Central European Media Enterprises Ltd. Reports Third Quarter and Nine Months Ended...

Central European Media Enterprises Ltd. 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%

HAMILTON, Bermuda, Oct. 26, 2011 (GLOBE NEWSWIRE) -- Central European Media
Enterprises Ltd. ("CME" or the "Company") (Nasdaq:CETV) (Prague Stock
Exchange:CETV) today announced financial results for the three and nine months
ended September 30, 2011.

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:

--------------------------------------

RESULTS
--------------------------------------
For the Three Months Ended September
30,

(US $000's)
--------------------------------------

%
2011 2010 $ change change
--------- --------- -------- ------
Net revenues $ 165,472 $ 134,354 $ 31,118 23.2%
OIBDA 8,898 (4,487) 13,385 n.m.1
Operating loss (12,910) (25,345) 12,435 49.1%
Net (loss) / income from
continuing operations (82,196) 3,417 (85,613) n.m.1
Fully diluted (loss) / income
from continuing operations per
share $ (1.27) $ 0.05 $ (1.32) n.m.1

1 Number is not meaningful.

Consolidated Results for the Nine Months Ended September 30, 2011

Net revenues for the nine months ended September 30, 2011 increased by 22.6% to
US$ 587.9 million from US$ 479.7 million for the nine months ended September 30,
2010. Operating income improved by US$ 37.9 million for the nine months to US$
18.9 million compared to US$ (19.0) million for the nine months ended September
30, 2010. Net loss from continuing operations for the nine months ended
September 30, 2011 was US$ (102.4) million compared to a net loss of US$ (91.5)
million for the nine months ended September 30, 2010. Fully diluted loss from
continuing operations per share for the nine months ended September 30, 2011 was
US$ (1.59) compared to US$ (1.37) for the nine months ended September 30, 2010.

OIBDA for the nine months ended September 30, 2011 increased to US$ 85.8 million
from US$ 42.5 million in the nine months ended September 30, 2010. OIBDA margin
for the months ended September 30, 2011 was 14.6% compared to 8.9% in the nine
months ended September 30, 2010.

3 OIBDA margin is defined as the ratio of OIBDA to Net revenues.

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

----------------------------------------

RESULTS
----------------------------------------
For the Nine Months Ended September 30,

(US $000's)
----------------------------------------

%
2011 2010 $ change change
--------- --------- --------- -------
Net revenues $ 587,900 $ 479,721 $ 108,179 22.6%
OIBDA 85,838 42,547 43,291 101.7
Operating income / (loss) 18,898 (19,026) 37,924 n.m.1
Net loss from continuing
operations (102,379) (91,482) (10,897) (11.9)%
Fully diluted loss from
continuing operations per share $ (1.59) $ (1.37) $ (0.22) (16.8)%

1 Number is not meaningful.

Segment Results

We evaluate the performance of our operations based on Net revenues and OIBDA.

Our Net revenues and Consolidated OIBDA for the three months ended September 30,
2011 and 2010 were:

---------------------------------------

SEGMENT RESULTS
---------------------------------------
For the Three Months Ended September
30,

(US $000's)
---------------------------------------

%
2011 2010 $ change change
--------- --------- -------- -------
Broadcast $ 143,431 $ 123,549 $ 19,882 16.1%
Media Pro
Entertainment 35,141 26,510 8,631 32.6%
New Media 3,246 2,111 1,135 53.8%
Intersegment
revenues (16,346) (17,816) 1,470 8.3%
--------- --------- -------- -------

Net revenues $ 165,472 $ 134,354 $ 31,118 23.2%
--------- --------- -------- -------

Broadcast $ 20,135 $ 8,225 $ 11,910 144.8%
Media Pro
Entertainment 218 (2,185) 2,403 n.m.1
New Media (1,033) (1,562) 529 33.9%
Central (9,726) (8,256) (1,470) (17.8)%

Elimination (696) (709) 13 1.8%
--------- --------- -------- -------
Consolidated
OIBDA $ 8,898 $ (4,487) $ 13,385 n.m.1
--------- --------- -------- -------

1 Number is not meaningful.

Our Net revenues and Consolidated OIBDA for the nine months ended September 30,
2011 and 2010 were:

----------------------------------------

SEGMENT RESULTS
----------------------------------------
For the Nine Months Ended September 30,

(US $000's)
----------------------------------------

%
2011 2010 $ change change
--------- --------- --------- -------
Broadcast $ 529,916 $ 449,555 $ 80,361 17.9%
Media Pro
Entertainment 126,575 92,868 33,707 36.3%
New Media 10,479 7,061 3,418 48.4%
Intersegment
revenues (79,070) (69,763) (9,307) (13.3)%
--------- --------- --------- -------

