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CTC Media Financial Results For The First Quarter Ended March 31, 2013

Stocks in this article: CTCM

MOSCOW, May 2, 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 first quarter ended March 31, 2013.

  Three Months   Change
  Ended March 31,     
(US$ mln except per share data) 2012 2013 in USD in RUB
Total operating revenues $191.1 $195.3 2% 4%
Total operating expenses (141.1) (153.1) 8% 10%
OIBDA 1 55.1 50.6 -8% -6%
OIBDA margin 1 28.8% 25.9%    
Net income attributable to CTC Media, Inc. stockholders 32.6 28.6 -12% -11%
Diluted earnings per share  $0.21 $0.18 -14%  


  • Total revenues up 4% year-on-year in ruble terms to $195.3 million
  • Russian advertising revenues up 7% year-on-year in ruble terms
  • OIBDA of $50.6 million, with an OIBDA margin of 25.9%
  • Fully diluted earnings per share of $0.18 (Q1 2012: $0.21)
  • Net cash position 2 of $137.9 million at the end of the period
  • Payment of cash dividends of $0.15 per share
  • Board of Directors currently intends to pay aggregate cash dividends of approximately $0.63 per share in 2013 and has declared a cash dividend of $0.16 per share (or approximately $25 million in the aggregate) to be paid on or about June 26, 2013 to shareholders of record as of June 3, 2013, with further dividends anticipated in the remaining quarters of 2013


  • Combined Russian national inventory was fully sold-out for Q1 and is approximately 90% contracted for the full year
  • CTC Media signed digital distribution agreements with Russian Television and Radio Network (RTRS) for CTC and Domashny channels, with digital broadcasting fees payable to RTRS in 2013 of approximately $3 million per channel
  • Lorenzo Grabau appointed as a new member and Co-Chairman of CTC Media's Board of Directors and Jørgen Madsen Lindemann elected as a new member of CTC Media's Board of Directors effective April 30, 2013 (both have been designated by Modern Times Group MTG AB, CTC Media's largest stockholder)
  • 2013 Equity Incentive Plan approved by annual general meeting of stockholders
  • CTC Media to launch in the current quarter a stock repurchase program to acquire up to 2.5 million shares of common stock, for use under the Company's 2013 Equity Incentive Plan

Boris Podolsky, Chief Executive Officer of CTC Media, commented, "In the first quarter CTC Media as a group of channels maintained second place among Russian television holdings in terms of viewing share in the 10 to 45 age segment. We are pleased with the ratings dynamics of our flagship CTC channel in the quarter, with its audience share up compared with the fourth quarter of last year. It also grew consecutively in each of the months of Q1 as we launched our spring season premieres, while audience share in April was up year-on-year. We are pleased with our year-to-date prime time performance, with projects like " Kitchen," "Traffic Light" and "The 80's" delivering outstanding average audience shares of 14-20% in the target 10-45 demographic. Final episode of the second season of "Kitchen" was watched by a third of viewers in Moscow, which is a 3-year high for the CTC channel. The viewing share indicators confirm that the CTC's repositioning to reaching family audiences through adults is complete and is bringing fruit. We have prime time grid fully contracted for the remainder of 2013 with even higher concentration of brand new premieres and new episodes of proven hits scheduled for the Fall season."

"Domashny and Peretz grew their sales ahead of the Russian TV advertising market in the first quarter despite year-on-year audience share declines. In 2012, we focused on growing our smaller channels' audience shares and successfully took them to their all-time-high annual levels. In 2013, we are focusing on retaining the core loyal audience while further enhancing the demographic profiles of our channels."

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