CME Reports Third Quarter And Nine Months Ended September 30, 2011 Results

THIRD QUARTER

• Net revenues of US$ 165.5 million up 23%
• OIBDA1 improved by US$ 13.4 million to US$ 8.9 million

NINE MONTHS

• Net revenues of US$ $587.9 million up 23%
• OIBDA of US$ 85.8 million up 102%

Net revenues for the third quarter of 2011 increased US$ 31.1 million to US$ 165.5 million compared to the third quarter of 2010. OIBDA for the quarter improved by US$ 13.4 million to US$ 8.9 million. Operating loss for the quarter improved by US$ 12.4 million to US$ (12.9) million. Net loss from continuing operations for the quarter was US$ (82.2) million compared to a profit of US$ 3.4 million for the third quarter of 2010.

Net revenues for the nine months ended September 30, 2011 increased US$ 108.2 million to US$ 587.9 million compared to the nine months of 2010. OIBDA for the nine months increased by US$ 43.3 million to US$ 85.8 million. Operating income for the nine months improved by US$ 37.9 million to US$ 18.9 million. Net loss from continuing operations for the nine months was US$ (102.4) million compared to US$ (91.5) million for the nine months of 2010. Free cash flow2 for the nine months ended September 30, 2011 improved to US$ $(4.0) million from US$ (73.8) million for the nine months of 2010.

Adrian Sarbu, CME's President and CEO commented: "In the first nine months of 2011 we doubled our OIBDA from US$ 43 million to US$ 86 million when our TV ad markets showed mixed recovery. We now expect to generate revenues of approximately US$ 850 million and OIBDA of US$ 166 million for the full year. Audience leadership and cash flow generation remain our main priorities."

1) OIBDA is operating income before depreciation and amortization as defined in 'Segment Data' below. Consolidated OIBDA, which is set out here, is equal to the OIBDA for each of our segments less central costs (which include non-cash stock-based compensation).

2) Free cash flow is defined as cash flows from continuing operating activities less expenditure on property, plant and equipment, net of disposals of property, plant and equipment.

Consolidated Results for the Three Months Ended September 30, 2011

Net revenues for the three months ended September 30, 2011 increased by 23.2% to US$ 165.5 million from US$ 134.4 million for the three months ended September 30, 2010. Operating loss for the quarter was US$ (12.9) million compared to US$ (25.3) million for the three months ended September 30, 2010. Net loss from continuing operations for the quarter was US$ (82.2) million compared to a profit from continuing operations of US$ 3.4 million for the three months ended September 30, 2010. Fully diluted loss from continuing operations per share for the three months ended September 30, 2011 was US$ (1.27) compared to a profit of US$ 0.05 in 2010.

OIBDA for the three months ended September 30, 2011 increased to US$ 8.9 million from US$ (4.5) million in the three months ended September 30, 2010. OIBDA margin3 for the three months ended September 30, 2011 was 5.4% compared to (3.3)% in the three months ended September 30, 2010.

Headline consolidated results for the three months ended September 30, 2011 and 2010 were: