FORT LAUDERDALE, Fla., Feb. 28 /PRNewswire/ -- Totally free, personalized fundraising consulting is now available for all Florida nonprofits 24/7 at www.fundraisershotline.com.
"Florida nonprofit fundraisers may ask anything they want - like How can I find donors? or How can I get my board to give more and to ask others to give? It's absolutely one-on-one attention. They won't be getting boilerplate answers," says Dr. Stephen L. Goldstein, creator of the hotline and president of The Nonprofit Institute, Educational Marketing Services in Fort Lauderdale.
"Nonprofits always have a hard time raising money. But many are really struggling in today's bad economy, especially in Florida. They need immediate professional advice tailored to their specific needs. But most nonprofits cannot afford to hire an expert to give them quick answers to their pressing questions. So, www.fundraisershotline.com gives them personal access to an experienced professional to be their sounding-board to increase their fundraising success," Goldstein adds.
That's what's so unique about the hotline. It's quick, efficient, direct --and free, of course. Getting answers from the hotline is simple. Go to www.fundraisershotline.com, fill out the short user form, ask a question, then send it to Dr. Goldstein. There is absolutely no cost or obligation. Every question is answered personally and within 24 hours.
Columnist, author, consultant, TV and radio personality, and workshop leader - Dr. Stephen L. Goldstein is a nationally recognized marketing, communications, and fundraising executive, as well as a trends analyst and forecaster. For more than 30 years, he has developed strategies for nonprofit success.
Dr. Goldstein is now the co-producer and host of "The Forum for Nonprofits," which airs on WNN & WSBR and may be heard 24/7 at www.forumfornonprofits.com. He was the producer and host of "Fundraising Success," a weekly radio program on WXEL, 90.7FM/National Public Radio and still available at any time from anywhere in the world at www.wxelpodcasts.org.
Dr. Goldstein's "Fundraising Guru" columns have appeared in The South Florida Sun-Sentinel and have been a regular feature of the Scripps papers on Florida's Treasure Coast. He is the author of the bestseller, 30 Days to Successful Fundraising.
Goldstein is also the developer of "Fundraising Briefing Books," the basis for the workshops and tailored consulting programs he offers nationwide.
Media contact:
Stephen Goldstern
954-772-4455
trendsman@aol.com
Viper Mailer Updates apply intelligence and provide a simplified client interface with three-step quick send, sender-proofing protection and take action undelivered message management.
PALM SPRINGS, Calif., Feb. 27 /PRNewswire/ -- Viper Mailer releases three advanced features that are well-timed for the current economy, equipped with an ease-of-use client interface to simplify the process for businesses utilizing email-message-sending campaigns.
Recognizing that businesses, organizations and membership groups are looking to apply email marketing for the first time, yet are scaling back on personnel and reducing expenses, Viper Mailer realizes the need of their clients to get offerings out to customers and members.
Viper Mailer developed three ease-of-use client software additions, providing an intelligent and simplified build-and-send component as well as a test and proofing protection feature to prevent client-sending errors. Viper Mailer has also added undeliverable message contact bounce back management features.
New Feature Benefits Expanded Below
Patrick E. Lara, Chief Technology Officer (CTO) for Viper Logic, explains that the current function of email marketing was in need of intelligence and simplification. In reviewing competing suppliers of email marketing services, the contact management, message-build process, send and tracking system, and through listening to Viper Mailer client feedback, the entire process was a burden and making the use of email marketing services a real task to accomplish. The Viper Mailer system now offers an email marketing service with simplicity in mind.
In addition to applying features, the Viper Mailer system offers clients and visitors to the site an Education and Training Center that shares the most comprehensive email marketing educational tips, techniques and training that, when followed, provide the best email campaign results.
About Viper Logic:
Viper Logic Corp., founded in May 1993, is a software engineering and development company. As a software company in 2005, Viper Logic created Viper Mailer, a customer retention, call to action and business growth concept via a web-based automated software service made possible through our Advanced Technology Engineering team's methodology.
SHANGHAI, Feb. 27 /PRNewswire-Asia-FirstCall/ -- Acorn International, Inc.
