Central European Media Enterprises Ltd. (“CME” or the “Company”, NASDAQ/Prague Stock Exchange - CETV) today announced financial results for the first quarter ended March 31, 2013.
Net revenues for the three months ended March 31, 2013 were US$ 137.0 million compared to US$ 167.4 million for the same period in 2012. OIBDA1 for the three months ended March 31, 2013 was US$ (20.7) million compared to US$ 14.1 million for the first quarter in 2012. Operating loss for the three months ended March 31, 2013 was US$ 35.0 million compared to US$ 10.3 million in 2012. Net loss for the quarter ended March 31, 2013 was US$ 109.0 million compared to US$ 13.8 million for the same period in 2012. Fully diluted loss per share for the three months ended March 31, 2013 was US$ 1.22 compared to US$ 0.21 for three months ended March 31, 2012.
Adrian Sarbu, President and Chief Executive Officer of CME, commented: "2013 is a year of bold actions to restore the value we receive for our products. We raised advertising prices and carriage fees. The first quarter results reflect the initial phase of implementing these actions. While successful in most of our countries, we met some resistance from certain media agencies and advertisers in the Czech Republic where consumption of GRPs declined, impacting our revenues and OIBDA. Our pricing actions in the Czech Republic and across our region will continue as we are determined to reverse the trend of declining TV advertising spending. The proceeds we look to raise from the equity offerings announced today will enable us to further execute our strategy and deleverage. Post transaction we expect to have the resources in place to accomplish our main goal: growing CME."
Source: Central European Media Enterprises Ltd.