CME Rev Down 14% In 4Q 2009, EBITDA Down 45%

In the fourth quarter of 2008, the company's net revenues stood at $291.5 million and EBITDA was at $79.77 million.

Operating income for the fourth quarter stood at $23.04 million compared to an operating loss of $279.17 million in the fourth quarter of 2008, CME said in a press release Wednesday.

Net loss for the fourth quarter was at $55.3 million compared to a net loss of $328.1 million in the last quarter of 2008.

For the full year, CME's net revenues decreased 30%, to $714 million, from $1.01 billion in 2008, while the full-year EBITDA was down 75%, to $74.9 million from $296.89 million in 2008.

Operating loss in 2009 narrowed to $83.2 million, from $127.8 million in 2008. The operating loss in 2009 includes an impairment charge of $81.8 million relating to CME's Bulgarian operations.

CME's net loss narrowed last year to $97.2 million from a loss of $269.5 million in 2008.

"An unprecedented economic crisis in our region reset TV ad spending 30% below 2008. US$ 800m of TV ad spend vanished in one year, dramatically reducing our revenues. In this difficult environment we strengthened our operations by maintaining audience share leadership, increasing market share and redefining ourselves as a vertically integrated media company. We are making the necessary corrections to our portfolio to achieve positive EBITDA in all our operations in 2010. This year we will focus our energy on increasing profitability across our three new divisions - broadcasting, internet and content," said Adrian Sarbu, President and Chief Executive Officer of CME.

In Romania, CME's net revenues decreased in 2009 to $176.5 million from $274.62 million in 2008, while the company's EBITDA decreased to $38.51 million from $111.78 million.

CME's operating profit in Romania stood at $24.2 million last year, lower than the $96.63 million posted in 2008.

CME's fourth-quarter Romanian net revenues decreased to $55.87 million from $77.5 million in the fourth quarter of 2008. Fourth-quarter EBITDA in Romania decreased to $9.31 million from $29.99 million, while operating profit decreased to $5.49 million from $26.43 million in the fourth quarter of 2008.

CME is a broadcasting company operating leading networks in seven Central and Eastern European countries with an aggregate population of approximately 97 million people.

The company's television stations are located in Bulgaria (PRO.BG and RING.BG), Croatia (Nova TV), Czech Republic (TV Nova, Nova Cinema and Nova Sport), Romania (PRO TV, PRO TV International, Acasa, PRO Cinema, Sport.ro and MTV Romania), Slovakia (TV Markíza and Doma), Slovenia (POP TV, Kanal A and TV Pika) and Ukraine (Studio 1+1, Studio 1+1 International and Kino).

CME is traded on the NASDAQ and the Prague Stock Exchange under the ticker symbol "CETV".

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