This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

CBS's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Reconciliations for non-GAAP financial information related to this call can be found in our earnings release or also on our website.

And with that, it's now my pleasure to turn the call over to Sumner.

Sumner M. Redstone

Thank you, Adam. Good afternoon, everyone. I thank you all for being with us today. CBS' performance this quarter was nothing short of amazing. The numbers prove we are operating for our vision of incredible strength, and the momentum keeps building and building and building. We have world-class content that people want to see, and we are delivering it in a way they want to see it. And because our content is so good, it commands a premium on every platform. Our content is the best, actually. As we look ahead, I know we have the right strategy in place to propel CBS even beyond where it is today. I know this because we have a management team that proves me right quarter after quarter after quarter. None of this immense success will be possible without this management team.

As you know, the executive in charge of this great management team is Les Moonves, CBS' President and CEO. So it gives me tremendous pleasure to turn this call over to my good friend, Les, a man I speak of an appropriately call him genius, so he can tell you more about our terrific results. Les, the ball is in your court.

Leslie Moonves

Thank you very much, Sumner. Good afternoon, everybody, and thank you for joining us once again. We told you during our last call that this quarter would be a terrific start to the year. And as you can see from the numbers today, it is. In fact, since we became a stand-alone corporation, we posted record first quarter results in 5 key financial metrics: Revenue was up 12%; OIBDA, up 34%; operating income, up 47%; net income, up 80%; and EPS of $0.54 was up 86%. As you can see, each category had healthy double-digit increases and our best ever for a first quarter.

2 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,960.57 -123.23 -0.72%
S&P 500 1,978.34 -9.64 -0.48%
NASDAQ 4,449.5640 -22.5440 -0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs