CME Romania 9 Mos Revenues Down To USD120.62M

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CME's EBITDA (earnings before interest, taxes, depreciation and amortization) on the Romanian market was $29.19 million between January and September, compared to $81.78 million in the first nine months of 2008, according to a company statement.

The company's operating profit on the Romanian market was $18.71 million in the first nine months, down from $70.2 million during the matching period last year.

In the third quarter, CME's Romanian earnings totaled $36.08 million, compared to $59.28 million in the third quarter of 2008, while EBITDA was $6.63 million, compared to $20.11 million in 2008.

Operating profit between July and September was $2.99 million, down from $15.9 million in the third quarter last year.

Internationally, CME's revenue was $461.888 million in the first nine months of this year, compared to $728.433 million in the same period last year.

CME reported a net loss of $49.12 million for the January-September period, down from a net profit of $60.08 million in the first nine months of 2008. Net loss attributable to the shareholders of CME for the period was $41.9 million compared to net income of $58.6 million for the nine months ended September 30, 2008.

EBITDA decreased to $30.77 million, from $217.12 million, with the group reporting an operating loss of $106.23 million, compared to an operating profit of $151.37 million in the first nine months of last year.

In the third quarter, CME's revenue was $134.48 million, down from $200.6 million in July-September of 2008, with a net loss of $24.3 million, compared to a net loss of $19.59 million in the similar period last year. Net loss attributed to the company was $21.55 million in the third quarter, compared to $19.33 million in the third quarter of 2008.

"This is the fourth quarter of decline in our advertising markets. TV ad spending reset 30% lower than in 2008. We believe the markets have reached the bottom. This is a new starting point. The macroeconomic prospects for 2010 have improved and we expect advertising spending to follow," said Adrian Sarbu, President and Chief Executive Officer of CME.

"Our priority for 2010 is to convert our high audience and market share into higher revenues while managing costs rigorously. We believe in our ability to outperform the markets," he added.

CME is a broadcasting company operating leading networks in seven Central and Eastern European countries with an aggregate population of approximately 97 million people.

The company's television stations are located in Bulgaria (PRO.BG and RING.BG), Croatia (Nova TV), Czech Republic (TV Nova, Nova Cinema and Nova Sport), Romania (PRO TV, PRO TV International, Acasa, PRO Cinema, Sport.ro and MTV Romania), Slovakia (TV Markíza and Doma), Slovenia (POP TV, Kanal A and TV Pika) and Ukraine (Studio 1+1, Studio 1+1 International and Kino).

CME is traded on the NASDAQ and the Prague Stock Exchange under the ticker symbol "CETV".