CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. (NASDAQ:CETV) Files An 8-K Other EventsItem 8.01. Other Events
Central European Media Enterprises Ltd. ("we" or the "Company") is providing unaudited quarterly segment information from the first half of 2017 and the year ended December 31, 2016 recast to exclude the results of businesses that will be classified as discontinued operations in our consolidated statements of operations and comprehensive income during 2017. These changes had no effect on net income / loss for these periods, as reported in our Quarterly Report on Form 10-Q for the three and six months ended June 30, 2017 filed with the SEC on July 25, 2017 and our Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC on February 9, 2017. Segment net revenue and OIBDA have been recast in each quarter presented to include only the results of continuing operations. We believe that the unaudited recast financial information will be helpful to users of our financial statements in better understanding our third quarter and full year 2017 financial results.
The recast segment information is furnished as Exhibit 99.1 hereto and incorporated herein by reference. Such information, including the Exhibit attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
The recast segment information includes financial measures which are not presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management believes that the presentation of the non-GAAP financial measures provides useful information to investors regarding the Company's results of operations because it provides a 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, and these measures also form the basis of bonus incentives for executive management and throughout the Company. Exhibit 99.1 includes a reconciliation to the most directly comparable GAAP financial measures.
Item 9.01. Financial Statements and Exhibits
(c) Exhibits
CENTRAL EUROPEAN MEDIA ENTERPRISES LTD ExhibitEX-99.1 2 ex991oct2017.htm EXHIBIT 99.1 Wdesk | Exhibit Exhibit 99.1CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.Segment DataOn July 9,…To view the full exhibit click here
About CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. (NASDAQ:CETV)
Central European Media Enterprises Ltd. (CME Ltd.) is a media and entertainment company operating in Central and Eastern Europe. The Company’s assets are held through a series of Dutch and Curacao holding companies. The Company manages its business on a geographical basis, with six segments: Bulgaria, Croatia, the Czech Republic, Romania, the Slovak Republic and Slovenia. It has broadcast operations in over six countries in Central and Eastern Europe, broadcasting a total of approximately 40 television channels. The Company enters into agreements with advertisers, advertising agencies and sponsors to place advertising on the television channels that the Company operates. The Company collects fees from cable and direct-to-home (DTH) operators for carriage of its channels. The programming that it provides consists of locally-produced news, current affairs, fiction, and reality and entertainment shows, as well as acquired foreign movies, series and sports programming.
