Central European Media Enterprises Ltd. Reports Results for the Three Months Ended March 31, 2019
April 30, 2019
Download this Press Release ()
-- - Net revenues decreased 7% at actual rates but increased 2% at constant rates to US$ 146.6 million -
- Operating income increased 12% at actual rates and 23% at constant rates to US$ 27.6 million -
- OIBDA increased 8% at actual rates and 18% at constant rates to US$ 38.1 million -
HAMILTON, Bermuda--(BUSINESS WIRE)-- Central European Media Enterprises Ltd. ( CME or the Company ) (NASDAQ/Prague Stock Exchange - CETV) today announced financial results for the three months ended March 31, 2019.
Operational and financial highlights:
TV advertising revenues decreased 10% at actual rates and 2% at constant rates in the quarter. In the first four months of 2019, which normalizes the phasing of spending around Easter, TV ad revenues are estimated to have increased 3% at constant rates compared to the same period in 2018.
Carriage fees and subscription revenues increased 4% at actual rates and 12% at constant rates in the first quarter.
Costs charged in arriving at OIBDA decreased 11% at actual rates and 3% at constant rates.
OIBDA margin increased by 360 basis points to 26%.
Cash generated from continuing operating activities increased 34% at actual rates to US$ 96.0 million.
Unlevered free cash flow increased 33% at actual rates to US$ 94.7 million.
CME repaid EUR 60 million of debt from cash generated by the business, which together with the improvement in our operations reduced our net leverage ratio to 3.0x at the end of March from 3.5x at the start of the year.
Michael Del Nin, Co-Chief Executive Officer, commented: The year has gotten off to an outstanding start, exceeding our previous expectations to such an extent that we are raising our guidance for 2019. With the highest Q1 margin in more than a decade, an 18% improvement in like-for-like OIBDA, and a more than 30% surge in unlevered free cash flow, these are among the best Q1 results in the history of the company. Furthermore, they are bolstered by around 20% growth in TV ad revenues in our two largest markets in April, pushing year-to-date sales well into positive territory after the first quarter was impacted by both sector taxes in Romania and the phasing of spending related to the timing of Easter this year.
Christoph Mainusch, Co-Chief Executive Officer, added: With the successful launch of the spring season during the first quarter, our main channel in four countries increased year-to-date audience share in both prime time and all day. Carriage fees have transformed the predictability and profitability of several of our businesses, with four segments now seeing margins of more than 25% in Q1. Facing various headwinds in the quarter, we grew our TV ad revenues in three segments, and we increased market share in four of five countries.
In this release we refer to several non-GAAP financial measures, including OIBDA, OIBDA margin, free cash flow, unlevered free cash flow and constant currency percentage movements. Please see Non-GAAP Financial Measures below for additional information, including definitions and reconciliations to US GAAP financial measures.
Consolidated results for the three months ended March 31, 2019 and 2018 were:
(US$ 000s, except per share data) For the Three Months Ended March 31,
(unaudited)
2019
2018
% Actual
% Lfl (1)
Net revenues $ 146,559 $ 156,709 (6.5)% 1.6%
Operating income 27,637 24,581 12.4% 23.2%
Operating margin 18.9 % 15.7 % 3.2 p.p. 3.3 p.p.
OIBDA 38,057 35,324 7.7% 17.7%
OIBDA margin 26.0 % 22.5 % 3.5 p.p. 3.6 p.p.
Income from continuing operations 11,751 6,756 73.9% 96.6%
Income from continuing operations per share - basic 0.03 0.02 86.9% 127.0%
Income from continuing operations per share - diluted $ 0.03 $ 0.01 144.8% 197.3%
(1) % Lfl (like-for-like) variance reflects the impact of applying the current period average exchange rates to the prior period revenues and costs.
Teleconference and Audio Webcast Details
CME will host a teleconference and audio webcast to discuss its first quarter results on Tuesday, April 30, 2019 at 9 a.m. New York time (2 p.m. London and 3 p.m. Prague time). The audio webcast and teleconference will refer to presentation slides which will be available on CMEs website at www.cme.net prior to the call.
