While CBS (CBS-A) was able to increase its revenue by 2 percent to bring it to $3.66 billion for the quarter, they weren't able to grow their profits as they fell to $213 million, to 28 cents a share. That compares with $226.9 million, or 30 cents a share from the year before.
Revenue from their largest division - television - grew by 2% to reach $2.57 billion. A lot of that came from the Super Bowl.
The radio revenue dropped by 9% to $397.5 million, most of that attributed to asset sales.
The companys' outdoor advertising division was also able to grow revenue by 2% to $462.3 million.
Publishing division Simon & Schuster surged by 27% to bring in $229.3 million.
CBS also bought back 47 million shares, which decreased outstanding shares by 7%. They've also increased their dividend by 10%.
The company has said that they believe revenue and operating income will be about the same as it was for 2006, keeping with their original projections.
According to The Street, CBS said "flat projection is the result of several factors, including higher expense for stock-based compensation, the sale of radio and television stations, the shutdown of the UPN network, and the loss of major urban outdoor transit contracts."
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