CBS Outdoor reports global revenue fall
CBS Outdoor has reported a 22.6% year on year fall in global revenue in the third quarter of 2008, to $424.9 million.
CBS said that the fall in revenues reflects “the soft worldwide advertising marketplace and the unfavorable impact of foreign exchange rate changes”.
Americas (comprising North and South America) revenues for the third quarter of 2009 decreased 20%to $280.3 million, while Europe and Asia revenues decreased 28% to $144.6 million.
According to financial results released by parent company CBS Corporation, CBS Outdoor recorded an operating loss of $34.9 million for the third quarter.
The loss included an impairment charge of $2.86 billion to reduce the carrying value of goodwill and intangible assets, said CBS.
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