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Thursday, November 05, 2009
CBS Moves To Profit
By David B. Wilkerson
MarketWatch Pulse
CHICAGO -- CBS Corp. said Thursday that it moved to a third-quarter profit even as impairment charges and decreased advertising revenue cut into the bottom line. The media conglomerate said it earned $207.6 million, or 30 cents a share in the latest period. A year earlier, it lost $12.46 billion, or $18.58 per share on a massive writedown related to the diminished value of its assets. Excluding charges in the latest third-quarter, CBS said it would have earned $265.9 million or 39 cents a share. Revenue declined to $3.35 billion from $3.38 billion. Analysts were expecting a profit of 22 cents a share on sales of $3.18 billion, according to a survey by FactSet Research.
Copyright © 2009 MarketWatch, Inc.
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