1
Exhibit 99.2
CBS Corporation
Earnings Information
Fourth Quarter
(unaudited)
(in millions except per share data) Three Months Ended Three Months Ended Six Months Ended
March 31 June 30 June 30
------------------ ------------------ ------------------
1997 1996 1997 1996 1997 1996
------------------ ------------------ ------------------
Sales and operating revenues $ 1,326 $ 1,117 $ 1,283 $ 1,100 $ 2,609 $ 2,217
Operating expenses (1,240) (1,098) (1,038) (858) (2,278) (1,956)
Depreciation and amortization (105) (67) (105) (75) (210) (142)
Residual costs of discontinued businesses (35) (24) (36) (30) (71) (54)
------- ------- ------- ------- ------- -------
Operating costs and expenses (1,380) (1,189) (1,179) (963) (2,559) (2,152)
------- ------- ------- ------- ------- -------
Operating profit (loss) (54) (72) 104 137 50 65
Other income and expenses, net 41 6 16 7 57 13
Interest expense (101) (132) (102) (96) (203) (228)
------- ------- ------- ------- ------- -------
Income (loss) from Continuing Operations before
income taxes and minority interest (114) (198) 18 48 (96) (150)
Income tax benefit (expense) 22 47 (29) (29) (7) 18
Minority interest 1 -- -- -- 1 --
------- ------- ------- ------- ------- -------
Income (loss) from Continuing Operations (91) (151) (11) 19 (102) (132)
------- ------- ------- ------- ------- -------
Discontinued Operations, net of income taxes:
Income (loss) from Discontinued Operations (60) (558) 12 (108) (48) (666)
Estimated gain (loss) on disposal of Discontinued
Operations -- 1,018 -- -- -- 1,018
------- ------- ------- ------- ------- -------
Income (loss) from Discontinued Operations (60) 460 12 (108) (48) 352
------- ------- ------- ------- ------- -------
Extraordinary item:
Loss on early extinguishment of debt -- (63) -- -- -- (63)
Cumulative effect of changes in accounting principles:
Other postemployment benefits -- -- -- -- -- --
------- ------- ------- ------- ------- -------
Net Income (loss) $ (151) $ 246 $ 1 $ (89) $ (150) $ 157
======= ======= ======= ======= ======= =======
Dividend requirements for Series B preferred stock -- -- -- -- -- --
Dividend requirements for Series C preferred stock 12 12 11 11 23 23
Net income (loss) applicable to common stock $ (163) $ 234 $ (10) $ (100) $ (173) $ 134
======= ======= ======= ======= ======= =======
Average shares outstanding - basic 589 397 604 399 596 398
Basic and diluted earnings (loss) per common share:
Continuing Operations $ (0.18) $ (0.41) $ (0.04) $ 0.02 $ (0.21) $ (0.39)
Discontinued Operations $ (0.10) $ 1.16 $ 0.02 $ (0.27) $ (0.08) $ 0.89
Extraordinary item $ 0.00 $ (0.16) $ 0.00 $ 0.00 $ 0.00 $ (0.16)
Cumulative effect of changes in
accounting principles $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
------- ------- ------- ------- ------- -------
Basic and diluted earnings (loss) per common share $ (0.28) $ 0.59 $ (0.02) $ (0.25) $ (0.29) $ 0.34
======= ======= ======= ======= ======= =======
2
CBS Corporation
Earnings Information
Fourth Quarter
(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 expenses (1,038) (772) (3,316) (2,728)
Depreciation and amortization (107) (68) (317) (210)
Residual costs of discontinued businesses (35) (30) (106) (84)
------- ------ ------- -------
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) (638)
Estimated gain (loss) on disposal of Discontinued
Operations -- -- -- 1,018
------- ------ ------- -------
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 -- -- -- --
------- ------ ------- -------
Net Income (loss) $ (162) $ (28) $ (312) $ 129
