CME Hails Results of Q1, Sets 2008 Targets

HAMILTON, April 30:
Central European Media Enterprises has reported a 51-percent rise in revenues
for the first quarter to $223.5 million, with a target of reaching $1.1 billion
in revenues for the full year.

Operating income for the
quarter increased by $31.4 million to $44.7 million—a 236-percent
rise—and net income was $14.9 million, compared to a loss of $300,000 in
the same period last year. Fully diluted income per share increased by $0.36 to
$0.35. Segment EBITDA for the first quarter increased a whopping 86 percent to
$74.7 million.

Michael Garin, the CEO of
CME, commented: "Following a spectacular 2007 performance, 2008 is off to
a strong start and we are on route to achieve another record-setting year, with
expected revenues of $1.1 billion and broadcast segment EBITDA of $440 million.
At a time when most media companies are struggling to deliver growth, CME is
distinguishing itself from its peers by forecasting broadcast revenue growth of
30 percent and segment EBITDA growth of 36 percent. We are aggressively
developing our new-media businesses. They currently attract more than 1.2
million unique daily visitors. In a period of chaotic financial markets, the
successful issuance of $475 million in senior convertible notes has provided us
with the financial resources to execute on our strategic growth initiatives and
continue to drive value for shareholders."

Adrian Sarbu, the COO of
CME, added: "We are delivering terrific results in all our markets. Every
one of CME's television stations exceeded our expectations in the first
quarter. Our revenue growth initiatives combined with a focus on operating
efficiencies continue to drive margin expansion. Once we complete the buyout of
our partners in Studio 1+1, we will be in a strong position to capitalize on
the rapid growth in our largest market, as everywhere else."

—By Mansha Daswani