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Central European Media Enterprises' CEO Discusses Q3 2011 Results - Earnings Call Transcript

The participants of today's call will be CME’s President and Chief Executive Officer, Adrian Sarbu.

Adrian Sarbu

[French], and good afternoon.

Romana Wyllie

Chief Financial Officer, David Sach.

David Sach

Good afternoon.

Romana Wyllie

Anthony Chhoy, Executive Vice President Strategic Planning & Operations.

Anthony Chhoy

Good afternoon.

Romana Wyllie

And our General Counsel, Daniel Penn.

Daniel Penn

Hello, everyone.

Romana Wyllie

Before I turn to Adrian, let me read the usual safe harbor statement. Our presentation today will contain forward-looking statements. For these statements, we claim the protection of the Safe Harbor contained in the U.S. Private Securities Litigation Reform Act of 1995, and refer you to the Forward-looking Statements section in our Form 10-Q filed with the Securities and Exchange Commission earlier today for a list of such statements and the factors which could cause future results to differ from those presented in this call.

During this call, we will refer to certain financial information that is not in U.S. GAAP. Please see the appendix to the presentation for a reconciliation to U.S. GAAP financial measures. In addition, our segment financial information that is presented in local currency is not in U.S. GAAP. We do not provide a reconciliation to these numbers, as the U.S. GAAP amounts are expressed in U.S. dollars in our financial statements.

Additional information on our segment data is provided in Note 17 to our financial statements on Page 29 of our 10-Q. And now, please turn to Page 4 of our presentation, and I will pass you over to Adrian.

Adrian Sarbu

Thank you, Romana, and good morning, and good afternoon, everyone. When the markets are not generous, you need strong people in business to outperform them. This is CME today.

In the first 9 months of 2011, our TV ad markets declined by 1%. While we doubled our OIBDA from $43 million to $86 million. We have been growing. Although the business environment remains challenging, we decided to give you specific guidance for 2011.

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