CME stock fell by over 10 percent on NASDAQ at the opening of trading on Monday morning, 29 April 2013.
CME reported net revenues of 137 m USD for the quarter ended 31 March 2013, compared to 167.4 m USD for Q1 2012. OIBDA fell 35 m USD to -20.7 m USD, compared to 14.1 m USD in 2012. Operating losses rose by 25 m USD, to 35 m USD, and net losses were up to 109 m USD, compared to 13.8 m USD in 2012.
In a statement, President and Chief Executive Officer of CME Adrian Sarbu said, "2013 is a year of bold actions to restore the value we receive for our products. We raised advertising prices and carriage fees…. While successful in most of our countries, we met some resistance from certain media agencies and advertisers in the Czech Republic where consumption of GRPs declined, impacting our revenues and OIBDA.” He added that the company will continue its pricing policy in an effort to stem falling advertising spend.
CME operates in six CEE countries: Bulgaria, Croatia, The Czech Republic, Romania, The Slovak Republic and Slovenia. Revenues fell in all six territories, led by a drop of approximately one-third in the Czech Republic and one-tenth in Slovakia.
