CME Revenues Up 5% In 1Q 2010, To $143.6M

Net revenues for the first quarter of 2010 increased $7.3 million to $143.6 million, compared to the first quarter of 2009, and operating loss for the quarter decreased $52.2 million to $19.1 million.

EBITDA (earnings before interest, taxes, depreciation and amortization) for the quarter decreased 97%, from $27.7 million to $841,000.

Net loss from continuing operations increased 2%, by $3.9 million, to a loss of $42 million, while the group's net loss decreased 5%, from $44.4 million to $42.2 million.

Results for the first quarter of 2010 include the Media Pro Entertainment businesses acquired by CME in December 2009, the release notes.

"The recent completion of the Ukraine and Bulgaria transactions has consolidated our leaderships across all our six home markets. We have rebuilt CME as a vertically integrated media and entertainment company to better face the challenges in our industry. Demand for TV advertising continued to decline in the first quarter although at a slower pace. Central and Eastern Europe will gradually emerge from the crisis during the first half of 2010 and in the second half the demand for TV advertising is expected to show single digit growth. As recovery progresses we will convert our leading audience and market shares into strong revenues and operating margins," said Adrian Sarbu, President and Chief Executive Officer of CME.

Revenues of the group's Broadcast division, which comprises its TV operations, increased 1% in the first quarter, from 134.5 million to $135.4 million. EBITDA for the division decreased 53%, from $37.6 million to $17.8 million.

The group's New Media division posted revenues of $2.02 million in the first quarter, up 15% from $1.75 million in the first quarter of 2009, but EBITDA loss widened from $1.5 million to $3.3 million.

Net revenues of the Media Pro Entertainment division increased 95%, from $14.4 million to $28.04 million, but ended the first quarter with an EBITDA loss of $2.03 million, 42% wider than the $1.4 million loss reported for the first quarter of last year.

In Romania, CME's first quarter net revenues stood at $36.5 million, up 2.8% from the $35.5 million posted in the first quarter of 2009. But the group's EBITDA in Romania decreased from $9.7 million to $4.5 million.

CME is a leading vertically integrated media and entertaining company operating broadcasting, internet and TV content businesses 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, Pro.bg and Ring.bg), Croatia (Nova TV), 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, Doma) and Slovenia (POP TV, Kanal A and TV Pika).

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

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