Pro TV's net revenues went up 3% last year, reaching $33,5 million, compared with the $32.5 million in 2001, American Central Media Enterprises (CME), which controls the TV station, announced.
At the same time, Pro TV's EBITDA amounted to $6.34 million.
"The 21% reduction in segment operating costs at Pro TV clearly demonstrates the local management's commitment to continued growth in both Revenue and EBITDA," CME President and Chief Executive Officer Fred Klinkhammer said.
CME recorded net revenues of $92.6 million for the year ended December 31, 2002, an increase of 26% from the previous year. Consolidated total station operating costs and expenses (including amortisation of programme rights and other intangibles) increased by 11.6% to $67.5 million.
The company therefore registered consolidated operating income of $13.4 million for the year ended December 31, 2002, compared to a loss of $22.0 million for the year ended December 31, 2001. This is primarily due to the collection of a $29 million arbitration award. Without this award and its related costs, consolidated operating loss was reduced by $14.8 million or 82%.
Consolidated net loss improved by 36% to $14.2 million for the year ended December 31, 2002 from a consolidated net loss of $22.1 million for the year ended December 31, 2001.
CME's Segment Broadcast Cash Flow almost doubled to $29.2 million in the year ended December 31, 2002 compared to $15.8 million in the year ended December 31, 2001. The trend of this index made a significant impact in Pro TV's case, the cash flow of which reached $4.6 million by the end of 2002. Central Media Enterprises Ltd. holds several TV channels in Eastern Europe, besides Pro TV: Markiza TV (Slovakia), POP TV and Kanal A (Slovenia), Studio 1+1 Group (Ukraine). CME is listed on NASDAQ and has last traded for $11.45 on Tuesday, up 6.51% from the previous session.
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