Central European Media Enterprises Ltd. Reports Results For The First Quarter Ended March 31, 2014 May 7, 2014, HAMILTON, BERMUDA Download copy (PDF, 661 kB)
HAMILTON, BERMUDA, May 7, 2014 - 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, 2014.
Net revenues for the three months ended March 31, 2014 were US$ 153.1 million compared to US$ 132.7 million for the same period in 2013. OIBDA1 for the three months ended March 31, 2014 was US$ (2.3) million compared to US$ (20.8) million in 2013. Operating loss for the three months ended March 31, 2014 was US$ (14.4) million compared to US$ (35.1) million in 2013. Net loss for the three months ended March 31, 2014 was US$ (48.6) million compared to US$ (109.0) million in 2013. Fully diluted loss per share attributable to CME for the three months ended March 31, 2014 was US$ (0.33) compared to US$ (1.23) in 2013.
Michael Del Nin, co-Chief Executive Officer, commented: "The first quarter of 2014 demonstrates tangible results from our operating priorities, including increases in television advertising revenue and carriage fees. Having completed the rights offering and private placement and used the proceeds to discharge the 2016 Fixed Rate Notes, we can now focus our energy on operations to significantly improve financial performance throughout this year."
Christoph Mainusch, co-Chief Executive Officer, added: "Despite increased programming investment by some of our competitors and the broadcast of the winter Olympics on other channels, our focus on efficient and targeted investments in programming led to all-day audience shares increasing in our four largest markets. Our brands and leading audience shares are our most valuable assets, and we are committed to maintaining our leadership positions in each country. And the results of our product performance in the first quarter of 2014 demonstrate our commitment to maintaining this audience share leadership."
1) OIBDA, which includes amortization and impairment of program rights, is determined as operating income / (loss) before depreciation, amortization of intangible assets and impairments of assets as defined in "Segment Data and Non-GAAP Financial Measures" below.
Consolidated Results for the Three Months Ended March 31, 2014
Net revenues for the three months ended March 31, 2014 were US$ 153.1 million compared to US$ 132.7 million for the three months ended March 31, 2013. Operating loss for the three months ended March 31, 2014 was US$ (14.4) million compared to US$ (35.1) million for the three months ended March 31, 2013. Net loss for the three months ended March 31, 2014 was US$ (48.6) million compared to US$ (109.0) million for the three months ended March 31, 2013. Fully diluted loss per share attributable to CME for the three months ended March 31, 2014 was US$ (0.33) compared to US$ (1.23) for the three months ended March 31, 2013.
OIBDA for the three months ended March 31, 2014 was US$ (2.3) million compared to US$ (20.8) million in the same period ended March 31, 2013. OIBDA margin2 for the three months ended March 31, 2014 was (1.5)% compared to (15.7)% for the three months ended March 31, 2013.
Headline consolidated results for the three months ended March 31, 2014 and 2013 were:
RESULTS
(US$000s) For the Three Months Ended March 31,
(unaudited) 2014 2013 % Actual % Lfl3
Net revenues $153,050 $132,715 15.3% 13.4%
OIBDA (2,320) (20,840) 88.9% 88.5%
Operating loss (14,394) (35,085) 59.0% 80.3%
Net loss (48,633) (108,962) 55.4% 55.4%
Fully diluted loss per share $(0.33) $(1.23) Nm4 Nm4
Teleconference and Audio Webcast Details
CME will host a teleconference and audio webcast to discuss its first quarter results on Wednesday, May 7, 2014 at 9 a.m. New York time (2 p.m. London and 3 p.m. Prague time). The audio webcast and teleconference will refer to presentation slides which will be available on CMEs website at www.cme.net prior to the call.
To access the teleconference, U.S. and international callers may dial 1-785-424-1826 ten minutes prior to the start time and reference passcode CETVQ114. The conference call will be audio webcasted via www.cme.net. It can be heard on iPads, iPhones and a range of devices supporting Android and Windows operating systems.
A digital audio replay will be available for two weeks following the call at www.cme.net.
CME will post the results for the three months ended March 31, 2014 for its wholly-owned subsidiary CET 21 spol. s r.o. at www.cme.net by Friday, June 13, 2014.
2) OIBDA margin is defined as the ratio of OIBDA to Net revenues.
3) % Lfl (like-for-like) represents period-on-period percentage change on a constant currency basis.
4) Number is not meaningful.
Forward-Looking and Cautionary Statements
This press release contains forward-looking statements. For all forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy or are otherwise beyond our control and some of which might not even be anticipated. Forward-looking statements reflect our current views with respect to future events and because our business is subject to such risks and uncertainties, actual results, our strategic plan, our financial position, results of operations and cash flows could differ materially from those described in or contemplated by the forward-looking statements.
Important factors that contribute to such risks include, but are not limited to, the following: our significant liquidity constraints following the closing of the Rights Offering and relat
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Central European Media Enterprises Ltd. Reports Results For The First Quarter Ended March 31, 2014 May 7, 2014, HAMILTON, BERMUDA Download copy (PDF, 661 kB)
