CME reports Third Quarter and Nine months ended September 30, 2013 Results

Net revenues for the third quarter ended September 30, 2013 were US$ 135.8 million compared to US$ 140.1 million for the third quarter of 2012. OIBDA1 for the quarter ended September 30, 2013 was US$ (32.4) million compared to US$ 3.5 million for the three months ended September 30, 2012. Operating loss for the three months ended September 30, 2013 was US$ (45.0) million compared to US$ (18.4) million for the same period in 2012. Net loss for the three months ended September 30, 2013 was US$ (23.3) million compared to US$ (32.6) million for the same period in 2012. Fully diluted loss per share attributable to CME for the three months ended September 30, 2013 was US$ (0.16) compared to US$ (0.36) for three months ended September 30, 2012.

Net revenues for the nine months ended September 30, 2013 were US$ 453.1 million compared to US$ 518.7 million for the same period in 2012. OIBDA for the nine months ended September 30, 2013 was US$ (46.1) million compared to US$ 64.7 million for the same period in 2012. Operating loss for the nine months ended September 30, 2013 was US$ (85.6) million compared to US$ (5.1) million in 2012. Net loss for the nine months ended September 30, 2013 was US$ (173.3) million compared to US$ (43.3) million for the same period in 2012. Fully diluted loss per share attributable to CME for the nine months ended September 30, 2013 was US$ (1.45) compared to US$ (0.57) for nine months ended September 30, 2012.

Michael Del Nin, co-Chief Executive Officer, commented: "Christoph and I find this level of performance unacceptable and have directed all of our energy since starting with CME a few weeks ago to addressing the major reasons for these financial results and making changes to improve them going forward."

Christoph Mainusch, co-Chief Executive Officer, added: "Our leading audience shares give us a strong advantage over our competition, and we intend to capitalize on this by concentrating our efforts on improving the monetization of our audiences. Improving the performance of our Czech operations is the top priority. We believe that rebuilding our relationships with agencies and clients while protecting price increases achieved during the year is an essential step to improving our competitive position in that market."

More info at CME website