CBS Forecasts Profit Drop: CBS Inc. expects...
From Times Staff and Wire Reports
CBS Forecasts Profit Drop: CBS Inc. expects income from continuing operations for the first quarter to “decline significantly” from its 1990 level, the company stated in its annual 10K filing with the SEC. The television network cited higher news costs of covering the Persian Gulf War, a decline in advertising revenue and rising program costs as factors hurting 1991 results. The report precedes an expected round of employee layoffs at CBS and the other networks as part of cost-cutting moves in the face of the on-going recession.
