COMPANY TOWN ANNEX

Westinghouse 2nd-Quarter Profit Falls 6.9%: The largest U.S. broadcasting company’s quarterly earnings fell as weaker results at its power systems businesses offset gains in broadcasting and a charge for environmental costs resulted in a loss. Westinghouse Electric Corp. also said it expects third-quarter earnings to drop from the second quarter’s because advertising revenue and ratings at its CBS-TV network declined during NBC’s Olympics coverage. Profit from operations fell to $27 million, or 6 cents a share, from $29 million, or 4 cents, in the year-ago quarter. Last year’s per-share results reflect preferred dividends. Lower prices and a decline in demand for services caused a wider loss in its power-generation unit, and profit fell at its nuclear energy systems unit. Rising ad sales and cash flow at its 39 radio stations and CBS television network were positive developments, analysts said. The results exceeded the average estimate by analysts surveyed of 1 cent a share. Analysts said Westinghouse’s $5.4-billion purchase of CBS Inc. last year is slowly paying off.