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CTC Media Financial Results For The Fourth Quarter And Full Year Ended December 31, 2012

MOSCOW, March 6, 2013 (GLOBE NEWSWIRE) -- CTC Media, Inc. ("CTC Media" or the "Company") (Nasdaq:CTCM), Russia's leading independent media company, today announced its unaudited consolidated financial results for the fourth quarter and full year ended December 31, 2012.
  Three Months       Twelve Months    
  Ended December 31,       Ended December 31,    
(US$ 000's except per share data) 2011 2012   Change   2011 2012   Change
Total operating revenues  $ 236,758  $ 264,233    12%    $ 766,360  $ 804,946   5%
Total operating expenses (238,264) (169,391)   -29%   (643,675) (655,059)   2%
Total operating expenses before non-recurring items 1 (148,725) (169,391)   14%   (537,293) (572,556)   7%
OIBDA 2 3,218 103,809   nm 3   140,334 173,905   24%
OIBDA margin 2 1.4% 39.3%       18.3% 21.6%    
Adjusted OIBDA 2, 4 92,757 103,809   12%   246,716 256,408   4%
Adjusted OIBDA margin 2,4 39.2% 39.3%       32.2% 31.9%    
Net income (loss) attributable to CTC Media, Inc. stockholders (24,535) 64,875   nm   53,118 93,063   75%
Fully diluted earnings per share  $ (0.16)  $ 0.41    nm    $ 0.34  $ 0.59   74%
Adjusted net income attributable to CTC Media, Inc. stockholders 4 61,434 64,875   6%   152,561 157,794   3%
Adjusted fully diluted earnings per share 4  $ 0.39  $ 0.41   5%    $ 0.97  $ 1.00   3%

1 Total operating expenses (before non-recurring items) is a non-GAAP financial measure that excludes a $11.1 million non-recurring charge arising from the impairment of the DTV trade name and $95.2 non-recurring charge arising from the impairment of goodwill and broadcasting licenses in 2011 (Q4 2011: 89.5 million), as well as a $82.5 million non-recurring charge arising from the impairment of analog broadcasting licenses in the third quarter of 2012. Please see the accompanying financial tables at the end of this release for a reconciliation of total operating expenses (before non-recurring items) to GAAP total operating expenses.

2 OIBDA is defined as operating income before depreciation and amortization. OIBDA margin is defined as OIBDA divided by total operating revenues. Both OIBDA and OIBDA margin are non-GAAP financial measures. Please see the accompanying financial tables at the end of this release for a reconciliation of OIBDA to operating income and OIBDA margin to operating income margin.

3 Number is not meaningful

4 All adjusted numbers are non-GAAP financial measures reported before the non-recurring items described above. Please see the accompanying financial tables at the end of this release for a reconciliation of adjusted OIBDA to OIBDA, adjusted net income to GAAP reported net income and adjusted diluted earnings per share to GAAP reported earnings per share.

  • Total revenues of $804.9 million – up 10% year-on-year in ruble terms
  • Russian advertising revenues up 9% year-on-year in ruble terms
  • Adjusted OIBDA of $256.4 million with an adjusted OIBDA margin of 31.9%
  • Adjusted fully diluted earnings per share up 3% year-on-year to $1.00 (2011: $0.97)
  • Net cash position 1 of $173.4 million at the end of the period
  • Payment of cash dividends of $0.52 per share (or $82.2 million in the aggregate) in 2012
  • The Board of Directors currently intends to pay cash dividends of $0.63 per share (or up to approximately $100 million in the aggregate) in 2013 and has declared a cash dividend of $0.15 per share (or approximately $24 million in the aggregate) to be paid on or about March 29 to shareholders of record as of March 20, 2013, with further dividends anticipated in the remaining quarters of 2013

  • Combined Russian national inventory 98% sold-out in Q4 and 97% sold-out for the full year
  • Year-on-year increases in technical penetration of CTC, Domashny and Peretz networks to 95.1% (2011: 94.7%), 88.5% (2011: 84.9%), and 83.8% (2011: 80.1%), respectively
  • Domashny and Peretz channels recorded all-time high average annual audience shares in 2012
  • CTC and Domashny channels selected in a public tender to be included in the second digital multiplex
  • CTC-International channel launched in Armenia, Azerbaijan, Georgia, Kazakhstan and Kyrgyzstan

Boris Podolsky, Chief Executive Officer of CTC Media, commented: "We had a record year for CTC Media with Group sales for the first time exceeding $800 million. We also delivered a stable year-on-year OIBDA margin of 32%, when adjusted for one-off non-cash impairment charges.

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