1
Exhibit 99.1
CBS CORPORATION
EARNINGS INFORMATION
(unaudited)
(in millions except per share data) Three Months Ended
March 31
------------------------
1997 1996
------------------------
Sales and operating revenues $ 1,326 $ 1,117
Operating costs and expenses (1,380) (1,189)
------- -------
Operating profit (loss) (54) (72)
Other income and expenses, net 41 6
Interest expense (101) (132)
------- -------
Income (loss) from Continuing Operations before
income taxes and minority interest (114) (198)
Income tax benefit (expense) 22 47
Minority interest 1 --
------- -------
Income (loss) from Continuing Operations (91) (151)
Discontinued Operations, net of income taxes:
Income (loss) from Discontinued Operations (60) 460
Extraordinary item:
Loss on early extinguishment of debt -- (63)
Cumulative effect of changes in accounting principles:
Other postemployment benefits -- --
Other postretirement benefits -- --
Income taxes -- --
------- -------
Net Income (loss) $ (151) $ 246
======= =======
Average shares outstanding 642 439
Earnings (loss) per common share:
Continuing Operations $ (0.14) $ (0.34)
Discontinued Operations $ (0.09) $ 1.04
Extraordinary item $ 0.00 $ (0.14)
Cumulative effect of changes in
accounting principles $ 0.00 $ 0.00
------- -------
Earnings (loss) per common share $ (0.23) $ 0.56
======= =======
2
CBS CORPORATION
EARNINGS INFORMATION
(unaudited)
(in millions except per share data) Three Months Ended Six Months Ended
June 30 June 30
---------------------------- ------------------------
1997 1996 1997 1996
---------------------------- ------------------------
Sales and operating revenues $ 1,283 $ 1,100 $ 2,609 $ 2,217
Operating costs and expenses (1,179) (963) (2,559) (2,152)
------- ------- ------- -------
Operating profit (loss) 104 137 50 65
Other income and expenses, net 16 7 57 13
Interest expense (102) (96) (203) (228)
------- ------- ------- -------
Income (loss) from Continuing Operations before
income taxes and minority interest 18 48 (96) (150)
Income tax benefit (expense) (29) (29) (7) 18
Minority interest -- -- 1 --
------- ------- ------- -------
Income (loss) from Continuing Operations (11) 19 (102) (132)
Discontinued Operations, net of income taxes:
Income (loss) from Discontinued Operations 12 (108) (48) 352
Extraordinary item:
Loss on early extinguishment of debt -- -- -- (63)
Cumulative effect of changes in accounting principles:
Other postemployment benefits -- -- -- --
Other postretirement benefits -- -- -- --
Income taxes -- -- -- --
------- ------- ------- -------
Net Income (loss) $ 1 $ (89) $ (150) $ 157
======= ======= ======= =======
Average shares outstanding 644 443 643 441
Earnings (loss) per common share:
Continuing Operations $ (0.02) $ 0.04 $ (0.16) $ (0.30)
Discontinued Operations $ 0.02 $ (0.24) $ (0.07) $ 0.80
Extraordinary item $ 0.00 $ 0.00 $ 0.00 $ (0.14)
Cumulative effect of changes in
accounting principles $ 0.00 $ 0.00 $ 0.00 $ 0.00
------- ------- ------- -------
Earnings (loss) per common share $ 0.00 $ (0.20) $ (0.23) $ 0.36
======= ======= ======= =======
3
CBS CORPORATION
EARNINGS INFORMATION
(unaudited)
(in millions except per share data) Three Months Ended Nine Months Ended
Sept 30 Sept 30
------------------------------ -------------------------
1997 1996 1997 1996
------------------------------ -------------------------
Sales and operating revenues $ 1,283 $ 910 $ 3,892 $ 3,127
Operating costs and expenses (1,180) (870) (3,739) (3,022)
------- ------- ------- -------
Operating profit (loss) 103 40 153 105
Other income and expenses, net 4 22 61 35
Interest expense (102) (88) (305) (316)
------- ------- ------- -------
Income (loss) from Continuing Operations before
income taxes and minority interest 5 (26) (91) (176)
