Central European Media Enterprises (CME) has announced less than impressive financial results for the three months ended March 31st, 2009.
Net revenues for the first quarter of 2009 were $141.2 million, a decrease of 37 per cent, compared to the first quarter of 2008. Operating income for the quarter fell $130 million to a loss of $84.5 million and includes an impairment charge of $81.8 million relating to the company's Bulgarian operations. Net income from continuing operations decreased $62.4 million to a loss of $46.7 million.
Adrian Sarbu, President and Chief Operating Officer of CME, commented: "The first quarter of 2009 was the toughest in our history across all markets. We foresaw this trend and have managed our sales and costs to limit the impact of the decline in advertising spending. Our leadership remains strong and our advertising share in our core markets increased. Our main priority for the quarter, liquidity, was successfully addressed. Time Warner agreed to invest US$ 241.5 million in CME. I see this as a sign of confidence in our markets, people and strategy for the future."