CME Posts Q1 Loss on Impairment Charge

HAMILTON: Recording an $81.8 million impairment charge on its Bulgarian operations, Central European Media Enterprises (CME) posted a first-quarter loss of $44.4 million, on revenues that were down 37 percent to $141.2 million, with a segment EBITDA of $19.7 million.

"The first quarter of 2009 was the toughest in our history across all markets," said Adrian Sarbu, the president and COO of CME. "We foresaw this trend and have managed our sales and costs to limit the impact of the decline in advertising spending. Our leadership remains strong and our advertising share in our core markets increased. Our main priority for the quarter, liquidity, was successfully addressed. Time Warner agreed to invest US$241.5 million in CME. I see this as a sign of confidence in our markets, people and strategy for the future."