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CENTRAL EUROPEAN MEDIA ENTERPRISES
REPORTS SECOND QUARTER 2007 RESULTS
SECOND QUARTER
- Net Revenues Increase 38% -
- Operating Income Grows $22.5 million to $66.6 million -
- Segment EBITDA Increases 38% -
SIX MONTHS
- Net Revenues Increase 32% -
- Operating Income Grows $25.6 million to $85.8 million -
- Segment EBITDA Increases 32% -
HAMILTON, BERMUDA, August 2, 2007 – Central European Media Enterprises Ltd. (CME) (NASDAQ/Prague Stock Exchange: CETV) today announced financial results for the quarter and half-year ended June 30, 2007.
Net revenues for the second quarter of 2007 increased 38% to $216.3 million, compared to the second quarter of 2006. Operating income for the quarter increased $22.5 million to $66.6 million. Net income from continuing operations increased $27.3 million to $34.6 million, and fully diluted earnings per share in respect of continuing operations increased to $0.83 from $0.18 for the quarter. Segment(1) EBITDA for the quarter increased 38% to $86.9 million, compared to the second quarter of 2006.
Net revenues for the six months ended June 30, 2007 increased 32% to $364.2 million, compared to the first half of 2006. Operating income for the first half increased $25.6 million to $85.8 million. Net income from continuing operations increased $41.6 million to $34.3 million, and fully diluted earnings per share in respect of continuing operations increased to $0.83 from a loss of $(0.18). Our consolidated results for the first half of 2007 include Markiza in the Slovak Republic, which was not consolidated until January 23, 2006. Segment(1) EBITDA for the six months ended June 30, 2007 increased 32% to $127.0 million, compared to the first half of 2006.
Michael Garin, Chief Executive Officer of CME, said “Five of our six markets continue to deliver record performances in the second quarter as shown by the 38% EBITDA increase over the same period last year. While we were disappointed with the EBITDA performance of Studio 1+1, we are convinced that in the next few years Ukraine will become the largest market in which we operate. We remain completely committed to Ukraine and will continue to aggressively but prudently pursue opportunities to further strengthen our presence there. The 2007 outlook for Ukraine is expected to remain uncertain until the outcome of the parliamentary elections, scheduled for September 30, is known. As a result, we are expanding our full year Segment(1) Net Revenues and Segment(1) EBITDA guidance without lowering the upper end of our ranges to reflect the current political and economic environment in Ukraine that may impact our 2007 results. This expanded guidance enables us to share with our investors our best current thinking about the year and underscores our commitment to keep investors well informed about both our prospects and challenges.”
- continued -
(1) | Segment Data, Segment Net Revenues and Segment EBITDA are all non US-GAAP measures For further details, including a reconciliation to the most directly comparable US-GAAP financial measures, see ‘Reconciliation Between Consolidated Statements of Operations and Segment Data (non US-GAAP)’ below. We define Segment EBITDA margin as Segment EBITDA expressed as a percentage of Segment Net Revenue. |
Page 2 of 10
Consolidated Results for the Three Months Ended June 30, 2007
Consolidated Net Revenues for the three months ended June 30, 2007 increased by 38% to $216.3 million from $156.6 million for the three months ended June 30, 2006. Operating income for the quarter was $66.6 million compared with $44.0 million for the three months ended June 30, 2006. Net income for the quarter was $34.6 million compared to $8.5 million for the three months ended June 30, 2006. Fully diluted earnings per share for the three months ended June 30, 2007 was $0.83, increasing $0.62 compared to the three months ended June 30, 2006.
Headline Consolidated Results for the three months ended June 30, 2007 and 2006 were:
CONSOLIDATED RESULTS (Unaudited) | ||||||||||||||||
For the Three Months Ended June 30, (US $000’s) | ||||||||||||||||
2007 | 2006 | $ change | % change | |||||||||||||
Net Revenues | $ | 216,284 | $ | 156,589 | $ | 59,695 | 38 | % | ||||||||
Operating income | $ | 66,579 | $ | 44,033 | $ | 22,546 | 51 | % | ||||||||
Net income from continuing operations | $ | 34,590 | $ | 7,245 | $ | 27,345 | 377 | % | ||||||||
Net income | $ | 34,590 | $ | 8,522 | $ | 26,068 | 306 | % | ||||||||
Fully diluted earnings per share from continuing operations | $ | 0.83 | $ | 0.18 | $ | 0.65 | 361 | % | ||||||||
Fully diluted earnings per share | $ | 0.83 | $ | 0.21 | $ | 0.62 | 295 | % |
Consolidated Results for the Six Months Ended June 30, 2007
Consolidated Net Revenues for the six months ended June 30, 2007 increased by 32% to $364.2 million from $276.3 million for the six months ended June 30, 2006. Operating income for the period was $85.8 million compared with $60.2 million for the six months ended June 30, 2006. Net income for the six months ended June 30, 2007 was $34.3 million compared to a net loss of $9.7 million for the six months ended June 30, 2006. Fully diluted earnings per share for the six months ended June 30, 2007 was $0.83, increasing $1.08 compared to the six months ended June 30, 2006.
Headline Consolidated Results for the six months ended June 30, 2007 and 2006 were:
CONSOLIDATED RESULTS (Unaudited) | ||||||||||||||||
For the Six Months Ended June 30, (US $000’s) | ||||||||||||||||
2007 | 2006 | $ change | % change | |||||||||||||
Net Revenues | $ | 364,196 | $ | 276,343 | $ | 87,853 | 32 | % | ||||||||
Operating income | $ | 85,835 | $ | 60,216 | $ | 25,619 | 43 | % | ||||||||
Net income / (loss) from continuing operations | $ | 34,340 | $ | (7,212 | ) | $ | 41,552 | 576 | % | |||||||
Net income / (loss) | $ | 34,340 | $ | (9,742 | ) | $ | 44,082 | 452 | % | |||||||
Fully diluted earnings / (loss) per share from continuing operations (1) | $ | 0.83 | $ | (0.18 | ) | $ | 1.01 | 561 | % | |||||||
Fully diluted earnings / (loss) per share (1) | $ | 0.83 | $ | (0.25 | ) | $ | 1.08 | 432 | % |
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Segment(1) Results
We evaluate the performance of our operations based on Segment(1) Net Revenues and EBITDA (earnings before interest, taxes, depreciation and amortization).
Segment(1) Results for the Three Months Ended June 30, 2007
For the three months ended June 30, 2007, Total Segment(1) Net Revenues increased 38% to $216.3 million from $156.6 million for the three months ended June 30, 2006. Total Segment(1) EBITDA for the three months ended June 30, 2007 increased 38% to $86.9 million from $63.2 million for the three months ended June 30, 2006. Segment(1) EBITDA Margin for the three months ended June 30, 2007 was 40%, in line with that reported in the three months ended June 30, 2006.
Our Total Segment(1) Net Revenues and Total Segment(1) EBITDA for the three months ended June 30, 2007 and 2006 were:
SEGMENT (1) RESULTS (Unaudited) | ||||||||||||||||
For the Three Months Ended June 30, (US $000's) | ||||||||||||||||
2007 | 2006 | $ change | % change | |||||||||||||
Segment Net Revenues – Broadcast Operations | $ | 214,987 | $ | 155,902 | $ | 59,085 | 38 | % | ||||||||
Segment Net Revenues – Non-Broadcast Operations | 1,297 | 687 | 610 | 89 | % | |||||||||||
Total Segment Net Revenues | $ | 216,284 | $ | 156,589 | $ | 59,695 | 38 | % | ||||||||
Segment EBITDA – Broadcast Operations | $ | 87,175 | $ | 62,970 | $ | 24,205 | 38 | % | ||||||||
Segment EBITDA – Non-Broadcast Operations | (307 | ) | 186 | (493 | ) | Nm | ||||||||||
Total Segment EBITDA | $ | 86,868 | $ | 63,156 | $ | 23,712 | 38 | % | ||||||||
Segment EBITDA Margin | 40 | % | 40 | % |
Segment(1) Results for the Six Months Ended June 30, 2007
For the six months ended June 30, 2007, Total Segment(1) Net Revenues increased 31% to $364.2 million from $278.1 million for the six months ended June 30, 2006. Total Segment(1) EBITDA for the six months ended June 30, 2007 increased 32% to $127.0 million from $96.1 million for the six months ended June 30, 2006. Segment(1) EBITDA Margin for the six months ended June 30, 2007 was 35%, in line with that reported in the six months ended June 30, 2006.
