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TheStreet Open House

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

Stocks in this article: CETV

We make available free of charge on our website at www.cetv-net.com our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission.

CME is a vertically integrated media company operating a leading broadcast, content and new media business in six Central and Eastern European countries with an aggregate population of approximately 50 million people. CME's television stations are located in Bulgaria (bTV, bTV Cinema, bTV Comedy, bTV Action and Ring.bg), Croatia (Nova TV and Doma), the Czech Republic (TV Nova, Nova Cinema, Nova Sport and MTV Czech), Romania (PRO TV, PRO TV International, Acasa, PRO Cinema, Sport.ro and MTV Romania), the Slovak Republic (TV Markiza and Doma) and Slovenia (POP TV, Kanal A and POP Brio). CME is traded on the NASDAQ and the Prague Stock Exchange under the ticker symbol "CETV".

For additional information, please visit www.cetv-net.com .

 
CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(US$ 000's, except share and per share data)
 
   
  For the Three Months Ended December 31,
  2010 2009
Net revenues $ 257,413 $ 234,423
Operating expenses:    
Operating costs 39,513 32,666
Cost of programming 121,693 119,737
Depreciation of property, plant and equipment 13,885 14,811
Amortization of broadcast licenses and other intangibles 7,297 5,129
Cost of revenues 182,388 172,343
Selling, general and administrative expenses (including non-cash stock based compensation of US$ 1.8 million and US$ 1.6 million in the three months ended December 31, 2010 and 2009, respectively) 32,725 37,792
Impairment charge 397 --
Operating income 41,903 24,288
Interest expense, net (38,701) (44,025)
Foreign currency exchange loss, net (28,872) (33,002)
Change in fair value of derivatives 3,425 5,759
Other income 557 1,139
Loss from continuing operations before tax (21,688) (45,841)
Provision for income taxes (3,754) (4,439)
Loss from continuing operations (25,442) (50,280)
Discontinued operations, net of tax -- (8,399)
Loss from discontinued operations -- (8,399)
Net loss (25,442) (58,679)
Net (income) / loss attributable to noncontrolling interests (674) 3,429
Net loss attributable to CME Ltd.  $ (26,116) $ (55,250)
     
PER SHARE DATA:    
Net loss per share    
Continuing operations attributable to CME Ltd. – Basic and diluted $ (0.41) $ (0.76)
Discontinued operations attributable to CME Ltd. – Basic and diluted -- (0.13)
Net loss attributable to CME Ltd – Basic and diluted $ (0.41) $ (0.89)
     
Weighted average common shares used in computing per share amounts (000's):    
Basic 64,358 61,887
Diluted 64,358 61,887
 
 
CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS (continued)
(US$ 000's, except share and per share data)
 
   
  For the Full Year Ended December 31,
  2010 2009
Net revenues $ 737,134 $ 681,945
Operating expenses:    
Operating costs 123,339 116,575
Cost of programming 390,303 341,201
Depreciation of property, plant and equipment 54,415 51,591
Amortization of broadcast licenses and other intangibles 25,987 19,919
Cost of revenues 594,044 529,286
Selling, general and administrative expenses (including non-cash stock based compensation of US$ 6.8 million and US$ 6.2 million in the full years ended December 31, 2010 and 2009, respectively) 119,816 109,787
Impairment charge 397 81,843
Operating income / (loss) 22,877 (38,971)
Interest expense, net (131,267) (112,895)
Foreign currency exchange (loss) / gain, net (5,030) 82,920
Change in fair value of derivatives 1,164 1,315
Other income 357 1,385
Loss from continuing operations before tax (111,899) (66,246)
Provision for income taxes (5,025) (4,737)
Loss from continuing operations (116,924) (70,983)
Discontinued operations, net of tax (3,922) (36,824)
Gain on disposal of discontinued operations 217,619 --
Income / (loss) from discontinued operations 213,697 (36,824)
Net income / (loss) 96,773 (107,807)
Net loss attributable to noncontrolling interests 3,402 10,650
Net income / (loss) attributable to CME Ltd. $ 100,175 $ (97,157)
     
PER SHARE DATA:    
Net income / (loss) per share    
Continuing operations attributable to CME Ltd. – Basic and diluted $ (1.77) $ (1.11)
Discontinued operations attributable to CME Ltd. – Basic and diluted 3.34 (0.68)
Net income / (loss) attributable to CME Ltd – Basic and diluted $ 1.57 $ (1.79)
     
Weighted average common shares used in computing per share amounts (000's):    
Basic 64,029 54,344
Diluted 64,029 54,344
 
 
CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.
CONSOLIDATED BALANCE SHEETS
(US$ 000's)
 
  December 31, 2010 December 31, 2009
ASSETS    
Cash and cash equivalents $ 244,050 $ 445,954
Other current assets 368,035 349,158
Assets held for sale -- 86,349
Total current assets 612,085 881,461
Property, plant and equipment, net 250,902 274,710
Goodwill and other intangible assets, net 1,816,943 1,489,516
Other non-current assets 260,620 227,100
Total assets $ 2,940,550 $ 2,872,787
LIABILITIES AND EQUITY    
Accounts payable and accrued liabilities $ 224,058 $ 199,175
Current portion of long-term debt and other financing arrangements 13,562 117,910
Liabilities held for sale -- 22,193
Other current liabilities 5,456 12,840
Total current liabilities 243,076 352,118
Long-term portion of long-term debt and other financing arrangements 1,346,222 1,259,958
Other non-current liabilities 103,500 88,871
Total liabilities  1,692,798 1,700,947
     
EQUITY    
Common Stock 5,149 5,083
Additional paid-in capital 1,377,803 1,410,587
Accumulated deficit (233,818) (333,993)
Accumulated other comprehensive income 77,745 95,912
Total CME Ltd. shareholders' equity 1,226,879 1,177,589
Noncontrolling interests 20,873 (5,749)
Total equity 1,247,752 1,171,840
Total liabilities and equity $ 2,940,550 $ 2,872,787
 
 
CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.
CONSOLIDATED SUMMARIZED STATEMENTS OF CASH FLOWS
(US$ 000's, except share and per share data)
 
   
  For the Full Year Ended December 31,
  2010 2009
Net cash (used in) / generated from continuing operating activities $ (49,614) $ 7,190
Net cash used in continuing investing activities (456,770) (75,129)
Net cash received from financing activities 7,338 475,027
Net cash used in discontinued operations – operating activities (5,921) (39,855)
Net cash generated from / (used in) discontinued operations – investing activities 307,790 (1,982)
Net cash used in discontinued operations – financing activities -- (22,224)
Impact of exchange rate fluctuations on cash (4,727) 8,504
Net (decrease) / increase in cash and cash equivalents $ (201,904) $ 351,531
       
Net cash (used in) / generated from continuing operating activities $ (49,614) $ 7,190
Capital expenditure, net of proceeds from disposal (45,872) (47,069)
Free cash flow $ (95,486) $ (39,879)
    Supplemental disclosure of cash flow information:    
Cash paid for interest $ 100,901 $ 61,940
Cash paid for income taxes (net of refunds) $ 14,714 $ 28,440

Segment Data

Since January 1, 2010, we have managed our business on a divisional basis, with three operating segments which are also reportable segments: Broadcast, New Media and Media Pro Entertainment, our content division. 

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