primetime television, where advertising dollars follow ratings improvements. We are pleased that the company has been able to revitalize its programming, build its primetime ratings for entertainment and news programming, and at the same time moderate its underlying cost growth."
 In commenting on the outlook for the balance of 1992, Tisch remarked, "By a wide margin, CBS is America's most-watched television network and is poised to benefit from a cyclical recovery in advertising demand. Network scatter prices for the second quarter of 1992, moreover, have firmed noticeably. We are encouraged by this steadying of demand for network time in the face of general economic weakness."
 First Quarter Operating Results
 Net sales for the first quarter of 1992 were $1,082.0 million, an increase of 42 percent over 1991. Operating income before interest and taxes was $19.5 million for 1992's first quarter. A year earlier, the company sustained a quarterly operating loss before interest and taxes of $54.6 million, which included a $20.0 million pretax charge for corporate restructuring.
 The CBS Television Network's revenues received a sizable lift from its broadcasts of the Albertville Olympic Winter Games and the 1992 Super Bowl. But the Network's coverage of the Winter Games and the Super Bowl produced incremental revenues of over $275 million that were offset by rights and production expenses. Excluding the incremental revenue impact of these two special-event sports broadcasts, the Network's sales for the first quarter of 1992 were essentially equal to the prior year's first quarter, as the recession continued to dampen advertiser demand for commercial time. Despite the soft economy, the Network's operating loss for the first quarter of 1992 was substantially narrowed, reflecting improved household ratings, the absence of costs for coverage of the Persian Gulf conflict, and vigorous efforts to reduce overhead costs.
 Sales and profits for the CBS Television Stations Division were boosted by the Network's coverage of the Olympic Winter Games. Moreover, the division's results were further increased by the acquisitions in February of WCCO-TV in Minneapolis and WFRV-TV in Green Bay. Operating profits at CBS Radio fell due primarily to sales weakness in the FM Stations Group.
 Net interest income was $7.5 million in the first quarter of 1992, compared with $65.8 million in the first quarter a year ago. In the first quarter of 1991, in order to fund the $2 billion repurchase of 10.5 million shares of its common stock, the company sold certain marketable securities and recorded a pretax gain of $33.9 million in interest income on investments. In addition, in 1991, the company registered $12.2 million of interest income related to the final settlement of the sale of a recorded music business. At the end of the first quarter of 1992, the company's total cash and marketable securities exceeded $1 billion, while total debt was approximately $900 million.
 In the first quarter of 1991, net income included an additional gain on disposal related to the sale of a recorded music business to Sony Corporation. This gain amounted to $12.9 million after taxes, or $0.67 per share, and resulted from the final resolution of all disputed purchase price adjustments.
 Average shares outstanding for 1992's first quarter were 15.3 million, compared with 19.2 million in the prior year.
 CBS INC. AND SUBSIDIARIES
 Consolidated Condensed Statements of Income
 (In millions, except per share amounts)
 Estimate Actual
 Three months ended March 31 1992 1991
 Net sales $1,082.0 $762.0
 Operating income (loss) 19.5 (54.6)
 Interest income on investments, net 21.5 77.7
 Interest expense on debt, net (14.0) (11.9)
 Interest, net 7.5 65.8
 Income from continuing operations
 before income taxes 27.0 11.2
 Income taxes (8.4) (.8)
 Income from continuing operations 18.6 10.4
 Discontinued operations, net of taxes:
 Gain on disposal -- 12.9
 Net income $ 18.6 $ 23.3
 Per share of common stock:
 Continuing operations $1.20 $ .54
 Discontinued operations -- .67
 Net income $1.20 $1.21
 Adjusted weighted average number
 of shares outstanding 15.3 19.2
 -0- 4/15/92
 /CONTACT: Keith Fawcett of CBS, 212-975-6824/
 (CBS) CO: CBS Inc. ST: New York IN: ENT SU: ERN


GK-OS -- NY018 -- 8568 04/15/92 10:01 EDT
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