CME Q1 Revenue Up 20% To $172.8M

04.27.2011 ZF English

Central European Media Enterprises (CME) reported 20% higher net revenue in the first quarter of 2011, up to $172.8 million, and the group expects its TV advertising markets to grow this year.

Central European Media Enterprises (CME) reported 20% higher net revenue in the first quarter of 2011, up to $172.8 million, and the group expects its TV advertising markets to grow this year.

CME's net revenue in the first three months of 2010 was $143.6 million.

According to a CME press release, OIBDA for the quarter increased $13.4 million, to $14.2 million.

Net loss dropped to $21.1 million in the first three months, from $42.3 million in the same period of 2010. "Results for the first quarter of 2011 include the bTV group acquired by CME in April 2010 and exclude CME's former Ukraine operations, which were disposed of in April 2010.

CME president and CEO Adrian Sarbu said: "Our revenues and OIBDA significantly increased in the first quarter. We delivered positive free cash flow ahead of our target. This is a result of our continued audience and market leadership, rigorous cost control, the positive contribution of the bTV group in Bulgaria, and growth in both Media Pro Entertainment and the New Media Division. In addition, our liquidity remained strong, and allowed us to buy back US$ 24 million of debt and refinance $206.3 million of convertible notes due 2013. We remain confident that all our TV ad markets will grow in 2011."

In Romania, on the broadcast segment, CME posted net revenue of $34.354 million. Net revenue from this segment for the entire group grew to $157.517 million, from $135.425 million in the first quarter of 2010.

Media Pro Entertainment revenue increased to $40.179 million, from $28.043 million in the first three months of last year.

From the New Media segment, the company reported revenue of $2.621 million in the first quarter of 2011, compared to $2.021 million in the same period of 2010.

CME is a vertically integrated media company operating a leading broadcast, content and new media business in six Central and Eastern European countries with an aggregate population of approximately 50 million people.

CME's television stations are located in Bulgaria (bTV, bTV Cinema, bTV Comedy, bTV Action and Ring.bg), Croatia (Nova TV and Doma), the Czech Republic (TV Nova, Nova Cinema, Nova Sport and MTV Czech), Romania (PRO TV, PRO TV International, Acasa, PRO Cinema, Sport.ro and MTV Romania), Slovakia (TV Markíza and Doma) and Slovenia (POP TV, Kanal A and POP Brio).

CME is traded on the NASDAQ and the Prague Stock Exchange.