P.M. BRIEFING : CBS Earnings Soar in Quarter

CBS Inc. today reported record first-quarter net income of $85.3 million, or $3.31 a share, up from $56.1 million, or $2.18 a share, in the year-ago quarter.

The network said revenue from continuing operations rose 16% to $851 million in the first quarter of 1990, compared with $730.6 million in the same period of 1989.

“We are pleased by our financial progress in the first quarter of 1990, as the company registered gains in net sales, net income and earnings per share,” said Laurence Tisch, CBS president and chief executive officer.

Broadcast Groups sales rose 16% to $850.4 million while profits jumped 89% to $87.1 million, CBS said.

CBS cited the broadcast of the National Football League Super Bowl XXIV in January as a main factor lifting sales and revenues in the first quarter. CBS sold prime-time 30-second Super Bowl spots for a record $700,000 this year.