CETV results looks solid:
Commenting on today's announcement, Robert Burke, President and Chief Operating Officer of CME, said, "Our station group had another excellent year and significantly outperformed our expectations across all operating metrics. For the year Total Segment Net Revenues increased 28%, driven by particularly strong gains in Romania and Slovakia, and Total Segment EBITDA increased by an impressive 43%. Segment EBITDA margins exceeded 20% at each of our stations for the first time, for a group average of 26%. Each of our operations has built platforms for future growth."
Michael Garin, Chief Executive Officer of CME, said, "In 2003, we surpassed all of our strategic, financial and operating goals, laying the groundwork for continued growth of shareholder value. We successfully concluded our international arbitration with the Czech Republic, which left CME with virtually no debt and US$ 190.3 million of unrestricted cash at the year-end. Our stations had an exceptional year, maintaining or improving their leading ratings and market shares and producing some of the strongest revenue and profit growth in Europe. And, we have begun to prudently study expansion opportunities in our region, both in our current markets and in new territories. As our markets continue to benefit from direct foreign investment and the expansion of the European Union, CME is ideally positioned to benefit. Bolstered by our leading station market shares and a pristine balance sheet, we are poised to implement our growth strategy."
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