Q1 revenue jumps 24% for CME
EmptyMOSCOW -- Central and Eastern European TV network operator Central European Media Enterprises saw net revenues jump 24% to almost $148 million in the first quarter of 2007 compared with last year, according to financial results issued Thursday.
CME -- which owns and runs stations in Croatia, the Czech Republic, Romania, Slovak Republic, Slovenia and Ukraine -- said operating income was up $3.1 million to $19.3 million compared with the same period in 2006.
First quarter EBITDA (earnings before interest, taxes, depreciation and amortization) -- a measure of company cash flow and profitability -- were up 22% to $40 million, the company said.
"CME continues to perform to exceptional standards," Michael Garin, CME's chief executive officer said in a statement. "We anticipate EBITDA growth in excess of 35% this year for our broadcast operations, which once again will make us one of the fastest-growing broadcasters in the world."
The Hamilton, Bermuda-based company operates TV networks in six countries with a combined population of 90 million people. Among its stations are Nova TV (Croatia), TV Nova (Czech Republic), PRO TV and Acasa (Romania), Markiza (Slovak Republic), Pop TV (Slovenia) and Studio 1+1 (Ukraine).