* CME Q4 results
* Wednesday, Feb 24 before market opens
* Average estimate for Q4 revenue at $239.7 million
PRAGUE, Feb 22 (Reuters) - Central European Media
Enterprises (CME) <CETV.O> <> revenue is expected to
fall 18 percent in the fourth quarter, a Reuters poll showed, as
advertising was slow to recover from a big drop earlier in the
year.
Fourteen analysts in a Reuters poll gave an average estimate
of $239.7 million for revenue.
Earnings before interest, tax, depreciation and amortisation
(EBITDA) was seen down 54 percent to $36.7 million.
The average of analysts' estimates for CME's net loss was
$11.3 million but the forecasts ranged widely due to non-cash
currency effects, which are difficult to predict.
In the fourth quarter of 2008, the firm posted net loss of
$323.3 million due to massive one-off impairment charges.
CME, partially owned by Time Warner <TWX.N> and U.S.
investor Ronal Lauder, had television stations in seven central
and eastern European markets before agreeing to a sale of its
Ukrainian operations in January 2010.
Results in line with the poll would mean CME narrowly missed
its full-year revenue guidance and met its EBITDA outlook.
The broadcaster predicted in late 2009 that consolidated
revenue would drop by up to 31 percent for the full year to
between $702 million and $710 million, and EBITDA would drop by
around 80 percent to between $60 million and $70 million.
It has forecast a 2 to 6 percent rise in ad spending in
2010.
Besides watching for an outlook on 2010 earnings, analysts
will be looking at CME's plans to expand in Bulgaria, where it
has agreed to buy station bTV for $400 million from News
Corporation <NWSA.O>. []
CME shares have jumped 235 percent in the past 12 months to
beat a 78 percent rise in the Prague index.
Following is a summary of analysts' estimates for the fourth
quarter in millions of dollars (figures in brackets are
negative):
Q4/09 Average Median Range Q4/08
Revenue 239.7 242.8 205.2 -253.0 291.5
EBITDA 36.7 36.9 27.0 - 48.0 79.5
Operating profit 18.7 19.0 8.0 - 29.5 (279.2)
Net income (11.3) (7.3) (71.0)- 54.0 (323.3)
The following banks and equity houses took part in the poll:
Atlantik FT, BH Securities, Citigroup, Cyrrus, Deusche Bank
North America, Erste Bank/Ceska Sporitelna, ING Wholesale
Banking, KBC Securities, Komercni Banka, Morgan Joseph, Nomura
Structured Finance, Thomas Weisel Partners, UniCredit Global
Research, Wood & Company.
(Reporting by Jan Korselt and Jason Hovet; editing by Karen
Foster)
