CBS Inc.: First-quarter profit plummeted to $56.1...

CBS Inc.: First-quarter profit plummeted to $56.1 million from $911.3 million a year ago, when results included an after-tax, non-recurring gain on the sale of CBS Records of $866.6 million. Sales for the 1989 quarter rose 5% to $731.2 million. The company said operating profits were up 26% to $56.3 million, mainly because of improved profitability at the New York-based television network, led by improved results in several key time periods including prime time, sports and news.