CME Reports Results For The First Quarter Ended March 31, 2015
Net revenues for the first quarter ended March 31, 2015 increased 9% at constant rates to US$ 126.1 million, led by 9% like-for-like growth in our television advertising revenues. OIBDA (as defined below) for the first quarter ended March 31, 2015 improved US$ 14.8 million to US$ 11.4 million as the strong revenue growth, combined with a leaner cost structure, increased profitability. Free cash flow grew US$ 14.5 million to US$ 23.3 million reflecting both the improvement in OIBDA and lower cash interest payments.
Michael Del Nin, Co-Chief Executive Officer, commented: "The results for this quarter demonstrate that the momentum that we built during last year has continued into 2015. We are particularly pleased with the breadth of the operating improvement, which was apparent across a number of our markets and has delivered a meaningful increase in OIBDA over last year despite the significant strengthening of the dollar."
Christoph Mainusch, Co-Chief Executive Officer, added: "We have maintained our audience share leadership while controlling overall costs. We intend to continue leveraging popular local content to maximize the reach we provide in excess of our commercial competitors, which should further improve our television advertising revenues when sustained economic growth resumes in the countries in which we operate."
OIBDA, which includes amortization and impairment of program rights, is determined as operating income / (loss) before depreciation, amortization of intangible assets and impairments of assets and certain unusual or infrequent items that are not considered by our chief operating decision makers when evaluating our performance as defined in "Segment Data and Non-GAAP Financial Measures" below.
Costs charged in arriving at OIBDA for the three months ended March 31, 2015 exclude a charge of US$ 18.2 million, which we recorded in the first quarter, related to an ongoing tax audit at Pro TV in Romania. We anticipate that the tax audit of Pro TV will be completed during the second quarter, and it is likely that there will be additional charges, which may be material, but it is currently not possible to estimate how much they will be.
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