Central European Media Enterprises announced financial results for the first quarter ended March 31, 2013. Net revenues for the three months ended March 31, were $137 million compared to $167.4 million for the same period in 2012.
Operating loss was $35million compared to $10.3 million in 2012. Net loss for the quarter was $109 million compared to $13.8 million for the same period in 2012.
Adrian Sarbu, President and Chief Executive Officer of CME, commented: “2013 is a year of bold actions to restore the value we receive for our products. We raised advertising prices and carriage fees. The first quarter results reflect the initial phase of implementing these actions. While successful in most of our countries, we met some resistance from certain media agencies and advertisers in the Czech Republic where consumption of GRPs declined, impacting our revenues and OIBDA. Our pricing actions in the Czech Republic and across our region will continue as we are determined to reverse the trend of declining TV advertising spending. The proceeds we look to raise from the equity offerings announced today will enable us to further execute our strategy and deleverage. Post transaction we expect to have the resources in place to accomplish our main goal: growing CME.”