======= ====== ======= =======
Dividend requirements for Series B preferred stock -- -- -- --
Dividend requirements for Series C preferred stock -- 12 23 35
Net income (loss) applicable to common stock $ (162) $ (40) $ (335) $ 94
======= ====== ======= =======
Average shares outstanding - basic 630 401 608 399
Basic and diluted earnings (loss) per common share:
Continuing Operations $ (0.03) $(0.09) $ (0.24) $ (0.48)
Discontinued Operations $ (0.23) $ 0.07 $ (0.31) $ 0.95
Extraordinary item $ 0.00 $(0.08) $ 0.00 $ (0.23)
Cumulative effect of changes in
accounting principles $ 0.00 $ 0.00 $ 0.00 $ 0.00
------- ------ ------- -------
Basic and diluted earnings (loss) per common share $ (0.26) $(0.10) $ (0.55) $ 0.24
======= ====== ======= =======
3
CBS Corporation
Earnings Information
Fourth Quarter
(unaudited)
(in millions except per share data) Three Months Ended Twelve Months Ended
Dec 31 Dec 31
----------------------- -----------------------
1997 1996 1997 1996
----------------------- -----------------------
Sales and operating revenues $ 1,471 $ 1,016 $ 5,363 $ 4,143
Operating expenses (1,210) (968) (4,526) (3,696)
Depreciation and amortization (128) (69) (445) (279)
Residual costs of discontinued businesses (37) (30) (143) (114)
------- ------- ------- -------
Operating costs and expenses (1,375) (1,067) (5,114) (4,089)
------- ------- ------- -------
Operating profit (loss) 96 (51) 249 54
Other income and expenses, net 17 20 78 55
Interest expense (81) (85) (386) (401)
------- ------- ------- -------
Income (loss) from Continuing Operations before
income taxes and minority interest 32 (116) (59) (292)
Income tax benefit (expense) (41) 52 (73) 71
Minority interest (1) 1 1 --
------- ------- ------- -------
Income (loss) from Continuing Operations (10) (63) (131) (221)
------- ------- ------- -------
Discontinued Operations, net of income taxes:
Income (loss) from Discontinued Operations -- 29 (191) (609)
Estimated gain (loss) on disposal of Discontinued
Operations 871 -- 871 1,018
------- ------- ------- -------
Income (loss) from Discontinued Operations 871 29 680 409
------- ------- ------- -------
Extraordinary item:
Loss on early extinguishment of debt -- -- -- (93)
Cumulative effect of changes in accounting principles:
Other postemployment benefits -- -- -- --
------- ------- ------- -------
Net Income (loss) $ 861 ($ 34) $ 549 $ 95
======= ======= ======= =======
Dividend requirements for Series B preferred stock -- -- -- --
Dividend requirements for Series C preferred stock -- 12 23 47
Net income (loss) applicable to common stock $ 861 $ (46) $ 526 $ 48
======= ======= ======= =======
Average shares outstanding - basic 693 404 629 401
Basic and diluted earnings (loss) per common share:
Continuing Operations $ (0.01) $ (0.18) $ (0.24) $ (0.67)
Discontinued Operations $ 1.25 $ 0.07 $ 1.08 $ 1.02
Extraordinary item $ 0.00 $ 0.00 $ 0.00 $ (0.23)
Cumulative effect of changes in
accounting principles $ 0.00 $ 0.00 $ 0.00 $ 0.00
------- ------- ------- -------
Basic and diluted earnings (loss) per common share $ 1.24 $ (0.11) $ 0.84 $ 0.12
======= ======= ======= =======
4
CBS Corporation
Earnings Information
1996 By Quarter
(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 expenses (1,098) (858) (1,956) (772) (2,728) (968) (3,696)
Depreciation and amortization (67) (75) (142) (68) (210) (69) (279)
Residual costs of discontinued businesses (24) (30) (54) (30) (84) (30) (114)
------- ------- ------- ------ ------- ------- -------
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 (558) (108) (666) 28 (638) 29 (609)
