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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.

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