CME Posts Positive Q3 Results

HAMILTON: Central European Media Enterprises (CME) has reported positive third-quarter revenues, up 23 percent on the year-ago period to $165.5 million.

Operating income before appreciation and amortization (OIBDA) for the three months ended September 30 was $8.9 million, from a loss of $4.5 million a year ago. The operating loss for the quarter was $12.9 million compared to $25.3 million from the 2010 period. Net loss from continuing operations for the quarter was $82.2 million compared to a profit from continuing operations of $3.4 million for the year-prior Q3.

Overall revenues for the nine months were $587.9 million, a 22.6-percent year-on-year increase. OIBDA profit was $85.8 million, a 101.7-percent year-on-year gain.

Adrian Sarbu, CME’s President and CEO, commented: “In the first nine months of 2011 we doubled our OIBDA from $43 million to $86 million when our TV ad markets showed mixed recovery. We now expect to generate revenues of approximately $850 million and OIBDA of $166 million for the full year. Audience leadership and cash flow generation remain our main priorities.”