Central European Media Enterprises Ltd. Reports Results For the Second Quarter And Six Mons Ended June 0, 04.

Central European Media Enterprises Ltd. Reports Results For The Second Quarter And Six Months Ended June 30, 2014. July 30, 2014, HAMILTON, BERMUDA Download copy (PDF, 723 kB)

HAMILTON, BERMUDA, July 30, 2014 - Central European Media Enterprises Ltd. ("CME" or the "Company") (NASDAQ/Prague Stock Exchange - CETV) today announced financial results for the second quarter ended July 30, 2014.

Net revenues for the second quarter ended June 30, 2014 were US$ 204.9 million compared to US$ 175.6 million for the same period in 2013. OIBDA (as defined below) for the second quarter ended June 30, 2014 was US$ 41.6 million compared to S$ 8.0 million in 2013. Operating income for the three months ended June 30, 2014 was US$ 22.6 million compared to an operating loss of US$ (4.6) million in 2013. Net loss for the three months ended June 30, 2014 was US$ (52.5) million compared to US$ (41.1) million in 2013. Fully diluted loss per share attributable to CME for the three months ended June 30, 2014 was US$ (0.36) compared to US$ (0.34) in 2013.

Net revenues for the six months ended June 30, 2014 were US$ 356.1 million compared to US$ 306.2 million for the same period in 2013. OIBDA for the six months ended June 30, 2014 was US$ 39.3 million compared to US$ (12.8) million in 2013. Operating income for the six months ended June 30, 2014 was US$ 8.3 million compared to an operating loss of US$ (39.5) million in 2013. Net loss for the six months ended June 30, 2014 was US$ (101.1) million compared to US$ (150.1) million in 2013. Fully diluted loss per share attributable to CME for the six months ended June 30, 2014 was US$ (0.69) compared to US$ (1.42) in 2013.

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 and certain unusual or infrequent items that are not considered by our chief operating decision makers when evaluating our performance as defined in "Segment Data and Non-GAAP Financial Measures" below. Costs charged in arriving at OIBDA during the second quarter exclude a one-off charge of US$ 6.9 million for a fine the competition agency in Slovenia is seeking to impose relating to operations there prior to 2012. We intend to appeal the decision.

Michael Del Nin, Co-Chief Executive Officer, commented: "Our results demonstrate the continuing significant improvement in the companys financial position, and provide further evidence that our turnaround is well underway."

Christoph Mainusch, Co-Chief Executive Officer, added: "We reduced content costs while maintaining our audience share leadership, despite competition from the FIFA World Cup. This is proof of the strength of our content."

Consolidated Results for the Three Months Ended June 30, 2014

Net revenues for the three months ended June 30, 2014 were US$ 204.9 million compared to US$ 175.6 million for the three months ended June 30, 2013. Operating income for the three months ended June 30, 2014, which includes a charge of US$ 6.9 million for a fine the competition agency in Slovenia is seeking to impose, was US$ 22.6 million compared to an operating loss of US$ (4.6) million for the three months ended June 30, 2013. Net loss for the three months ended June 30, 2014 was US$ (52.5) million compared to US$ (41.1) million for the three months ended June 30, 2013. Fully diluted loss per share attributable to CME for the three months ended June 30, 2014 was US$ (0.36) compared to US$ (0.34) for the three months ended June 30, 2013.

OIBDA for the three months ended June 30, 2014 was US$ 41.6 million compared to US$ 8.0 million in the same period ended June 30, 2013. OIBDA margin1 for the three months ended June 30, 2014 was 20.3% compared to 4.5% for the three months ended June 30, 2013.

Headline consolidated results for the three months ended June 30, 2014 and 2013 were:

RESULTS

(US$000s) For the Three Months Ended June 30,

(unaudited) 2014 2013 % Actual % Lfl2

Net revenues $204,870 $175,566 16.7% 12.6%

OIBDA 41,579 7,955 NM3 NM3

Operating income / (loss) 22,573 (4,596) NM3 NM3

Net loss (52,507) (41,093) (27.8)% (30.7)%

Fully diluted loss per share $(0.36) $(0.34) (5.9)% (9.1)%

Consolidated Results for the Six Months Ended June 30, 2014

Net revenues for the six months ended June 30, 2014 were US$ 356.1 million compared to US$ 306.2 million for the six months ended June 30, 2013. Operating income for the six months ended June 30, 2014, which includes a charge of US$ 6.9 million for a fine the competition agency in Slovenia is seeking to impose, was US$ 8.3 million compared to an operating loss of US$ (39.5) million for the six months ended June 30, 2013. Net loss for the six months ended June 30, 2014 was US$ (101.1) million compared to US$ (150.1) million in the six months ended June 30, 2013. Fully diluted loss per share attributable to CME for the six months ended June 30, 2014 was US$ (0.69) compared to US$ (1.42) in the six months ended June 30, 2013.

OIBDA for the six months ended June 30, 2014 was US$ 39.3 million compared to US$ (12.8) million in the same period ended June 30, 2013. OIBDA margin for the six months ended June 30, 2014 was 11.0% compared to (4.2)% for the six months ended June 30, 2013.

Headline consolidated results for the six months ended June 30, 2014 and 2013 were:

RESULTS

(US$000s) For the Six Months Ended June 30,

(unaudited) 2014 2013 % Actual % Lfl2

Net revenues $356,107 $306,226 16.3% 13.1%

OIBDA 39,267 (12,754) NM3 NM3

Operating income / (loss) 8,263 (39,454) NM3 NM3

Net loss (101,139) (150,051) 32.6% 32.3%

Fully diluted loss per share $(0.69) $(1.42) 51.4% 51.4%

1) OIBDA margin is defined as the ratio of OIBDA to net revenues as defined in "Segment Data and Non-GAAP Finan

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