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Central European Media Enterprises Reports Results For The Fourth Quarter And Full Year Ended December 31, 2010

1 OIBDA is Operating Income before Depreciation and Amortization, which is equivalent to our former definition of EBITDA, as defined in 'Segment Data' below. Consolidated OIBDA, which is set out here, is equal to the OIBDA for each of our segments less central costs (which include non-cash stock-based compensation). We define OIBDA margin as the ratio of OIBDA to Net Revenues.

Consolidated Results for the Three Months Ended December 31, 2010

Net revenues for the three months ended December 31, 2010 increased by 9.8% to US$ 257.4 million from US$ 234.4 million for the three months ended December 31, 2009. Operating income for the quarter was US$ 41.9 million compared to US$ 24.3 million for the three months ended December 31, 2009. Net loss attributable to the shareholders of CME for the quarter was US$ 26.1 million compared to a loss of US$ 55.3 million for the three months ended December 31, 2009. Fully diluted loss per share for the three months ended December 31, 2010 improved US$ 0.48 to US$ (0.41). 

OIBDA for the three months ended December 31, 2010 increased to US$ 64.8 million from US$ 44.4 million in the three months ended December 31, 2009. OIBDA margin for the three months ended December 31, 2010 was 25.2% compared to 18.9% in the three months ended December 31, 2009.

Headline Consolidated Results for the three months ended December 31, 2010 and 2009 were:

   
  RESULTS
  For the Three Months Ended December 31, (US $000's)
  2010 2009 $ change % change
Net revenues $ 257,413 $ 234,423 $ 22,990 9.8%
OIBDA 64,776 44,409 20,367 45.9%
Operating income 41,903 24,288 17,615 72.5%
Net loss attributable to CME Ltd. (26,116) (55,250) 29,134 52.7%
Fully diluted net loss per share $ (0.41) $ (0.89) $ 0.48 53.9%

Consolidated Results for the Full Year Ended December 31, 2010

Net revenues for the full year ended December 31, 2010 increased by 8.1% to US$ 737.1 million from US$ 681.9 million for the full year ended December 31, 2009. Operating income for the period was US$ 22.9 million compared to a loss of US$ 39.0 million for the full year ended December 31, 2009. Net income attributable to the shareholders of CME for the period was US$ 100.2 million compared to a net loss of US$ 97.2 million for the full year ended December 31, 2009. Fully diluted income per share for the full year ended December 31, 2010 was US$ 1.57, an increase of US$ 3.36 compared to the full year ended December 31, 2009. 2010 results included a gain on the disposal of our former operations in Ukraine, which have been treated as discontinued operations for all periods presented, of US$ 217.6 million.

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