Income tax benefit (expense) (25) 1 (32) 19
Minority interest 1 (1) 2 (1)
------- ------- ------- -------
Income (loss) from Continuing Operations (19) (26) (121) (158)
Discontinued Operations, net of income taxes:
Income (loss) from Discontinued Operations (143) 28 (191) 380
Extraordinary item:
Loss on early extinguishment of debt -- (30) -- (93)
Cumulative effect of changes in accounting principles:
Other postemployment benefits -- -- -- --
Other postretirement benefits -- -- -- --
Income taxes -- -- -- --
------- ------- ------- -------
Net Income (loss) $ (162) $ (28) $ (312) $ 129
======= ======= ======= =======
Average shares outstanding 648 444 645 442
Earnings (loss) per common share:
Continuing Operations $ (0.03) $ (0.06) $ (0.19) $ (0.36)
Discontinued Operations $ (0.22) $ 0.06 $ (0.29) $ 0.86
Extraordinary item $ 0.00 $ (0.06) $ 0.00 $ (0.21)
Cumulative effect of changes in
accounting principles $ 0.00 $ 0.00 $ 0.00 $ 0.00
------- ------- ------- -------
Earnings (loss) per common share $ (0.25) $ (0.06) $ (0.48) $ 0.29
======= ======= ======= =======
4
CBS CORPORATION
EARNINGS INFORMATION
(unaudited)
Three Three Six Three Nine Three Twelve
Months Months Months Months Months Months Months
(in millions except per share data) Ended Ended Ended Ended Ended Ended Ended
Mar 31 Jun 30 Jun 30 Sep 30 Sep 30 Dec 31 Dec 31
------ ------ ------ ------ ------ ------ ------
1996 1996 1996 1996 1996 1996 1996
---- ---- ---- ---- ---- ---- ----
Sales and operating revenues $ 1,117 $ 1,100 $ 2,217 $ 910 $ 3,127 $ 1,016 $ 4,143
Operating costs and expenses (1,189) (963) (2,152) (870) (3,022) (1,067) (4,089)
------- ------- ------- ------- ------- ------- -------
Operating profit (loss) (72) 137 65 40 105 (51) 54
Other income and expenses, net 6 7 13 22 35 20 55
Interest expense (132) (96) (228) (88) (316) (85) (401)
------- ------- ------- ------- ------- ------- -------
Income (loss) from Continuing Operations
before income taxes and minority interest (198) 48 (150) (26) (176) (116) (292)
Income tax benefit (expense) 47 (29) 18 1 19 52 71
Minority interest -- -- -- (1) (1) 1 --
------- ------- ------- ------- ------- ------- -------
Income (loss) from Continuing Operations (151) 19 (132) (26) (158) (63) (221)
Discontinued Operations, net of income taxes:
Income (loss) from Discontinued
Operations 460 (108) 352 28 380 29 409
Extraordinary item:
Loss on early extinguishment of debt (63) -- (63) (30) (93) -- (93)
Cumulative effect of changes in accounting
principles:
Other postemployment benefits -- -- -- -- -- -- --
Other postretirement benefits -- -- -- -- -- -- --
Income taxes -- -- -- -- -- -- --
------- ------- ------- ------- ------- ------- -------
Net Income (loss) $ 246 $ (89) $ 157 $ (28) $ 129 $ (34) $ 95
======= ======= ======= ======= ======= ======= =======
Average shares outstanding 439 443 441 444 442 448 443
Earnings (loss) per common share:
Continuing Operations $ (0.34) $ 0.04 $ (0.30) $ (0.06) $ (0.36) $ (0.14) $ (0.50)
Discontinued Operations $ 1.04 $ (0.24) $ 0.80 $ 0.06 $ 0.86 $ 0.06 $ 0.93
Extraordinary item $ (0.14) $ 0.00 $ (0.14) $ (0.06) $ (0.21) $ 0.00 $ (0.21)
Cumulative effect of changes in
accounting principles $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
------- ------- ------- ------- ------- ------- -------
Earnings (loss) per common share $ 0.56 $ (0.20) $ 0.36 $ (0.06) $ 0.29 $ (0.08) $ 0.22
======= ======= ======= ======= ======= ======= =======
5
CBS CORPORATION
EARNINGS INFORMATION
(unaudited)
Three Three Six Three Nine Three Twelve
Months Months Months Months Months Months Months
(in millions except per share data) Ended Ended Ended Ended Ended Ended Ended
Mar 31 Jun 30 Jun 30 Sep 30 Sep 30 Dec 31 Dec 31