("Acorn") (NYSE: ATV), a leading integrated multi-platform marketing company
in China, will release its financial results for the fourth quarter and fiscal
year ended December 31, 2008 before the market opens on Monday, March 9, 2009.
A copy of the earnings release will be available on the company's website at
http://www.chinadrtv.com .
Acorn's management has scheduled a conference call at 8:00 a.m. ET on
March 9, 2009 (8:00 p.m. Beijing Time) to discuss the Company's perspective on
the results and answer questions. You may access the live interactive call via:
Please dial-in approximately 10 minutes in advance to facilitate an
on-time start.
A replay will be available for approximately two weeks after the call and
may be accessed via:
-- +852 3005 2020 (International)
-- Passcode: 136511#
A live and archived webcast of the call will be available on the Company's
website at http://www.chinadrtv.com .
About Acorn
Acorn International (NYSE: 'ATV') is a leading integrated
multi-platform marketing company in China, operating China's largest TV direct
sales business in terms of revenues and TV air time and a nationwide off-TV
distribution network. Acorn's TV direct sales platform consists of airtime
purchased from both national and local channels. In addition to marketing and
selling through its TV direct sales programs and its off-TV nationwide
distribution network, Acorn also offers consumer products and services through
catalogs, an outbound telemarketing center and an e-commerce website.
Leveraging its integrated multiple sales and marketing platforms, Acorn has
built a proven track record of developing and selling proprietary-branded
consumer products, as well as products and services from established third
parties.
For further information, please contact:
Acorn International
Chen Fu, Director of Investor Relations
Tel: +86-21-5151-8888 x2228
Email: ir@chinadrtv.com
PRChina
Jane Liu
Tel: +852-2522-1838
Email: jliu@prchina.com.hk
Henry Chik
Tel: +852-2522-1368
Email: hchik@prchina.com.hk
Award-Winning Work Moves Onto the Regional ADDY(R) Competition
NEW YORK, Feb. 26 /PRNewswire-FirstCall/ -- 'mktg,' (Nasdaq: CMKG) a leader in alternative media and marketing services, won three ADDY(R) Awards at Cincinnati's regional competition which took place on February 7th at Paul Brown Stadium. 'mktg' won a Gold ADDY for their online campaign representing Starkist/Vocalpoint.com "Tunavision," and two Silver ADDY'S for their online campaigns representing Ford Sync/Vocalpoint.com "Get Street Smart with Sync," and "Find Your Edge with Ford."
Vocalpoint, a subsidiary of Proctor & Gamble, is an online social media network created for moms to discuss exclusive information on the newest products and ways to use old favorites. Through newsletters, products in the mail, and online surveys, women talk candidly online and share their opinions with other women to help determine what types of products Vocalpoint will send out in the future. The online social media network enables women to help the people they care about by sharing information to make their lives easier.
The Cincinnati Advertising Club's annual ADDY(R) competition honors the best and the brightest in the advertising world. The award-winning work moves on to the regional ADDY competition, with the hope of advancing to the national adjudication.
"We are honored to be recognized by our peers and to win these prestigious awards," says Tim Engle, Vice President of Creative for 'mktg'. "These awards are a reflection of our commitment to providing clients with integrated marketing solutions that create effective consumer conversations by leveraging the power of alternative media and marketing channels."
"Working with innovative clients such as Starkist and Ford made the creative process exceptional - as demonstrated in the work," commented Gary DeJesus, Chief Marketing Officer of Procter & Gamble owned Vocalpoint.
'mktg' is a new agency breed in the sphere of marketing services companies that was launched in July 2008. The firm is organized to capitalize on increased client spending in experiential marketing, digital marketing and retail promotions and the need for more effective and efficient integrated marketing programs.
