Reports third quarter and nine months ended september 30, 2012 results

Net revenues for the third quarter of 2012 were US$ 140.1 million compared to US$ 165.5 million for the third quarter of 2011. OIBDA¹ for the quarter was US$ 3.5 million compared to US$ 8.9 million for the three months ended September 30, 2011. Operating loss for the quarter was US$ (18.4) million compared to US$ (12.9) million for the same period in 2011. Net loss for the quarter improved by US$ 49.6 million from US$ (82.2) million to US$ (32.6) million for the three months ended September 30, 2012. Fully diluted loss per share for the three months ended September 30, 2012 improved by US$ 0.91 to US$ (0.36) compared to US$ (1.27) for the three months ended September 30, 2011.

Net revenues for the nine months ended September 30, 2012 were US$ 518.7 million compared to $587.9 million for the same period in 2011. OIBDA for the nine months ended September 30, 2012 was US$ 64.7 million compared to US$ $85.8 million for nine months in 2011. Operating loss for the nine months ended September 30, 2012 was US$ (5.1) million compared to operating income of US$ 18.9 million for the same period in 2011. Net loss for the nine months ended September 30, 2012 improved by US$ 59.1 million to US$ (43.3) million compared to US$ (102.4) million for the same period in 2011. Fully diluted loss per share for the nine months ended September 30, 2012 improved by US$ 1.02 to US$ (0.57) compared to US$ (1.59) for the nine months ended September 30, 2011.

Adrian Sarbu, CME's President and CEO, commented: "Our third quarter results and the prospects for the full year 2012 indicate that our markets are not recovering. In the second half of 2012 advertising spending has not matched our expectations. We were successful in addressing our capital structure and debt maturities but we were unable to achieve our sales and free cash flow targets. Our OIBDA guidance for 2012 is between US$130 - 140 million. Facing new challenges, we focus on maintaining our leading positions while aggressively managing our costs and improving free cash flow generation and liquidity."

Net revenues for the three months ended September 30, 2012 were US$ 140.1 million compared to US$ 165.5 million for the three months ended September 30, 2011. Operating loss for the quarter was US$ (18.4) million compared to US$ (12.9) million for the three months ended September 30, 2011. Net loss for the quarter improved by US$ 49.6 million to US$ (32.6) million from US$ (82.2) million for the three months ended September 30, 2011. Fully diluted income per share for the three months ended September 30, 2012 improved by US$ 0.91 to US$ (0.36) compared to US$ (1.27) for the three months ended September 30, 2011.

OIBDA for the three months ended September 30, 2012 was US$ 3.5 million compared to US$ 8.9 million for the three months ended September 30, 2011. OIBDA margin2 for the three months ended September 30, 2012 was 2.5% compared to 5.4% for the three months ended September 30, 2011.