Earnings: CBS’ Lower Q1 Profits; Mobile To Bring $3 Million; NCAA Streaming $4 Million

CBS reported lower Q1 profits compared with a year ago, before it had split up with Viacom. On a comparable basis, earnings were flat as better results from outdoor advertising and TV were offset by continued weakness in radio. Net income of $226.9 million for Q1…on a comparable basis, CBS’s year-ago earnings were $225 million. Revenues rose 3.9 percent to $3.58 billion from $3.45 billion a year ago. More details in earnings report here.
On the conference call (transcript by SeekingAlpha), CEO Les Moonves mentioned that on the mobile content side, the Verizon V Cast deal– which lets VCast subscribers view CBS content–will bring in some $3 million in incremental revenue through subscription dollars this year. “$3 million, that’s genuine growth in what will be a real business for us going forward. And it all goes directly to the bottom line,” said Moonves.
On NCAA webcast: We took in north of $4 million in revenue from the NCAA basketball tournament on the webcast as well. The downloads through iTunes — we’re still gathering information on that. Our news site is up about 300%. Now, granted, the base is rather low, but as years go by we expect to shortly be in the tens of millions of dollars and that’s really as specific as I can get right now.