(1) | Segment Data, Segment Net Revenues and Segment EBITDA are all non US-GAAP measures For further details, including a reconciliation to the most directly comparable US-GAAP financial measures, see ‘Reconciliation Between Consolidated Statements of Operations and Segment Data (non US-GAAP)’ below. We define Segment EBITDA margin as Segment EBITDA expressed as a percentage of Segment Net Revenue. |
Page 4 of 10
Our Total Segment(1) Net Revenues and Total Segment(1) EBITDA for the six months ended June 30, 2007 and 2006 were:
SEGMENT (1) RESULTS (Unaudited) | ||||||||||||||||
For the Six Months Ended June 30, (US $000's) | ||||||||||||||||
2007 | 2006 | $ change | % change | |||||||||||||
Segment Net Revenues – Broadcast Operations | $ | 362,409 | $ | 276,975 | $ | 85,434 | 31 | % | ||||||||
Segment Net Revenues – Non-Broadcast Operations | 1,787 | 1,129 | 658 | 58 | % | |||||||||||
Total Segment Net Revenues | $ | 364,196 | $ | 278,104 | $ | 86,092 | 31 | % | ||||||||
Segment EBITDA – Broadcast Operations | $ | 127,889 | $ | 95,916 | $ | 31,973 | 33 | % | ||||||||
Segment EBITDA – Non-Broadcast Operations | (900 | ) | 155 | (1,055 | ) | Nm | ||||||||||
Total Segment EBITDA | $ | 126,989 | $ | 96,071 | $ | 30,918 | 32 | % | ||||||||
Segment EBITDA Margin | 35 | % | 35 | % |
Guidance for Full Year 2007
We expect our Broadcast Operations to deliver Segment(1) Net Revenues of between US$ 760.0 million and US$ 790.0 million and Segment(1) EBITDA of between US$ 280.0 million and US$ 306.0 million.
In addition, we expect to invest approximately $10.0 million in developing our Non-Broadcast Operations in 2007.
For 2007, Segment(1) Net Revenues are equal to US GAAP Net Revenues. We do not present a reconciliation of anticipated Segment(1) EBITDA for the year to December 31, 2007 to an equivalent US GAAP measure because we have a significant amount of debt that is denominated in Euros, and consequently our net earnings are subject to inherently unpredictable and potentially material foreign currency gains or losses.
The Company will host a teleconference to discuss its second quarter results on Thursday, August 2, 2007 at 10:00 a.m. New York time (3:00 p.m. London time and 4:00 p.m. Prague time). The teleconference will refer to presentation slides which will be available on CME’s Web site www.cetv-net.com prior to the call.
To access the teleconference, please dial +1-973-582-2734 (U.S. and International callers) ten minutes prior to the start time. The conference call will be broadcast live via www.cetv-net.com. If you cannot listen to the teleconference at its scheduled time, there will be a replay available for two weeks following the call that can be accessed by dialing +1 973-341-3080 (U.S. and International callers), passcode: 9051446. A digital audio replay in mp3 format will also be archived on the Company’s website.
