BUENOS AIRES, Argentina, May 12, 2011 /PRNewswire/ -- 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 2011. Figures in this report have been prepared in accordance with Argentine GAAP as of March 31st, 2011 and are stated in Argentine Pesos, unless otherwise indicated.

Highlights (1Q11 vs. 1Q10):

• Net Sales totaled Ps. 2,073.4 million, an increase of 26.2% from 1Q10, mainly due to ARPU and subscriber growth in the Cable TV and Internet Access segment and, to a lesser extent, to higher advertising sales in the Broadcasting and Programming and Printing and Publishing segments.
• Adjusted EBITDA (1) reached Ps. 620.5 million, an increase of 17.1% from 1Q10, mainly driven by higher sales in the Cable and Internet Access segment.
• Grupo Clarin's Adjusted EBITDA Margin (2) for 1Q11 was 29.9%, compared to 32.2% in 1Q10.
• Net Income totaled Ps. 151.6 million, an increase of 61.1% from the Ps. 94.1 million reported in 1Q10.

(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.

SOURCE Grupo Clarin S.A.

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http://www.grupoclarin.com/ir