Broadcaster CME cuts cash flow estimates

PRAGUE Wed Feb 27, 2013 7:50am EST

PRAGUE Feb 27 (Reuters) - Central European Media Enterprises (CME) made significant downward revisions in its estimates of cash flows from its operations after a lack of recovery in the fourth made the outlook less certain.

CME posted a record $494.2 million net loss for the fourth quarter earlier in the day after taking a non-cash $522.5 million impairment charge.

The broadcaster said in a regulatory filing the impairments included $297.9 million related to goodwill in Bulgaria and the Czech Republic and $180.6 million to fully impair broadcast licenses in Bulgaria, Romania and Slovakia.