• by Wayne Friedman , April 30, 2008

CBS' television operations gave the media company slightly positive first-quarter 2008 financial results--offsetting lower numbers from its publishing and radio divisions.

Overall, company results had net earnings 14% higher to $244 million with total revenues at $3.7 billion, flat with the same quarter in 2007.

First-quarter 2008 television revenues inched up 1% to $2.6 billion, mostly due to an 85% increase in license fees from domestic and international sales for the company's "CSI" franchise and "Everybody Loves Raymond." Operating income grew 15% in the period for television.

This activity help offset 15% lower ad results due to three factors: The absence of a Super Bowl telecast which the company had in 2007, the NCAA Men's Basketball Tournament which aired in second-quarter 2008 versus first-quarter 2007, and the writers' strike, which caused the network to run lower-rated programming.

CBS' radio division again suffered, with revenue down 9% to $363.5 million and with operating income off 27% to $115 million. CBS blamed overall weakness in the ad market, as well as comparisons due to radio stations' divestitures.

Publishing also took it on the chin, with revenues 12% lower to $201.6 million and operating income down 32% to $14.6 million. The company said best-selling titles in the first quarter of 2008, including "Duma Key" by Stephen King, "Where Are You Now?" by Mary Higgins Clark and "Change of Heart" by Jodi Picoult, did not match contributions from prior-year titles, which included "The Secret" by Rhonda Byrne.

Outdoor was a strong performer again for the company, with revenues up 7% to $496.9 million. Operating income was down 6% to $44.1 million. Continued revenue growth in Europe and Asia was at 15%, and 3% higher in North America.

Revenue in North America was hurt by the non-renewal of two major municipal contracts in Toronto and San Francisco, which reduced the revenue growth in North America by 2% for the quarter.