EARNINGS POLL-CME seen swinging into $2.1 mln profit in Q1

...By Jan Korselt 
    PRAGUE, April 27 (Reuters) - Television broadcaster CME 
  likely swung to a profit in the first 
quarter of 2007 on the recovery of its Czech operation and lower 
currency losses, a Reuters poll showed on Friday. 
    Central European Media Enterprises (CME) was forecast to 
post a $2.1 million net profit after a loss of $18.3 million in 
the first quarter of 2006, according to the average of estimates 
from seven analysts. 
    Segment EBITDA (earnings before interest, tax, depreciation 
and amortisation) -- a measure of performance in individual 
countries where the group operates and which excludes certain 
corporate expenses and other items --  was expected to have 
jumped 36.9 percent to $46.8 million. 
    Revenue likely grew by 21 percent to $144.8 million, 
according to the average forecast of eight analysts in the poll. 
    The main driver for the improvement should be a recovery of 
Czech TV station Nova, which won back market share after pricing 
changes held back its performance in early 2006. 
    Analyst Lukas Dufek of Komercni Banka predicted revenue in 
the Czech Republic would jump by 50 percent year-on-year in the 
first three months. 
    "Growth dynamics will be very strong and could provide some 
support for the stock; nevertheless, the improved outlook for 
Czech operations is already mostly priced in (to) CME's high 
current share price," Dufek said. 
    CME stock was up 0.6 percent at $90.94 on Nasdaq by 1510 
GMT, slightly down from an all-time high of $91.84 reached on 
Thursday. 
    Following is a summary of analyst expectations 
(figures in $ million): 
     
 Q1                  Average    Median    Q1/06        Range 
 REVENUE              144.8     144.2     119.8     136.0-151.2 
 SEGMENT EBITDA        46.8      46.8      34.4      43.9- 49.0 
 OPERATING PROFIT      25.0      25.7      16.2      20.4- 30.0 
 NET PROFIT             2.1       2.6     -18.3      -5.1- 12.0 
 
    NOTE: Seven analysts gave forecasts for net profit and 
segment EBITDA. Eight analysts predicted revenues and operating 
profit. 
    The following banks and brokerages took part in the poll: 
    Atlantik FT, BH-Securities, Cyrrus, Deutsche Bank, 
Erste Bank/Ceska Sporitelna, KBC Securities/Patria Finance, 
Komercni Banka, Wood & Company. 
     
  
     
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