To access the teleconference, U.S. and international callers may dial +1-647-689-5402 ten minutes prior to the start time and reference conference ID 2273725. The conference call will also be audio webcasted via www.cme.net. It can be heard on iPads, iPhones and a range of devices supporting Android and Windows operating systems.
A digital audio replay of the webcast will be available for two weeks following the call at www.cme.net.
Forward-Looking and Cautionary Statements
This press release contains forward-looking statements. For all forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy or are otherwise beyond our control and some of which might not even be anticipated. Forward-looking statements reflect our current views with respect to future events and because our business is subject to such risks and uncertainties, actual results, our strategic plan, our financial position, results of operations and cash flows could differ materially from those described in or contemplated by the forward-looking statements.
Important factors that contribute to such risks include, but are not limited to, those factors set forth under
Most recent headlines
04/08/2024
Dalet, a leading technology and service provider for media-rich organizations, is excited to announce Santiago Solanas as its new Chief Executive Officer (CEO)....
03/06/2024
Dalet, a leading technology and service provider for media-rich organizations, a...
02/06/2024
AE add 3D motion to still photographs
Brie Clayton June 2, 2024
0 Comments
AE add 3D motion to still photographs
May 30, 2024COW Featured Resume: Pa...
01/06/2024
Dustee Jenkins, Chief Public Affairs Officer, Spotify
With billions of people from over 50 countries heading to the polls to cast their vote, 2024 is shaping u...
01/06/2024
Busy this week catching up from the Memorial Day holiday? Our TV Tech weekly wrap-up of all our coverage of new products, services and deployments will get you ...
01/06/2024
Young Sherlock, with Guy Ritchie directing and executive producing, is a go at Prime Video. Hero Fiennes Tiffin plays Sherlock. Prime Video calls it the origin...
01/06/2024
The Los Angeles Sparks-Indiana Fever game on Friday featuring the top two WNBA draft picks, Caitlin Clark and Cameron Brink, was the most watched WNBA game on I...
01/06/2024
Lionsgate, which increased its majority stake in 3 Arts Entertainment in January, said it named Brian Weinstein co-CEO of 3 Arts....
01/06/2024
Netflix is launching four video games based on unscripted series this year. They...
01/06/2024
ABC, CBS, NBC and Fox affiliates switched from their regular programming to carry live coverage of the verdicts in the porn star hush-money trial of former Pres...
31/05/2024
A U.S. Marine fires an FIM-92 Stinger missile during a training exercise in Yuma...
31/05/2024
NEW YORK The global body that sets technical standards for digital advertising h...
31/05/2024
In a new analysis of what services might make up a good bundle and what services might benefit the most from bundling, Antenna has released new data that highli...
31/05/2024
Global SVOD revenues will increase by $116.6 billion by 2031, a growth rate of 13.3% per year over the next eight years, according to a new report from MIDiA Re...
31/05/2024
WASHINGTON, D.C. The FCC Media Bureau has announced that effective August 1, 2024 the Commission's TVStudy software will incorporate the most recent U.S. Ce...
31/05/2024
NBCUniversal has announced that its FAST channel TNBC will be rebranding to NBC Comedy Vault on June 1 and that the free streaming service will officially launc...
31/05/2024
PARIS Ateme has announced that the Indonesian public broadcaster TVRI is making the transition to 4K UHD OTT streaming using Ateme technologies....
31/05/2024
The proposal had received support from James Cameron, Andy Serkis, Paul Greengrass, Richard Curtis, and Jeremy Irons
By Matthew Corrigan
Published: May 31, 2...
31/05/2024
According to multiple reports, the new bid from Skydance offers a better deal to Paramounts Class B shareholders, who were said to be unhappy with the companys ...
31/05/2024
The awards recognise women and companies who are stand-out performers, innovators and leaders in the broadcast media technology industry
By Matthew Corrigan
...
31/05/2024
NEW YORK The global body that sets technical standards for digital advertising has expanded the reach of its measurement software development kit to include Sam...
31/05/2024
The rise of digital platforms is fundamentally changing the broadcast newsroom and its investment in technology according to Jon Roberts, director of technology...
