CTC Media, Inc. Announces Management Changes
Nov 18 14
CTC Media Inc. appointed Elmira Makhmutova to serve as Head of the CTC Channel, effective January 1, 2015. Ms. Makhmutova will replace Viacheslav Murugov, who will continue to serve an advisor to the Chief Executive Officer of CTC Media. Mr. Murugov, who is currently Chief Content Officer of CTC Media and Head of the CTC Channel, will become the head of a new production company specializing in multiformat content and the most popular types of entertaining TV programs on January 1, 2015. Mr. Murugov will combine his new strategically important position with work for CTC Media as an Adviser to the CEO of CTC Media, which will both help to ensure a smooth transition and enable CTC Media to continue to benefit from Mr. Murugov's production expertise. Before the changes come into effect, Viacheslav Murugov will remain Chief Content Officer of CTC Media and Head of CTC Channel, while Elmira Makhmutova will continue to be Deputy CEO for Strategic Marketing of CTC Media.
CTC Media, Inc Declares Cash Dividend, Payable on or About December 26, 2014; Announces Unaudited Consolidated Financial Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Earnings Guidance for the Year 2014
Oct 29 14
The board of directors of CTC Media Inc. has declared a cash dividend of USD 0.175 per share (or approximately USD 27.3 million in the aggregate) to be paid on or about December 26, 2014 to shareholders of record as of December 1, 2014.
The company also announced unaudited consolidated financial results for the third quarter and nine months ended September 30, 2014. For the quarter, the total operating revenues were USD 158,567,000, compared to USD 171,084,000, for the last year. Operating income was USD 44,260,000, compared to USD 44,187,000, for the last year. Interest income was USD 2,356,000 against USD 2,233,000, for the third quarter of 2013, primarily reflecting the interest earned on CTC Media's cash balances and short--term investments. Income before income taxes was USD 47,709,000 against USD 46,307,000, for the third quarter of 2013. Net income attributable to the company’s shareholders was USD 31,595,000, compared to USD 46,655,000, for the last year. Basic and diluted earnings per share attributable to the company was USD 0.20 against USD 0.300, for the same period a year ago. OIBDA was USD 50,629,000 compared to USD 52,337,000 a year ago.
For the nine months, the total operating revenues were USD 529,126,000, compared to USD 572,386,000, for the last year. Operating income was USD 131,019,000, compared to USD 135,766,000, for the last year. Interest income was USD 8,698,000 against USD 8,203,000, for the last year. Income before income taxes was USD 134,580,000 against USD 145,045,000, for the last year. Net income attributable to the company’s share holders was USD 89,472,000, compared to USD 106,836,000, for the last year. Basic and diluted earnings per share attributable to the company was USD 0.57 against USD 0.68, for the same period a year ago, primarily reflecting the interest earned on CTC Media's cash balances and short--term investments. The company's net cash provided by operating activities decreased by USD 9.5 million, totaling USD 54,997,000 for the first nine months of 2014 against USD 64,505,000, last year, primarily due to the depreciation of the Russian ruble against the USD. In ruble terms, net cash provided by operating activities remained approximately flat, reflecting the joint effect of higher cash receipts from advertising sales and higher spending on the acquisition of programming. Acquisitions of property and equipment and intangible assets was USD 3,793,000 against USD 548,000, for the last year. OIBDA was USD 152,040,000 compared to USD 160,739,000 a year ago.
For the year 2014, the company expects comparatively less growth in total revenue due to decrease in sublicensing revenue to Ukraine. The company continue to expect digital business revenue to grow by more than 25% in 2014. The company will continue to invest in content, but The company anticipates that programming expenses will be growing not higher than total revenues and at lower pace than in 2013. The company expects OIBDA margin to be around 30% for the full year 2014.