PRO TV, $23.3m EBITDA in first quarter

PRO TV company, which includes television stations PRO TV, PRO CINEMA, ACASA, PRO TV INTERNATIONAL, sport.ro and MTV Romania, reported operating income (EBITDA) worth 23.3 million dollars in the first quarter of the year, up 54% against the corresponding period of last year.
The company’s revenues amounted to 57.9 million dollars, up 47% on Q1 last year.
The results were announced yesterday by CME (Central European Media Enterprises), the majority shareholder of the Romanian-based operations.
CME, an American media group that operates several television channels in Central and Eastern Europe (The Czech Republic, Slovakia, Slovenia, Croatia, Ukraine and Romania), reported revenues worth 223.4 million dollars in the first quarter of the year, up 51%, alongside EBITDA worth 74.69 million dollars, up 86%. Romanian operations contributed 26% to CME’s revenues, and 31% to its profit.
“Following a spectacular 2007 performance, 2008 is off to a strong start, and we are on route to achieving another record-setting year, with expected revenues of 1.1 billion dollars and broadcast Segment EBITDA of 440 million dollars. At a time when most media companies are struggling to deliver growth, CME is distinguishing itself from its peers by forecasting broadcast revenue growth of 30% and Segment EBITDA growth of 36%. We are aggressively developing our New Media financial markets. They currently attract more than 1.2 million unique daily visitors. In a period of chaotic financial markets, the successful issuance of 475 million dollars in convertible notes has provided us with the financial resources to execute our strategic growth initiatives and continue to drive value for shareholders,” said Michael Garin, Chief Executive Officer of CME.
Adrian Sarbu, Chief Operating Officer of CME, added: “We are delivering terrific results in all our markets. Every one of CME’s television stations exceeded our expectations in the first quarter. Our revenue growth initiatives combined with a focus on operating efficiencies continue to drive margin expansion. Once we complete the buyout of our partners in Studio 1+1, we will be in a strong position to capitalise on the rapid growth in our largest market, as everywhere else”.