Central European Media Eenterprises Reports Fourth Quarter and Full Year Results

Central European Media Enterprises Ltd. ("CME" or the "Company") (NASDAQ/Prague Stock Exchange - CETV) today announced financial results for the fourth quarter and full-year ended December 31, 2009.

Net revenues for the fourth quarter of 2009 decreased 14% to $252.1 million, compared to the fourth quarter of 2008. EBITDA for the quarter decreased 45% to $44.1 million. Operating income for the quarter increased $302.2 million to $23.0 million. Net loss attributable to the shareholders of CME for the quarter was $(55.3) million compared to $(328.1) million for the three months ended December 31, 2008. Fully diluted loss per share for the three months ended December 31, 2009 decreased $6.86 to $(0.89).

 

Net revenues for the year ended December 31, 2009 decreased 30% to $714.0 million, compared to the year ended December 31, 2008. EBITDA for the year decreased 75% to $74.9 million. Operating loss decreased $44.6 million from $(127.8) million to $(83.2) million. The operating loss in 2009 includes an impairment charge of $81.8 million relating to the Company's Bulgarian operations. Net loss attributable to the shareholders of CME for the year was $(97.2) million compared to $(269.5) million for the year ended December 31, 2008. Fully diluted loss per share for the year ended December 31, 2009 decreased $4.58 to $(1.79).

Adrian Sarbu, President and Chief Executive Officer of CME, commented: "An unprecedented economic crisis in our region reset TV ad spending 30% below 2008. US$ 800m of TV ad spend vanished in one year, dramatically reducing our revenues. In this difficult environment we strengthened our operations by maintaining audience share leadership, increasing market share and redefining ourselves as a vertically integrated media company. We are making the necessary corrections to our portfolio to achieve positive EBITDA in all our operations in 2010. This year we will focus our energy on increasing profitability across our three new divisions - broadcasting, internet and content."

 

Consolidated Results for the Three Months Ended December 31, 2009

Consolidated net revenues for the three months ended December 31, 2009 decreased by 14% to $252.1 million from $291.5 million for the three months ended December 31, 2008. Operating income for the quarter was $23.0 million compared to a loss of $(279.2) million for the three months ended December 31, 2008. Net loss attributable to the shareholders of CME for the quarter was $(55.3) million compared to $(328.1) million for the three months ended December 31, 2008. Fully diluted loss per share for the three months ended December 31, 2009 decreased $6.86 to $(0.89).

 

EBITDA for the three months ended December 31, 2009 decreased to $44.1 million from $79.8 million in the three months ended December 31, 2008. EBITDA margin for the three months ended December 31, 2009 was 18% compared to 27% in the three months ended December 31, 2008.

 

For additional information, please contact:

Romana Tomasova
Vice President of Corporate Communications
Central European Media Enterprises
Krizeneckeho nam. 1078/5
152 00 Praha 5
Czech Republic
+420 242 465 525
romana.tomasova@cme-net.com

 

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