------ ------ ------ ------ ------ ------ ------
1995 1995 1995 1995 1995 1995 1995
---- ---- ---- ---- ---- ---- ----
Sales and operating revenues $ 176 $ 217 $ 393 $ 165 $ 558 $ 516 $ 1,074
Operating costs and expenses (144) (166) (310) (169) (479) (435) (914)
------- ------- ------- ------- ------- ------- -------
Operating profit (loss) 32 51 83 (4) 79 81 160
Other income and expenses, net -- 7 7 125 132 20 152
Interest expense (35) (33) (68) (31) (99) (85) (184)
------- ------- ------- ------- ------- ------- -------
Income (loss) from Continuing Operations
before income taxes and minority interest (3) 25 22 90 112 16 128
Income tax benefit (expense) (1) (14) (15) (40) (55) (20) (75)
Minority interest (1) (2) (3) 1 (2) (4) (6)
------- ------- ------- ------- ------- ------- -------
Income (loss) from Continuing Operations (5) 9 4 51 55 (8) 47
Discontinued Operations, net of income taxes:
Income (loss) from Discontinued
Operations 13 47 60 (108) (48) (9) (57)
Extraordinary item:
Loss on early extinguishment of debt -- -- -- -- -- -- --
Cumulative effect of changes in accounting
principles:
Other postemployment benefits -- -- -- -- -- -- --
Other postretirement benefits -- -- -- -- -- -- --
Income taxes -- -- -- -- -- -- --
------- ------- ------- ------- ------- ------- -------
Net Income (loss) $ 8 $ 56 $ 64 $ (57) $ 7 $ (17) $ (10)
======= ======= ======= ======= ======= ======= =======
Average shares outstanding 398 399 398 409 403 435 410
Earnings (loss) per common share:
Continuing Operations $ (0.04) $ (0.01) $ (0.05) $ 0.10 $ 0.05 $ (0.02) $ 0.03
Discontinued Operations $ 0.03 $ 0.12 $ 0.15 $ (0.26) $ (0.12) $ (0.02) $ (0.14)
Extraordinary item $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
Cumulative effect of changes in
accounting principles $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
------- ------- ------- ------- ------- ------- -------
Earnings (loss) per common share $ (0.01) $ 0.11 $ 0.10 $ (0.16) $ (0.07) $ (0.04) $ (0.11)
======= ======= ======= ======= ======= ======= =======
6
CBS CORPORATION
EARNINGS INFORMATION
(unaudited)
(in millions except per share data) Twelve Months Ended
----------------------------------------------
1994 1993 1992
----------------------------------------------
Sales and operating revenues $ 744 $ 684 $ 754
Operating costs and expenses (593) (638) (686)
----------------------------------------------
Operating profit (loss) 151 46 68
Other income and expenses, net (131) 35 (9)
Interest expense (26) (55) (76)
----------------------------------------------
Income (loss) from Continuing Operations before
income taxes and minority interest (6) 26 (17)
Income tax benefit (expense) 1 43 18
Minority interest (5) (6) --
----------------------------------------------
Income (loss) from Continuing Operations (10) 63 1
Discontinued Operations, net of income taxes:
Income (loss) from Discontinued Operations 58 (388) (1,062)
Extraordinary item:
Loss on early extinguishment of debt -- -- --
Cumulative effect of changes in accounting principles:
Other postemployment benefits -- (4) --
Other postretirement benefits -- -- (742)
Income taxes -- -- 404
----------------------------------------------
Net Income (loss) $ 48 $ (329) $(1,399)
==============================================
Average shares outstanding 384 353 346
Earnings (loss) per common share:
Continuing Operations $ (0.16) $ 0.03 $ (0.07)
Discontinued Operations $ 0.15 $ (1.10) $ (3.07)
Extraordinary item $ 0.00 $ 0.00 $ 0.00
Cumulative effect of changes in
accounting principles $ 0.00 $ (0.01) $ (0.98)
----------------------------------------------
Earnings (loss) per common share $ (0.01) $ (1.08) $ (4.12)
==============================================