(1) | Segment Data, Segment Net Revenues and Segment EBITDA are all non US-GAAP measures For further details, including a reconciliation to the most directly comparable US-GAAP financial measures, see ‘Reconciliation Between Consolidated Statements of Operations and Segment Data (non US-GAAP)’ below. We define Segment EBITDA margin as Segment EBITDA expressed as a percentage of Segment Net Revenue. |
Forward-Looking and Cautionary Statements
This report contains forward-looking statements, including expected revenue and EBITDA growth for 2007, the impact of competitive market dynamics and the political environment in Ukraine, the impact of legal proceedings in Croatia and Ukraine, the results of additional investment in Croatia and Ukraine, the implementation of an advertising sales strategy in the Czech Republic and cost reductions in the Czech and Slovak Republics, our ability to develop and implement multi-channel strategies generally, the growth of television advertising in our markets, the future economic conditions in our markets, future investments in television broadcast operations, the growth potential of advertising spending in our markets, and other business strategies and commitments. For these statements and all other forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy or are otherwise beyond our control and some of which might not even be anticipated. Future events and actual results, affecting our strategic plan as well as our financial position, results of operations and cash flows, could differ materially from those described in or contemplated by the forward-looking statements. Important factors that contribute to such risks include, but are not limited to, the general regulatory environments where we operate and application of relevant laws and regulations, the renewals of broadcasting licenses, our ability to implement strategies regarding sales and multi-channel distribution, the rate of development of advertising markets in countries where we operate, our ability to acquire necessary programming and the ability to attract audiences, our ability to obtain additional frequencies and licenses, and general market and political and economic conditions in these countries as well as in the United States and Western Europe.
This press release should be read in conjunction with our Form 10-Q for the three months and six months ended June 30, 2007, which was filed with the Securities and Exchange Commission on August 2, 2007, and our Annual Report on Form 10-K for the year ended December 31, 2006, as amended by our Annual Report on Form 10-K/A which was filed with the Securities and Exchange Commission on April 30, 2007.
The Company makes available, free of charge, on our website at http://www.cetv-net.com our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission.
CME is a TV broadcasting company operating leading networks in six Central and Eastern European countries with an aggregate population of approximately 90 million people. The Company’s television stations are located in Croatia (Nova TV), Czech Republic (TV Nova, Galaxie Sport), Romania (PRO TV, Acasa, PRO Cinema, PRO TV International, Sport.ro), the Slovak Republic (Markíza), Slovenia (POP TV, Kanal A) and Ukraine (Studio 1+1, Studio 1+1 International, Kino, Citi). CME is traded on the NASDAQ and the Prague Stock Exchange under the ticker symbol “CETV”.
###
For additional information, please visit www.cetv-net.com or contact:
Romana Tomasová, | Kate Tellier / Mike Smargiassi |
Director of Corporate Communications, | Brainerd Communicators, Inc. |
Central European Media Enterprises | +1-212-986-6667 |
+44 20 7430 5357 | |
romana.tomasova@cme-net.com |
Page 6 of 10
CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(US$ 000’s, except share and per share data)
(Unaudited)
For the Three Months Ended June 30 | ||||||||
2007 | 2006 | |||||||
Net revenues | $ | 216,284 | $ | 156,589 | ||||
Operating costs | 30,944 | 26,042 | ||||||
Cost of programming | 82,773 | 52,850 | ||||||
Depreciation of station property, plant and equipment | 7,680 | 6,059 | ||||||
Amortization of broadcast licenses and other intangibles | 5,165 | 4,620 | ||||||
Cost of revenues | 126,562 | 89,571 | ||||||
Station selling, general and administrative expenses | 15,699 | 14,541 | ||||||
