ctc media inc (CTCM) Key Developments
CTC Media Launches Channel-Wide Second Screen Application
Aug 27 15
CTC Media has launched a channel-wide CTC Second Screen application. The CTC Second Screen uses sound to synchronise a mobile device with a TV, offering viewers of CTC Channel an opportunity to follow shows simultaneously on two screens. CTC Second Screen will cover all CTC Channel programming throughout the 2015-2016 season. The new application will serve as an 'air satellite' offering CTC Channel viewers extra content and an opportunity to communicate in real time, to subscribe for updates and to purchase a variety of products.
CTC Media Decides Not to Pay Dividends in the Third Quarter of 2015
Aug 7 15
The board of directors of CTC Media Inc. decided not to pay dividends in the third quarter of 2015 to preserve the financial and strategic flexibility of the company in the current market, operational and corporate circumstances.
CTC Media, Inc Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015
Aug 7 15
CTC Media Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. Total operating revenues were $92.3 million compared with $184.3 million a year ago. This was primarily driven by the estimated decrease of 21% in ruble terms year-on-year in the Russian television advertising market and a lower year on year target audience share of CTC channel, partially offset by higher target audience share of Domashny and Peretz channels, as well as increased revenues from Channel 31 and its other non-core businesses. Operating income was $6.5 million compared with $38.6 million a year ago. Income before income tax was $7.3 million compared with $40.96 million a year ago. Net income attributable to the company stockholders was $4.7 million or $0.03 per basic and diluted share compared with $26.7 million or $0.17 per basic and diluted share a year ago. OIBDA was $10.6 million compared with $45.4 million a year ago.
For the six months, the company's total operating revenues were $171.4 million compared with $370.6 million a year ago. Operating income was $11.3 million compared with $86.8 million a year ago. Income before income tax was $14.6 million compared with $86.9 million a year ago. Net income attributable to the company stockholders was $13.1 million or $0.08 per basic and diluted share compared with $57.9 million or $0.37 per basic and diluted share a year ago. Net cash used in operating activities was $4.7 million compared with net cash provided by operating activities of $49.99 million a year ago, primarily reflecting the lower cash receipts from advertising sales, and, to a lesser extent, the effect of the depreciation of the Russian ruble against the US dollar, partially offset by lower spending on the acquisition of programming. Acquisitions of property and equipment and intangible assets were $1.97 million compared with $2.2 million a year ago. OIBDA was $18.95 million compared with $101.4 million a year ago.
CTC Media, Inc Announces Delay of Earnings Results Release Date for the Second Quarter and First Half 2015
Aug 4 15
CTC Media Inc. planned to unveil financial results to US GAAP for the second quarter and first half 2015 on August 7, 2015. The company planned to unveil the results last week but decided to delay publication in order to "analyze the reporting".
UTH Enters Into Exclusivity Period For Acquisition Of 75% Stake In CTC Investments
Jul 24 15
CTC Media, Inc (NasdaqGS:CTCM) and UTH Russia entered into a letter agreement on July 17, 2015 and countersigned by UTH on July 23, 2015, granting UTH a period of exclusivity during which UTH will have the exclusive right to negotiate with CTC Media regarding a proposed acquisition by UTH of 75% of the outstanding participation interests in CTC Investments, LLC. The exclusivity period under the letter agreement will terminate on September 30, 2015. The exclusivity period will terminate earlier in the event that UTH ceases to purse the transaction or CTCM receives an unsolicited superior proposal in respect of a competing transaction. In the event CTCM receives such a superior proposal, UTH would have a right to match the material terms of such proposal; in addition, CTCM would have an obligation to reimburse UTH for its transaction-related expenses to date. CTC and UTH also agree that any binding agreement in respect of the Possible Transaction will provide that, in the event that CTCM terminates such binding agreement in order to pursue a superior proposal prior to the date on which CTCM’s stockholders approve such transaction, CTCM will pay to UTH $5 million and cash in an amount equal to all of the third-party fees and expenses actually incurred to the date of termination by or on behalf of UTH in connection with the transaction.