Net revenues $ 587,900 $ 479,721 $ 108,179 22.6%
--------- --------- --------- -------

Broadcast $ 122,402 $ 86,913 $ 35,489 40.8%
Media Pro
Entertainment 1,703 (4,063) 5,766 n.m.1
New Media (3,122) (6,369) 3,247 51%
Central (31,969) (31,123) (846) (2.7)%

Elimination (3,176) (2,811) (365) (13.0)%
--------- --------- --------- -------
Consolidated
OIBDA $ 85,838 $ 42,547 $ 43,291 101.7%
--------- --------- --------- -------

1 Number is not meaningful.

CME will host a teleconference and video webcast to discuss its third quarter
results on Wednesday, October 26, 2011 at 9:00 a.m. New York time (2:00 p.m.
London time and 3:00 p.m. Prague time). The video webcast and teleconference
will refer to presentation slides which will be available on CME's website at
www.cme.net prior to the call.

To access the teleconference, U.S. and international callers may dial +1
785-424-1059 ten minutes prior to the start time and reference passcode CETVQ3.
The conference call will be video webcasted live via www.cme.net.

The video webcast and a digital audio replay in MP3 format will be available for
two weeks following the call at www.cme.net.

In the coming weeks, CME will post the results for the quarter ended September
30, 2011 for its wholly-owned subsidiary CET 21 spol. s r.o. at www.cme.net.

Forward-Looking and Cautionary Statements

This press release contains forward-looking statements. For all 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. Forward-looking
statements reflect our current views with respect to future events and because
our business is subject to such risks and uncertainties, actual results, our
strategic plan, our financial position, results of operations and cash flows
could differ materially from those described in or contemplated by the
forward-looking statements.

For a more detailed description of these uncertainties and other factors, please
see the "Risk Factors" section in CME's Quarterly Report on Form 10-Q for the
quarterly period ended September 30, 2011, which was filed with the Securities
and Exchange Commission on October 26, 2011. We undertake no obligation to
publicly update or review any forward-looking statements, whether as a result of
new information, future developments or otherwise.

This press release should be read in conjunction with our Quarterly Report on
Form 10-Q for the quarterly period ended September 30, 2011, which was filed
with the Securities and Exchange Commission on October 26, 2011.

We make available free of charge on our website at www.cme.net our Annual
Reports 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 vertically integrated media and entertainment company operating a
leading broadcast, content and new media business in Central and Eastern Europe.
CME's television stations are located in Bulgaria (bTV, bTV Cinema, bTV Comedy,
bTV Action and Ring.bg), Croatia (Nova TV, Doma and Nova World), the Czech
Republic (TV Nova, Nova Cinema, Nova Sport and MTV Czech), Romania (PRO TV, PRO
TV International, Acasa, PRO Cinema, Sport.ro, MTV Romania and PRO TV
Chisinau,), the Slovak Republic (TV Markíza and Doma) and Slovenia (POP
TV, Kanal A and the POP NON STOP subscription bouquet). CME's broadcast
operations are supported by its content and distribution division, Media Pro
Entertainment, as well as its New Media division, which operates Voyo, the
pan-regional video-on-demand service.

CME is traded on the NASDAQ and the Prague Stock Exchange under the ticker
symbol "CETV".

For additional information, please visit www.cme.net or contact:

CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(US$ 000's, except share and per share data)

---------------------
For the Three Months
Ended

September 30,
---------------------

2011 2010
---------- ---------
Net revenues $ 165,472 $ 134,354
Operating expenses:
Operating costs 34,545 29,050
Cost of programming 94,983 81,658
Depreciation of property, plant and
equipment 13,075 13,341
Amortization of broadcast licenses and other
intangibles 7,957 6,996
---------- ---------
Cost of revenues 150,560 131,045

Selling, general and administrative expenses 27,822 28,654
---------- ---------
Operating loss (12,910) (25,345)
Interest expense, net (34,523) (31,046)
Foreign currency exchange (loss) / gain, net (45,919) 62,009
Change in fair value of derivatives 3,479 (1,229)

Other income 33 1
---------- ---------
(Loss) / income from continuing operations
before tax (89,840) 4,390

Credit / (provision) for income taxes 7,644 (973)
---------- ---------
(Loss) / income from continuing operations (82,196) 3,417
Net (loss) / income (82,196) 3,417
Net loss / (income) attributable to
noncontrolling interests 122 (1)
---------- ---------

Net (loss) / income attributable to CME Ltd. $ (82,074) $ 3,416
---------- ---------

PER SHARE DATA:
Net (loss) / income per share
Continuing operations attributable to CME
Ltd. - Basic and diluted $ (1.27) $ 0.05
Net (loss) / income attributable to CME Ltd
- Basic and diluted $ (1.27) $ 0.05

