CBS profits rise 14 percent on boost from syndication

NEW YORK (AP) - CBS Corp. reported a 14 percent gain in first quarter profit Tuesday, aided by a new international TV syndication agreement for its "CSI" franchise.

The company, which also owns Simon & Schuster and a large radio broadcaster, earned $244.3 million in the first three months of the year, up from $213.5 million the year before.

Per-share earnings rose to 36 cents from 28 cents, ahead of analysts estimates of 33 cents, as compiled by Thomson Financial. Per-share results were also boosted by a lower outstanding share count due to a stock repurchase program.

CBS's shares rose 45 cents or 2 percent to $22.99 in early trading.

Revenues were essentially flat at $3.65 billion versus $3.66 billion a year ago.

TV revenues edged up 1 percent, as higher syndication sales of "CSI" and "Everybody Loves Raymond" were mainly offset by the absence of the Super Bowl, which CBS had last year, station sales and the unfavorable timing of the semifinals of the NCAA men's basketball tournament.

Those factors combined with the effects of the Hollywood writers' strike, which was settled in February, led to a 15 percent decline in TV advertising revenues, CBS said.

Profits from TV rose 13 percent, however, mainly on higher profits from the syndication sales and higher fees from its cable channels Showtime and the CBS College Sports Network.

CBS's radio business continued to struggle, with reported revenues falling 9 percent and profits falling 26 percent. The declines partly reflected the sale of some radio stations.

CBS said it expects to see growth in operating income before depreciation and amortization in the range of 3 percent to 5 percent in 2008.

Separately, the company also announced it was raising its dividend from 25 cents to 27 cents per share.

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