CME Q3: “Markets not recovering”

Central European Media Enterprises Ltd (CME) has announced financial results for the three and nine months ended September 30th, 2012. Net revenues for the third quarter of 2012 were $140.1 million compared to $165.5 million for the third quarter of 2011.

Operating income for the quarter was $3.5 million compared to $8.9 million for the three months ended September 30th, 2011. Operating loss for the quarter was $18.4 million compared to $12.9 million for the same period in 2011. Net loss for the quarter improved by $49.6 million from $82.2 million to $32.6 million for the three months ended September 30, 2012.

Net revenues for the nine months ended September 30th, 2012 were $518.7 million compared to $587.9 million for the same period in 2011. OIBDA for the nine months ended September 30th, 2012 was $64.7 million compared to $$85.8 million for nine months in 2011. Operating loss for the nine months ended September 30, 2012 was $5.1 million compared to operating income of $18.9 million for the same period in 2011. Net loss for the nine months ended September 30th, 2012 improved by $59.1 million to $43.3 million compared to $102.4 million for the same period in 2011.

Adrian Sarbu, CME’s President and CEO, commented: “Our third quarter results and the prospects for the full year 2012 indicate that our markets are not recovering. In the second half of 2012 advertising spending has not matched our expectations. We were successful in addressing our capital structure and debt maturities but we were unable to achieve our sales and free cash flow targets. Our OIBDA guidance for 2012 is between $130 – 140 million. Facing new challenges, we focus on maintaining our leading positions while aggressively managing our costs and improving free cash flow generation and liquidity.”

 

 

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