Corporate operating costs (including non-cash stock-based compensation of $ 1.3 million and $ 0.7 million in the three months ended June 30, 2007 and 2006, respectively) | 7,444 | 7,696 | ||||||
Impairment loss | - | 748 | ||||||
Operating income | 66,579 | 44,033 | ||||||
Interest expense, net | (17,706 | ) | (9,596 | ) | ||||
Foreign currency exchange loss, net | (2,116 | ) | (20,625 | ) | ||||
Change in fair value of derivatives | 7,528 | (1,876 | ) | |||||
Other (expense) / income | (546 | ) | 167 | |||||
Income before provision for income taxes, minority interest, equity in income of unconsolidated affiliates and discontinued operations | 53,739 | 12,103 | ||||||
Provision for income taxes | (13,419 | ) | (3,582 | ) | ||||
Income before minority interest, equity in income of unconsolidated affiliates and discontinued operations | 40,320 | 8,521 | ||||||
Minority interest in income of consolidated subsidiaries | (5,730 | ) | (1,276 | ) | ||||
Net income from continuing operations | 34,590 | 7,245 | ||||||
Income from discontinued operations | - | 1,277 | ||||||
Net income | $ | 34,590 | $ | 8,522 | ||||
PER SHARE DATA: | ||||||||
Net income per share | ||||||||
Continuing operations – Basic | $ | 0.84 | $ | 0.18 | ||||
Continuing operations – Diluted | $ | 0.83 | $ | 0.18 | ||||
Discontinued operations – Basic | $ | 0.0 | $ | 0.03 | ||||
Discontinued operations – Diluted | $ | 0.0 | $ | 0.03 | ||||
Net income – Basic | $ | 0.84 | $ | 0.21 | ||||
Net income – Diluted | $ | 0.83 | $ | 0.21 | ||||
Weighted average common shares used in computing per share amounts (000s): | ||||||||
Basic | 40,941 | 40,597 | ||||||
Diluted | 41,407 | 41,186 |
Page 7 of 10
CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(US$ 000’s, except share and per share data)
(Unaudited)
For the Six Months Ended June 30, | �� | |||||||
2007 | 2006 | |||||||
Net revenues | $ | 364,196 | $ | 276,343 | ||||
Operating costs | 56,601 | 49,014 | ||||||
Cost of programming | 149,126 | 101,268 | ||||||
Depreciation of station property, plant and equipment | 14,579 | 11,761 | ||||||
Amortization of broadcast licenses and other intangibles | 10,327 | 8,952 | ||||||
Cost of revenues | 230,633 | 170,995 | ||||||
Station selling, general and administrative expenses | 31,480 | 28,707 | ||||||
Corporate operating costs (including non-cash stock-based compensation of $ 2.6 million and $ 1.7 million in the six months ended June 30, 2007 and 2006, respectively) | 16,248 | 15,677 | ||||||
Impairment loss | - | 748 | ||||||
Operating income | 85,835 | 60,216 | ||||||
Interest expense, net | (27,688 | ) | (18,661 | ) | ||||
Foreign currency exchange loss, net | (5,252 | ) | (31,487 | ) | ||||
Change in fair value of derivative | 12,052 | (1,876 | ) | |||||
Other expense | (6,759 | ) | (381 | ) | ||||
Income before provision for income taxes, minority interest, equity in income of unconsolidated affiliates and discontinued operations | 58,188 | 7,811 | ||||||
Provision for income taxes | (18,478 | ) | (7,576 | ) | ||||
Income before minority interest, equity in income of unconsolidated affiliates and discontinued operations | 39,710 | 235 | ||||||
Minority interest in income of consolidated subsidiaries | (5,370 | ) | (6,717 | ) | ||||
Equity in loss of unconsolidated affiliates | - | (730 | ) | |||||
Net income / (loss) from continuing operations | 34,340 | (7,212 | ) | |||||
Loss from discontinued operations | - | (2,530 | ) | |||||
Net income / (loss) | $ | 34,340 | $ | (9,742 | ) | |||
PER SHARE DATA: | ||||||||
Net income per share | ||||||||
Continuing operations – Basic | $ | 0.84 | $ | (0.18 | ) | |||
Continuing operations – Diluted | $ | 0.83 | $ | (0.18 | ) | |||
Discontinued operations – Basic | $ | 0.0 | $ | (0.07 | ) | |||
Discontinued operations – Diluted | $ | 0.0 | $ | (0.07 | ) | |||
Net income – Basic | $ | 0.84 | $ | (0.25 | ) | |||
Net income – Diluted | $ | 0.83 | $ | (0.25 | ) | |||
Weighted average common shares used in computing per share amounts (000s): | ||||||||
Basic | 40,867 | 39,355 | ||||||
Diluted | 41,390 | 39,355 |
Page 8 of 10
Segment Data
We manage our business on a geographic basis, and review the performance of each geographic segment using data that reflects 100% of operating and license company results. Our segments are comprised of Croatia, the Czech Republic, Romania, the Slovak Republic, Slovenia and our two businesses in Ukraine.