Weighted average common shares used in
computing per share amounts (000's):
Basic 64,393 64,337
Diluted 64,393 64,497

CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (continued)
(US$ 000's, except share and per share data)

----------------------
For the Nine Months
Ended

September 30,
----------------------

2011 2010
----------- ---------
Net revenues $ 587,900 $ 479,721
Operating expenses:
Operating costs 102,736 83,826
Cost of programming 313,744 268,610
Depreciation of property, plant and
equipment 40,985 40,530
Amortization of broadcast licenses and
other intangibles 23,393 18,690
----------- ---------
Cost of revenues 480,858 411,656
Selling, general and administrative
expenses 88,144 87,091
----------- ---------
Operating income / (loss) 18,898 (19,026)
Interest expense, net (126,554) (92,566)
Foreign currency exchange gain, net 1,452 23,842
Change in fair value of derivatives 4,600 (2,261)

Other expense (769) (200)
----------- ---------
Loss from continuing operations before
tax (102,373) (90,211)

Provision / (credit) for income taxes (6) (1,271)
----------- ---------
Loss from continuing operations (102,379) (91,482)
Discontinued operations, net of tax -- (3,922)
Gain on disposal of discontinued
operations -- 217,619
----------- ---------

Income from discontinued operations -- 213,697
----------- ---------
Net (loss) / income $ (102,379) $ 122,215
Net loss attributable to noncontrolling
interests 159 4,076
----------- ---------
Net (loss) / income attributable to CME
Ltd. (102,220) 126,291
----------- ---------

PER SHARE DATA:
Net (loss) / income per share
Continuing operations attributable to
CME Ltd. - Basic and diluted $ (1.59) $ (1.37)
Discontinued operations attributable to
CME Ltd. - Basic and diluted 0.00 3.34
Net (loss) / income attributable to CME
Ltd - Basic and diluted $ (1.59) $ 1.97

Weighted average common shares used in
computing per share amounts (000's):
Basic 64,382 63,918
Diluted 64,382 63,918

CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(US$ 000's)

September December
30, 31,

2011 2010
----------- -----------
ASSETS
Cash and cash equivalents $ 167,417 $ 244,050

Other current assets 332,568 368,035
----------- -----------
Total current assets 499,985 612,085
Property, plant and equipment,
net 231,264 250,902
Goodwill and other intangible
assets, net 1,830,336 1,816,943

Other non-current assets 312,913 260,620
----------- -----------

Total assets $ 2,874,498 $ 2,940,550
----------- -----------
LIABILITIES AND EQUITY
Accounts payable and accrued
liabilities $ 219,470 $ 224,058
Current portion of long-term
debt and other financing
arrangements 4,070 13,562

Other current liabilities 39,996 5,456
----------- -----------
Total current liabilities 263,536 243,076
Long-term portion of long-term
debt and other financing
arrangements 1,338,441 1,346,222

Other non-current liabilities 96,705 103,500
----------- -----------

Total liabilities $ 1,698,682 $ 1,692,798
----------- -----------

EQUITY
Common Stock $ 5,151 5,149
Additional paid-in capital 1,403,307 1,377,803
Accumulated deficit (353,311) (233,818)
Accumulated other
comprehensive income 99,697 77,745
----------- -----------
Total CME Ltd. shareholders'
equity 1,154,844 1,226,879
----------- -----------

Noncontrolling interests 20,972 20,873
----------- -----------

Total equity $ 1,175,816 $ 1,247,752
----------- -----------

Total liabilities and equity $ 2,874,498 $ 2,940,550
----------- -----------

CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(US$ 000's, except share and per share data)

-----------------------
For the Nine Months

Ended

September 30,

-----------------------

2011 2010

----------
-----------
Net cash generated from / (used in) continuing

operating activities $ 17,246 $
(41,439)
Net cash used in continuing investing activities (30,078)
(443,748)
Net cash (used in) / generated from financing

activities (64,667)
43,040
Net cash used in discontinued operations - operating

activities --
(5,921)
Net cash generated from discontinued operations -

investing activities --
307,790
Impact of exchange rate fluctuations on cash and cash

equivalents 866
(2,771)
----------
-----------

Net decrease in cash and cash equivalents $ (76,633) $
(143,049)
----------
-----------

Net cash generated from / (used in) continuing

operating activities 17,246
(41,439)

Capital expenditure, net of proceeds from disposals (21,231)
(32,365)
----------
-----------

Free cash flow $ (3,985) $
(73,804)
----------
-----------

Supplemental disclosure of cash flow information:

Cash paid for interest $ 90,404 $
93,675
Cash paid for income taxes (net of refunds) $ 4,015
$8,108

Segment Data

We manage our business on a divisional basis, with three operating segments
which are also our reportable segments: Broadcast, Media Pro Entertainment (our
content division) and New Media.