Estimated gain (loss) on disposal of Discontinued
Operations 1,018 -- 1,018 -- 1,018 -- 1,018
------- ------- ------- ------ ------- ------- -------
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 -- -- -- -- -- -- --
------- ------- ------- ------ ------- ------- -------
Net Income (loss) $ 246 $ (89) $ 157 $ (28) $ 129 $ (34) $ 95
======= ======= ======= ====== ======= ======= =======
Dividend requirements for Series B preferred stock -- -- -- -- -- -- --
Dividend requirements for Series C preferred stock 12 11 23 12 35 12 47
Net income (loss) applicable to common stock $ 234 $ (100) $ 134 $ (40) $ 94 $ (46) $ 48
======= ======= ======= ====== ======= ======= =======
Average shares outstanding - basic 397 399 398 401 399 404 401
Basic and diluted earnings (loss) per common share:
Continuing Operations $ (0.41) $ 0.02 $ (0.39) $(0.09) $ (0.48) $ (0.18) $ (0.67)
Discontinued Operations $ 1.16 $ (0.27) $ 0.89 $ 0.07 $ 0.95 $ 0.07 $ 1.02
Extraordinary item $ (0.16) $ 0.00 $ (0.16) $(0.08) $ (0.23) $ 0.00 $ (0.23)
Cumulative effect of changes in
accounting principles $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
------- ------- ------- ------ ------- ------- -------
Basic and diluted earnings (loss) per common share $ 0.59 $ (0.25) $ 0.34 $(0.10) $ 0.24 $ (0.11) $ 0.12
======= ======= ======= ====== ======= ======= =======
5
CBS Corporation
Earnings Information
1995, 1994, and 1993
(unaudited)
(in millions except per share data) Twelve Months Ended
------------------------------------
1995 1994 1993
------------------------------------
Sales and operating revenues $ 1,074 $ 744 $ 684
Operating expenses (820) (477) (603)
Depreciation and amortization (57) (41) (34)
Residual costs of discontinued businesses (37) (75) (1)
------------------------------------
Operating costs and expenses (914) (593) (638)
------------------------------------
Operating profit (loss) 160 151 46
Other income and expenses, net 152 (131) 35
Interest expense (184) (26) (55)
------------------------------------
Income (loss) from Continuing Operations before
income taxes and minority interest 128 (6) 26
Income tax benefit (expense) (75) 1 43
Minority interest (6) (5) (6)
------------------------------------
Income (loss) from Continuing Operations 47 (10) 63
------------------------------------
Discontinued Operations, net of income taxes:
Income (loss) from Discontinued Operations 19 58 (293)
Estimated gain (loss) on disposal of Discontinued
Operations (76) -- (95)
------------------------------------
Income (loss) from Discontinued Operations (57) 58 (388)
Extraordinary item:
Loss on early extinguishment of debt -- -- --
Cumulative effect of changes in accounting principles:
Other postemployment benefits -- -- (4)
------------------------------------
Net Income (loss) $ (10) $ 48 $ (329)
====================================
Dividend requirements for Series B preferred stock 34 50 50
Dividend requirements for Series C preferred stock 47 35 --
Net income (loss) applicable to common stock $ (91) $ (37) $ (379)
====================================
Average shares outstanding - basic 370 355 349
Basic and diluted earnings (loss) per common share:
Continuing Operations $ (0.09) $(0.27) $ 0.04
Discontinued Operations $ (0.16) $ 0.16 $(1.11)
Extraordinary item $ 0.00 $ 0.00 $ 0.00
Cumulative effect of changes in
accounting principles $ 0.00 $ 0.00 $(0.01)
------------------------------------
Basic and diluted earnings (loss) per common share $ (0.25) $(0.11) $(1.08)
====================================