CME reduces debt
August 1, 2012
Central European Media Enterprises (CME) has announced financial results for the three ended June 30, 2012.
Net revenues for the second quarter of 2012 were $211.2 million compared to $249.7 million for the second quarter of 2011. OIBDA for the quarter was $47.1 million compared to $62.7 million for the three months ended June 30, 2011. Operating income for the quarter was $23.7 million compared to $39.5 million for the same period in 2011. Net income attributable to CME for the quarter increased by $3.0 million from $1.0 million to $4.0 million for the three months.
Adrian Sarbu, CME’s President and CEO, commented: “By July 3, 2012 we had completed transactions with our major shareholders, Time Warner and Ronald Lauder, which reduced our debt by $185 million. Despite a seven per cent decline in advertising spending for the first half, our revenues year-on-year were flat in constant currencies, driven by growth in Media Pro Entertainment and New Media, where Voyo became a leader in the subscription video-on-demand segment. In the second half of the year, we will continue to focus on deleveraging, maintaining our leading audience and market shares, expanding non-advertising revenues, and delivering positive free cash flow.”