Published: 11.27 Europe/London, April 27, 2011

Central European Media Enterprises (CME) has posted revenues of $172,772,000 (€118,409,000) for the first quarter, or 20.3% more than year earlier.

Its operating loss was also significantly reduced, down from $19,133,000 in Q1 2010 to $7,665,000 in the first quarter this year.

Net income was up in all its six markets in the first quarter with the exception of Romania, where the $34,354,000 figure compared to $36,547,000 in Q1 2010.

OIBDA was meanwhile in negative territory in Q1 this year in Croatia (-$332,000) and Slovakia (-$2,506,000), as well as in the New Media division.

Commenting on the results, CME president and CEO Adrian Sarbu said: “Our revenues and OIBDA significantly increased in the first quarter. We delivered positive free cash flow ahead of our target. This is a result of our continued audience and market leadership, rigorous cost control, the positive contribution of the bTV group in Bulgaria, and growth in both Media Pro Entertainment and the New Media Division. In addition, our liquidity remained strong, and allowed us to buy back US$ 24 million of debt and refinance $206.3 million of convertible notes due 2013. We remain confident that all our TV ad markets will grow in 2011.”