Central European Media Enterprises reported net revenues increased by 20% in 2011’s 1st quarter, to $172.8M, from $143.6M.
Net revenues for the first quarter of 2011 increased from $29.1M to $172.8M, compared to the first quarter of 2010.
Operating loss for the quarter decreased by almost $ 5 M, from $11.5M to $7.7M.
Our revenues and OIBDA significantly increased in the first quarter. We delivered positive free cash flow ahead of our target. This is a result of our continued audience and market leadership, rigorous cost control, the positive contribution of the bTV group in Bulgaria, and growth in both Media Pro Entertainment and the New Media Division. In addition, our liquidity remained strong, and allowed us to buy back US$ 24 million of debt and refinance US$ 206.3 million of convertible notes due 2013. We remain confident that all our TV ad markets will grow in 2011.
President and Chief Executive Officer of CME