CME announces strong third quarter results

Written by FNE Staff

Central European Media Enterprises (CME) announced solid increases for both its third quarter and year on year results.

CME, which owns and operates 22 TV stations in seven Central and East European territories, said in a company report that net revenues for the nine months ended September 30, 2008, increased 35% to $729.9 million, compared to the same period one year ago. Net revenues for the third quarter of 2008 increased 15% to $201 million.

In a statement, CEO Michael Garin said, "Our initial talks with advertisers for 2009 support our view that the global economic crisis has not had a significant impact on TV advertising spending in our markets." He projected continued double digit gains in 2009.

The CME results come on the heels of a free fall in the price of its stock. Trading was suspended on the Prague Stock Exchange on Friday. On NASDAQ, the stock, which lists at CETV, closed at $20 on October 28, but regained more than 10% of its loss on Wednesday. The year high was $126.53, and the low was $17.75. There were 1.5 million shares traded, almost twice the daily average.

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