31/05/2024
In a new analysis of what services might make up a good bundle and what services might benefit the most from bundling, Antenna has released new data that highli...
31/05/2024
WASHINGTON, D.C. Fifty state broadcasters associations, including the District of Columbia and the Commonwealth of Puerto Rico, have sent a letter to Congressio...
31/05/2024
EVS has announced the appointment of Richard Katz as senior vice president of operations for the North and Latin American (NALA) region. This appointment is par...
31/05/2024
CommScope has announced that it was selected by Casa Systems, Inc. as the highest to acquire Casa's cable business assets and that the two companies have en...
31/05/2024
Robert De Niro won't be receiving the Service to America Leadership Award from the NAB Leadership Foundation after all....
31/05/2024
Viant Technology said it formed an integration with Google Cloud's BigQuery data clean rooms...
31/05/2024
The CW said it will broadcast the 2024 Snoop Dogg Arizona Bowl presented by Gin & Juice by Dre and Snoop Last year, The CW aired the game when it was called Bar...
31/05/2024
Allen Media Group said it made a deal with Amazon's Fire TV Channel that will make content from several of Allen's outlet available via Fire TV and Echo...
31/05/2024
Robert De Niro, announced as the winner of the NAB's Leadership Foundation's Service to America Leadership Award on May 28, will not get the award. The ...
31/05/2024
Comcast Technology Solutions was selected by AccuWeather to create, manage and distribute linear and over-the-top video channels....
31/05/2024
Connected TV is becoming a bigger deal for consumers and advertisers, according to a new report from TVision....
31/05/2024
By Craig Anderton
Let's get right to what this sounds like. It's not quite feedback or tape reverse, it's well, listen to what it does in this blue...
31/05/2024
31 May 2024
VEON discloses April YTD trading update at its AGM Amsterdam, 31 May 2024 07:00 CEST -
VEON April YTD 2024 Highlights
Total revenue of USD 1,278 ...
31/05/2024
31 May 2024
VEON Announces Its New Board, Names Founder Augie Fabela as Chairman Amsterdam, 31 May 2024, 16.00 CET: VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam...
31/05/2024
May 31st, 2024
TRIBECA FESTIVAL AND OPEN AI ANNOUNCE SORA SHORTS'
Five Commissioned Short Films Created Using Sora Debut at 2024 Tribeca Festival
New ...
31/05/2024
In-Venue Technology Wrap-Up: How 4K, IP, and More are Changing the Game Pres Gam...
31/05/2024
UEFA Champions League Final 2024: The host broadcast facts and figures for Real ...
31/05/2024
UEFA Europa Conference League Final 2024: Bringing the broadcast to global TV sc...
31/05/2024
Willow Offers Free 2024 ICC T20 Cricket World Cup Preview via DirecTV, Verizon, ...
31/05/2024
Women's College World Series: ESPN Brings Live Drone, Two-Point Cabled, and ...
31/05/2024
SVG College Summit Brings Video-Production Industry Together in Atlanta in the M...
31/05/2024
UEFA Champions League Final 2024: CBS Sports' UCL Today Studio Show Is Pitch...
31/05/2024
Back to All News
Master of the House' Unveils a Scandalous Tale of Power and Greed on July 18
Entertainment
31 May 2024
GlobalThailand
Link copied to ...
31/05/2024
Back to All News
JEEtu Bhaiya is Back: Kota Factory' Season 3 Arrives on Netflix June 20
Entertainment
31 May 2024
GlobalIndia
Link copied to clipboar...
31/05/2024
Facebook
Twitter
LinkedIn
With around 9,000 employees, Ground Transportation Systems is a global leader in Rail Signaling and Train Control Systems, Telec...
31/05/2024
RT 2FM is the home of music this summer, entertaining listeners across the day and night, with the best music, chat and interviews providing the soundtrack to ...
31/05/2024
After the 2008 financial crisis and increased risk-management regulations that f...
Central European Media Enterprises Ltd. Reports Results for the Three Months Ended March 31, 2019 