We evaluate the performance of our segments based on Segment EBITDA. Segment Net Revenues and Segment EBITDA include the results of certain entities (primarily our operations in the Slovak Republic) that were not consolidated until January 23, 2006.
Segment EBITDA is determined as segment net income/loss, which includes costs for program rights amortization, before interest, taxes, depreciation and amortization of broadcast licenses and other intangible assets. Items that are not allocated to our segments for purposes of evaluating their performance, and therefore are not included in Segment EBITDA, include:
· | expenses presented as corporate expenses in our consolidated statements of operations; |
· | stock-based compensation charges; |
· | foreign currency exchange gains and losses; |
· | changes in fair value of derivatives; and |
· | certain unusual or infrequent items (e.g., gains and losses/impairments on assets or investments, gain on sale of unconsolidated affiliates). |
We use Segment EBITDA as a component in determining management bonuses.
Page 9 of 10
Below is a table showing our Segment EBITDA by operation and a reconciliation of these figures to our consolidated results for the three months and the six months ended June 30, 2007 and 2006:
Reconciliation Between Consolidated Statements of Operations
and Segment Data (non US-GAAP)
SEGMENT FINANCIAL INFORMATION | ||||||||||||||||
For the Three Months Ended June 30, | ||||||||||||||||
(US $000's) | ||||||||||||||||
Segment Net Revenues (1) | Segment EBITDA | |||||||||||||||
2007 | 2006 | 2007 | 2006 | |||||||||||||
Country | ||||||||||||||||
Croatia (NOVA TV) | $ | 10,414 | $ | 5,647 | $ | (2,167 | ) | $ | (2,639 | ) | ||||||
Czech Republic (TV NOVA) | 80,544 | 56,312 | 47,595 | 29,509 | ||||||||||||
Romania (2) | 52,224 | 37,769 | 22,530 | 16,424 | ||||||||||||
Slovak Republic (MARKIZA TV) | 29,652 | 20,046 | 11,712 | 7,827 | ||||||||||||
Slovenia (POP TV and KANAL A) | 20,095 | 15,555 | 8,388 | 6,430 | ||||||||||||
Ukraine (STUDIO 1+1) | 22,701 | 21,062 | 565 | 6,037 | ||||||||||||
Ukraine (KINO, CITI) | 654 | 198 | (1,755 | ) | (432 | ) | ||||||||||
Total Segment Data | $ | 216,284 | $ | 156,589 | $ | 86,868 | $ | 63,156 | ||||||||
Reconciliation to Consolidated Statement of Operations: | ||||||||||||||||
Consolidated Net Revenues / Income before provision for income taxes, minority interest and discontinued operations | $ | 216,284 | $ | 156,589 | $ | 53,739 | $ | 12,103 | ||||||||
Corporate operating costs (including non-cash stock based compensation of $ 1.3 million and $ 0.7 million for the three months ended June 30, 2007 and 2006, respectively) | - | - | 7,444 | 7,696 | ||||||||||||
Depreciation of station assets | - | - | 7,680 | 6,059 | ||||||||||||
Amortization of broadcast licenses and other intangibles | 5,165 | 4,620 | ||||||||||||||
Impairment charge | - | - | - | 748 | ||||||||||||
Interest expense, net | - | - | 17,706 | 9,596 | ||||||||||||
