Grupo Clarin Announces Results for the First Quarter of 2009

Grupo Clarin Announces Results for the First Quarter of 2009

BUENOS AIRES, Argentina, May 12 /PRNewswire-FirstCall/ -- Grupo Clarin S.A. ("Grupo Clarin" or the "Company" - LSE: GCLA; BCBA: GCLA), the largest media company in Argentina, announced today its first quarter results for 2009. Figures in this report have been prepared in accordance with Argentine GAAP as of March 31, 2009 and are stated in Argentine Pesos, unless otherwise indicated.

Highlights (1Q09 vs. 1Q08):

-- Net Sales totaled Ps. 1,509.8 million, an increase of 26.3% from 1Q08, mainly due to ARPU and subscriber growth in the Cable TV and Internet segment and, to a lesser extent, to higher advertising sales in Printing and Publishing, and higher advertising and programming sales in the Broadcasting and Programming segment.

-- Adjusted EBITDA(1) reached Ps. 435.7 million, an increase of 23.6% from 1Q08, driven by higher sales in the Cable and Internet access, Printing and Publishing and Broadcasting and Programming segments.

-- Grupo Clarin's Adjusted EBITDA Margin (2) was 28.9% for 1Q09, compared to 29.5% in 1Q08.

-- Net Income (Loss) totaled Ps. (34.8) million, from Ps. 79.9 million reported in 1Q08.

Comments from the Vice Chairman of Grupo Clarin:

Mr. Jose A. Aranda, Vice Chairman of Grupo Clarin, stated, "I am pleased to report Grupo Clarin's results for the first quarter of 2009. In a context of global and persisting macroeconomic challenges and uncertainties, our Company shows good operating results in line with our expectations, reaffirming our management's resolve to strengthen and sustain the company's leadership position in the different markets in which it operates."

FINANCIAL HIGHLIGHTS
(In millions of Ps.) 1Q09 4Q08 1Q08 QoQ YoY
Net Sales 1,509.8 1,625.3 1,195.7 -7.1% 26.3%
Adjusted EBITDA (1) 435.7 458.1 352.5 -4.9% 23.6%
Adjusted EBITDA Margin (2) 28.9% 28.2% 29.5% 2.4% -2.1%
Net Income (Loss) (34.8) (14.2) 79.9 146.1% -143.6%

(1) We define Adjusted EBITDA as net sales minus cost of sales (excluding depreciation and amortization) and selling and administrative expenses (excluding depreciation and amortization). We believe that Adjusted EBITDA is a meaningful measure of our performance. It is commonly used to analyze and compare media companies on the basis of operating performance, leverage and liquidity. Nonetheless, Adjusted EBITDA is not a measure of net income or cash flow from operations and should not be considered as an alternative to net income, an indication of our financial performance, an alternative to cash flow from operating activities or a measure of liquidity. Because Adjusted EBITDA is not an Argentine GAAP measure, other companies may compute Adjusted EBITDA in a different manner. Therefore, Adjusted EBITDA as reported by other companies may not be comparable to Adjusted EBITDA as we report it.

(2) We define Adjusted EBITDA Margin as Adjusted EBITDA over Net Sales.

Grupo Clarin S.A. will host a conference call and webcast presentation today, May 12, 2009 at 11:00am Eastern Time (12:00pm Buenos Aires time) to discuss these results for the first quarter ended March 31, 2009.

Those interested in connecting via conference call are invited to please dial +44 (800) 092-3582 toll free from the U.K., +1 (800) 311-9401 toll free from the U.S., +1 800 333-0050 from Argentina, or +1 (334) 323-7224 from elsewhere 5-10 minutes prior to the start time. The Conference ID is #6118.

The webcast presentation will be available at http://www.grupoclarin.com.ar/ir

There will be a 60 day replay available starting one hour after the conclusion of the conference call. To access the replay, please dial +1 (877) 919-4059 toll free from the U.S., or +1 (334) 323-7226 from anywhere outside the U.S. The replay passcode is: 36618663. The webcast presentation will be archived at http://www.grupoclarin.com.ar/ir

A LONGER VERSION OF THIS PRESS RELEASE WITH DETAILED INFORMATION AND COMPLETE FINANCIAL STATEMENTS CAN BE OBTAINED FROM http://www.grupoclarin.com/IR OR BY CONTACTING:

Investor Relations Contacts

In Buenos Aires:
Alfredo Marin, M. Julia Diaz Ardaya, Alejandro Yu
Grupo Clarin S.A.
Email: investors@grupoclarin.com

In London:
Alex Money, Lorna Ellen
Temple Bar Advisory Ltd.
Tel: +44 20 7002 1080
E-mail: info@templebaradvisory.com

In New York:
Melanie Carpenter, Pete Majeski
i-advize Corporate Communications
Tel: +1 212 406 3692
E-mail: clarin@i-advize.com

Source: Grupo Clarin

CONTACT: In Buenos Aires, Alfredo Marin, M. Julia Diaz Ardaya, or
Alejandro Yu, all of Grupo Clarin S.A., investors@grupoclarin.com; or in
London, Alex Money or Lorna Ellen, Temple Bar Advisory Ltd.,
+011-44-20-7002-1080, info@templebaradvisory.com, for Grupo Clarin; or in New
York, Melanie Carpenter or Pete Majeski, i-advize Corporate Communications,
+1-212-406-3692, clarin@i-advize.com, for Grupo Clarin

Web site: http://www.grupoclarin.com/ir

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