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Central European Media Enterprises Ltd. Reports Results For The Full Year And Fourth Quarter Ended December 31, 2013

FULL YEAR - Net revenues of US$ 691.0 million - - OIBDA of US$ (46.5) million -

FOURTH QUARTER - Net revenues of US$ 237.9 million - - OIBDA of US$ (0.4) million -

HAMILTON, Bermuda, Feb. 28, 2014 (GLOBE NEWSWIRE) -- Central European Media Enterprises Ltd. ("CME" or the "Company") (Nasdaq:CETV) (Prague Stock Exchange:CETV) today announced financial results for the full year and three months ended December 31, 2013.

Net revenues for the year ended December 31, 2013 were US$ 691.0 million compared to US$ 772.1 million in 2012. OIBDA 1 for the year ended December 31, 2013 was US$ (46.5) million compared to US$ 125.4 million in 2012. Costs charged in arriving at OIBDA during 2013 included US$ 60.4 million of non-cash programming impairment, US$ 18.6 million of restructuring charges and US$ 7.1 million of severance charges. For the year ended December 31, 2013, a non-cash impairment charge in respect of goodwill and intangible assets amounting to US$ 79.7 million was incurred compared to a charge of US$ 522.5 million in 2012. Operating loss for the year ended December 31, 2013 was US$ 183.1 million compared to US$ 488.2 million in 2012. Net loss for the year ended December 31, 2013 was US$ 281.5 million compared to US$ 546.4 million in 2012. Fully diluted loss per share for the year ended December 31, 2013 was US$ 2.21 compared to US$ 6.96 in 2012.

Net revenues for the fourth quarter of 2013 were US$ 237.9 million compared to US$ 253.3 million for the fourth quarter of 2012. OIBDA for the quarter was US$ (0.4) million compared to US$ 60.7 million in 2012. Operating loss for the quarter was US$ 97.5 million compared to US$ 483.1 million in 2012. Net loss for the quarter was US$ 108.2 million compared to US$ 503.1 million in 2012. Fully diluted loss per share for the quarter ended December 31, 2013 was US$ 0.72 compared to US$ 5.59 for the fourth quarter in 2012.

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