Central European Media Enterprises Ltd. reported unaudited consolidated earnings results for the first quarter ended March 31, 2017. For the quarter, the company reported net revenues were $135,002,000 compared to $129,000 for the three months ended March 31, 2016. Operating income was $12,268,000 compared to $7,763 for the three months ended March 31, 2016. Loss before tax was $9,162,000 against $39,975,000 a year ago. Net loss attributable to company was $11,065,000 or $0.09 per basic and diluted share against $40,435,000 or $0.31 per basic and diluted share a year ago. Net cash generated from continuing operating activities was $54,952,000 against $39,658,000 a year ago. Capital expenditure, net of proceeds from disposals was $7,601,000 against $6,076,000 a year ago. Free cash flow was $47,351,000 against $33,582,000 a year ago. OIBDA was $22,136,000 compared to $17,018,000 in the same period ended March 31, 2016.

For the year, The company expects consolidated OIBDA growth at constant rates to be around mid-teens this year ranging 13% of 17% off a base of $150 million in 2016. This reflects yet another year of strong earnings growth for the company. And this improvement in OIBDA will also benefit unlevered free cash flow generation, which The company expects will reach between $105 million and $110 million at actual rates in 2017. That assumes CapEx spending this year will be similar to last year while cash paid for income taxes will increase to around $10 million, reflecting higher levels of profitability from operation.