MUMBAI: CBS Corporation released its 2008 full-year and fourth quarter revenue results today, with CBS Radio seeing double-digit dips in both time periods.

CBS Radio revenues for Q4 '08 decreased 18 percent to $366.7 million from $447.1 million the year before, "reflecting weakness in the advertising market and the impact of radio station divestitures." Radio OIBDA and operating income for the fourth quarter of 2008, in each case before impairment charges, decreased 53 percent to $79.1 million and 56 percent to $70.5 million, respectively. Lower advertising sales, restructuring charges of $43.7 million and the absence of profits from divested stations were partially offset by lower talent and employee-related expenses and decreased marketing and promotion costs resulting from restructuring and cost-saving initiatives.

For the full year of 2008, CBS Radio revenue fell by 12 percent to $1.54 billion from $1.75 billion for 2007, again "reflecting weakness in the advertising market and the impact of radio station divestitures." Radio OIBDA and operating income for 2008, in each case before impairment charges, decreased 27 percent to $499.4 million and 29 percent to $466.8 million, respectively, due to lower advertising sales, restructuring charges of $53.9 million and the absence of profits from divested stations. These declines were partially offset by lower expenses resulting from restructuring and cost-saving initiatives. Radio results included stock-based compensation expense of $15.5 million and $15.9 million for 2008 and 2007, respectively.

CBS Corp. as a whole saw revenue decline in the fourth quarter from $3.76 billion in 2007 to $3.53 billion in Q4 '08. For the full year, revenue fell from $14.07 billion in 2007 to $13.95 billion in 2008.

"We are clearly in the midst of one of the most difficult financial environments in history, with very little visibility on how long these economic conditions will continue or if there is worse to come,... said Sumner Redstone, Executive Chairman, CBS Corporation. But one thing that is clear to me is that Leslie [Moonves] and his team are managing our businesses superbly with an eye toward future growth. CBS's strength as a content provider will continue to position it for success."

"The marketplace was under increasing pressure throughout 2008, yet we were still able to deliver annual revenues of nearly $14 billion, adjusted operating profits of almost $2.8 billion and free cash flow of just under $1.7 billion – results that reflect the quality of our content and the enduring strength of our operations," said Leslie Moonves, President/CEO, CBS Corporation. "As the contraction of the economy accelerated in the fourth quarter, our businesses were affected – in particular our local businesses – but we did not deviate from our ongoing strategy: to create winning content, regardless of the marketplace. At the same time, we continue to exercise a very disciplined approach to capital investment, and have taken substantial costs out of all of our businesses, in order to help margins going forward. We are confident that our considerable operational accomplishments will help position us to capitalize on growth opportunities as soon as the economy improves."