We evaluate the performance of our segments based on Net revenues and OIBDA.
OIBDA, which includes program rights amortization costs, is determined as
operating income / (loss) before depreciation and amortization of intangible
assets. Items that are not allocated to our segments for purposes of evaluating
their performance and therefore are not included in their OIBDA, include
stock-based compensation and certain unusual or infrequent items (e.g.
impairments of assets or investments). We believe OIBDA is useful to investors
because it provides a more meaningful representation of our performance, as it
excludes certain items that do not impact either our cash flows or the operating
results of our operations. OIBDA is also used as a component in determining
management bonuses. Intersegment revenues and profits have been eliminated in
consolidation. OIBDA may not be comparable to similar measures reported by
other companies.

Below are tables showing our Net revenues and OIBDA by segment for the three and
nine months ended September 30, 2011 and 2010, together with a reconciliation of
OIBDA to our Condensed Consolidated Statement of Operations:

------------------------------------------
For the Three Months For the Nine Months

(US $000'S) Ended September 30, Ended September 30,
-------------------- --------------------

2011 2010 2011 2010
--------- --------- --------- ---------
Net revenues
Broadcast:
Bulgaria $ 17,360 $ 13,706 $ 63,359 $ 32,440
Croatia 9,959 8,181 42,449 34,691
Czech Republic 55,279 47,268 195,653 173,140
Romania 31,056 29,065 112,425 109,175
Slovak Republic 18,204 16,049 67,139 58,859

Slovenia 11,573 9,280 48,891 41,250
--------- --------- --------- ---------
Total Broadcast $ 143,431 $ 123,549 $ 529,916 $ 449,555
Media Pro
Entertainment $ 35,141 $ 26,510 $ 126,575 $ 92,868
New Media $ 3,246 $ 2,111 $ 10,479 $ 7,061
Intersegment
revenues1 (16,346) (17,816) (79,070) (69,763)
--------- --------- --------- ---------

Total net revenues $ 165,472 $ 134,354 $ 587,900 $ 479,721
--------- --------- --------- ---------

1 Reflects revenues earned by the Media Pro Entertainment
segment through sales to the Broadcast segment. All other
revenues are third party revenues.

-----------------------------------------------
For the Three Months For the Nine Months

(US $000'S) Ended September 30, Ended September 30,
---------------------- -----------------------

2011 2010 2011 2010
---------- ---------- ----------- ----------
OIBDA
Broadcast:
Bulgaria $ (715) $ (3,312) $ 5,215 $ (11,120)
Croatia (1,960) (1,508) 861 1,420
Czech Republic 21,077 13,755 87,591 74,447
Romania 4,625 4,319 17,371 19,589
Slovak Republic (1,547) (3,842) 1,684 (4,955)
Slovenia (372) (657 11,397 8,849
Divisional operating
costs (973) (530) (1,717) (1,317)
---------- ---------- ----------- ----------
Total Broadcast $ 20,135 $ 8,225 $ 122,402 $ 86,913
Media Pro
Entertainment $ 218 $ (2,185) $ 1,703 $ (4,063)
New Media $ (1,033) $ (1,562) $ (3,122) $ (6,369)
Central (9,726) (8,256) (31,969) (31,123)

Elimination (696) (709) (3,176) (2,811)
---------- ---------- ----------- ----------

Total OIBDA $ 8,898 $ (4,487) $ 85,838 $ 42,547
---------- ---------- ----------- ----------

(US $000's) For the Three Months For the Nine Months
Reconciliation to
Condensed
Consolidated
Statement of Ended September 30, Ended September 30,
---------------------- -----------------------

Operations: 2011 2010 2011 2010
---------- ---------- ----------- ----------

Total OIBDA $ 8,898 $ (4,487) $ 85,838 $ 42,547
Depreciation of
property, plant and
equipment 13,851 13,862 43,547 42,883
Amortization of
intangible assets 7,957 6,996 23,393 18,690
---------- ---------- ----------- ----------
Operating (loss) /
income $ (12,910) $ (25,345) $ 18,898 $ (19,026)
Interest expense,
net (34,523) (31,046) (126,554) (92,566)
Foreign currency
exchange (loss) /
gain, net (45,919) 62,009 1,452 23,842
Change in fair value
of derivatives 3,479 (1,229) 4,600 (2,261)
Other income /
(expense) 33 1 (769) (200)
Credit / (provision)
for income taxes 7,644 (973) (6) (1,271)
---------- ---------- ----------- ----------
(Loss) / income from
continuing
operations $ (82,196) $ 3,417 $ (102,379) $ (91,482)
---------- ---------- ----------- ----------

CONTACT: Romana Wyllie
Vice President of Corporate Communications
Central European Media Enterprises
+420 242 465 525
romana.wyllie@cme.net