Central European Media uses equity offering proceeds to cut debt in Q2

By Lisa Kerner

Charlotte, N.C., July 31 - Central European Media Enterprises Ltd. ended the second quarter of 2013 with net debt of about $795 million and cash of $144.5 million, compared with net debt of about $1.1 billion and cash of $140 million on Dec. 31.

The company repurchased €206 million of debt with proceeds from its successful private and public equity offerings during the quarter, according to president and chief executive officer Adrian Sarbu.

There are no significant debt maturities until November 2015, according to the earnings presentation.

Also during the quarter, Central European Media secured double-digit TV advertising price increases in the Czech Republic and raised carriage fees in Romania and Bulgaria.

Net revenues for the three-month period were down at $180.2 million, compared to $211.2 million for the prior-year period. For the six months ended June 30, net revenues declined to about $317 million from about $379 million for the year-ago period.

Quarterly OIBDA was down about $40 million from the prior-year period at $7 million. OIBDA for the six-month period was a negative $13.6 million, compared with a positive $61.2 million for the same period in 2012.

The company reported a net loss for the quarter of about $41 million, or a loss per share of $0.34. This compares with net income of about $3 million, or income per share of $0.06, for the comparable prior-year period.

Net loss for the first half of the year was $150 million, or a loss per share of $1.42, compared with a net loss of about $11 million, or a loss of $0.14 per share, for the same period in 2012.

Central European Media is a telecommunications company domiciled in Hamilton, Bermuda.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.