Tough quarter for CME

February 25, 2009

CME’s TV operations in the Czech Republic and Croatia were the two best performers in what was an otherwise difficult last quarter for the company.
In the Czech Republic, its interests, which include the national commercial broadcaster TV Nova, posted net revenues of $105,816,000 (€82,995,545) in Q4 2008, as opposed to $96,034,000 in the corresponding period in 2007.

Meanwhile in Croatia, revenues stood at $16,500,000 compared to $12,492,000 in Q4 2007. Just as importantly, EDITDA amounted to $1,034,000, compared to a loss of $4,082,000 in Q4 2007.
The sharpest loss in revenues was seen in Ukraine, where Studio 1+1 claimed $23,212,000 (compared to $44,965,000 in Q4 2007) and a negative EBITDA of $21,628,000 (+$12,207,000 in Q4 2007).

CME’s net revenues for all its operations in CEE in Q4 2008 amounted to $291,500,000 ($300,552,000 in Q4 2007). Its net loss of $323,289,000 contrasted with a net income of $72,991,000 a year earlier.