Foreign currency exchange loss, net | - | - | 2,116 | 20,625 | ||||||||||||
Change in fair value of derivatives | - | - | (7,528 | ) | 1,876 | |||||||||||
Other expense / (income) | - | - | 546 | (167 | ) | |||||||||||
Total Segment Data | $ | 216,284 | $ | 156,589 | $ | 86,868 | $ | 63,156 | ||||||||
(1) All net revenues are derived from external customers. There are no inter-segmental revenues. | ||||||||||||||||
(2) Romanian channels are PRO TV, PRO CINEMA, ACASA, PRO TV INTERNATIONAL and SPORT.RO. |
Page 10 of 10
SEGMENT FINANCIAL INFORMATION | ||||||||||||||||
For the Six Months Ended June 30, | ||||||||||||||||
(US $000's) | ||||||||||||||||
Segment Net Revenues (1) | Segment EBITDA | |||||||||||||||
2007 | 2006 | 2007 | 2006 | |||||||||||||
Country | ||||||||||||||||
Croatia (NOVA TV) | $ | 17,646 | $ | 9,457 | $ | (6,819 | ) | $ | (7,081 | ) | ||||||
Czech Republic (TV NOVA) | 132,063 | 96,861 | 73,262 | 42,335 | ||||||||||||
Romania (2) | 91,566 | 67,640 | 37,666 | 28,037 | ||||||||||||
Slovak Republic (MARKIZA TV) | 48,329 | 31,252 | 17,468 | 6,850 | ||||||||||||
Slovenia (POP TV and KANAL A) | 32,764 | 25,782 | 11,389 | 9,463 | ||||||||||||
Ukraine (STUDIO 1+1) | 40,776 | 46,540 | (1,805 | ) | 17,024 | |||||||||||
Ukraine (KINO, CITI) (3) | 1,052 | 572 | (4,172 | ) | (557 | ) | ||||||||||
Total Segment Data | $ | 364,196 | $ | 278,104 | $ | 126,989 | $ | 96,071 | ||||||||
Reconciliation to Consolidated Statement of Operations: | ||||||||||||||||
Consolidated Net Revenues / Income before provision for income taxes, minority interest, equity in income of unconsolidated affiliates and discontinued operations | $ | 364,196 | $ | 276,343 | $ | 58,188 | $ | 7,811 | ||||||||
Corporate operating costs (including non-cash stock based compensation of $ 2.6 million and $ 1.5 million for the six months ended June 30, 2007 and 2006, respectively) | - | - | 16,248 | 15,677 | ||||||||||||
Depreciation of station assets | - | - | 14,579 | 11,761 | ||||||||||||
Amortization of broadcast licenses and other intangibles | 10,327 | 8,952 | ||||||||||||||
Impairment charge | - | - | - | 748 | ||||||||||||
Unconsolidated equity affiliates (4) | - | 1,761 | - | (1,283 | ) | |||||||||||
Interest expense, net | - | - | 27,688 | 18,661 | ||||||||||||
Foreign currency exchange loss, net | - | - | 5,252 | 31,487 | ||||||||||||
Change in fair value of derivatives | - | - | (12,052 | ) | 1,876 | |||||||||||
Other expense | - | - | 6,759 | 381 | ||||||||||||
Total Segment Data | $ | 364,196 | $ | 278,104 | $ | 126,989 | $ | 96,071 | ||||||||
(1) All net revenues are derived from external customers. There are no inter-segmental revenues. | ||||||||||||||||
(2) Romanian channels are PRO TV, PRO CINEMA, ACASA, PRO TV INTERNATIONAL and SPORT.RO. | ||||||||||||||||
(3) We acquired our Ukraine (KINO, CITI) operations in January 2006. | ||||||||||||||||
(4) Our Slovak Republic operations were accounted for as an equity affiliate until January 23, 2006. |