UPDATE 1-CME Q1 net loss narrows, shares rise on outlook

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Television broadcaster CME on Thursday reported a narrower net loss and higher revenue in the first quarter and gave a positive outlook, which pushed its shares higher on the Prague Stock Exchange.

CME, which is traded both in Prague and on the U.S.-based Nasdaq, said its net loss narrowed to $0.3 million from $18.3 million a year earlier. Consolidated revenue rose 24 percent to $147.9 million.

Analysts polled by Reuters had forecast a net profit of $2.1 million.

CME shares traded up 1.3 percent at 1,896 crowns ($91.77) after the results, outpacing the broader PX index which was up 0.29 percent on the session.

"CME continues to perform to exceptional standards. We anticipate EBITDA growth in excess of 35 percent this year for our broadcast operations, which once again will make us one of the fastest growing broadcasters in the world," Chief Executive Michael Garin said in a statement.

The statement added that full-year 2007 revenues are expected to grow 27-30 percent.

The firm also announced it plans a private placement of senior floating-rate notes totalling 150 million euros, with the offer to commence shortly.

[PRAGUE/Reuters/Finance.cz]