In a recent Promo magazine survey 79.6% of marketers expect their event budgets to either increase or stay the same in 2009. *
According to e-Marketer.com, retail promotions increased from 6% to 29% of the overall marketing budget for consumer products companies.**
According to eMarketer, digital-banner ads, e-mail, online video, podcasts and webcasts will be the least affected by budget cuts in 2009 and social network advertising will increase 3.6% in 2009. ***
About 'mktg'
'mktg' (Nasdaq: CMKG) is an alternative media and marketing services company headquartered in New York with full service offices in San Francisco, Chicago, Cincinnati and Toronto and over 40 field activation offices in the U.S. The company currently serves a variety of the world's most recognizable brands, including Diageo, P&G, Nintendo, Pepsi, Nike, Apple, Coty, Scottrade, SAP, Bayer and Google/YouTube. The company's services include experiential marketing, digital marketing, retail promotions and strategic research and planning. The firm's programs help its clients profitably connect with consumers and create networks of brand advocates to generate brand awareness and higher sales for its customers. For more information, please visit www.mktg.com.
FUZHOU, China, Feb. 26 /PRNewswire-Asia-FirstCall/ -- China Yida Holding,
Co. (OTC Bulletin Board: CYID) ("the Company" or "China Yida"), one of China's
leading comprehensive tourism and media management companies, recently
announced that its wholly-owned subsidiary, Fuzhou Fuyu Advertise, LLC ("FETV")
has entered into a Cooperation Agreement (the "Agreement") with the Railway
Media Center ("RMC") in order to achieve their cooperation in television
program broadcast on trains. Pursuant to the Agreement, the Company obtains
the exclusive production right of the television program titled "Journey
through China on the Train" and advertisement management right for a term of
six years. The Company will be responsible for planning, filming, producing,
and advertising, and RMC will be responsible for broadcasting the Journey
Program on its national railway television program network. During the first
three years, the Company is obligated to pay RMC in a sum of 300,000 RMB, and
during the remaining three years, the Company will pay RMC 350,000 RMB. The
Company is entitled to the remaining income arising from the operation of the
Journey Program.
RMC Initiates Cooperation with China Yida Successfully Lands on a National
Media Platform
RMC engages in filming and producing television and audio programs on
behalf of the Chinese Ministry of Railway. Their television program broadcast
network covers all the large and medium cities in every province and the
surrounding areas of the railway operated by 18 Railway Bureaus. Their
television program broadcasted on trains will cover all the high-speed motor
train units, and seven Tibet train lines. Passengers on long trips hope to
enjoy relaxing programs related to travel and also obtain travel tips. Due to
the lack of professionals, railroad television programs have been of low
quality, failing to meet the needs of the public. Therefore, the Ministry of
Railway is in urgent need to resolve this problem.
FETV is a leading comprehensive tourism and media management company with
successful practical experience, professional and competitive media management
team, extensive customer and social network. In consideration of the Company's
qualifications, RMC initiated negotiation with the Company to explore
cooperation opportunities. After their initial meeting, the Company promptly
planned and produced the Journey Program. The Ministry of Railway highly
evaluated the Journey Program, acknowledging that the Journey Program
represents the style and quality of railway television program they have been
contemplating for a long time but failed to produce. Active and relaxing, the
Journey Program hosts present tourist information and various tourism
destinations around the country in humorous and joyful style.
The Journey Program comprises four 20-minute episodes, namely "Landscapes
Appreciation," Photography and Traveling," "Traveling on the Way," and "Travel
Tips." Each segment can be sold and operated independently. 15'' commercials
can be inserted into each segment break eight times. These commercials as part
of the Journey Program will be broadcasted to passengers traveling on Tibet
train lines and high-speed motor train units daily on a rolling basis, and the
national railway television broadcast network weekly on a rolling basis.
Significant Impact on China Yida's Successful Business Expansion Model
The cooperation between the Company and RMC involves three major
television broadcast platforms, consisting of the Tibet train lines, motor
train units, and national railway television network, covering all the major
cities (Beijing, Tianjin, Shanghai, Nanjing, Guangzhou, Shenzhen, Jinan,
Qingdao and etc.), seven train lines into Tibet, millions of traveling
population, approximately 2,600,000 households, 10,400,000 residents in the
surrounding areas of railway. Most importantly, in an enclosed train car, the
Journey Program will easily obtain passengers' attention. Further, passengers
on the Tibet train lines and motor train units having high consumption ability
and potential are always the targeted advertising population of various
industries, such as travel, automobile, real estate, communication, apparel,
accessories and luxury commodities. Therefore, the Journey Program has
tremendous market penetration ability and operation potential.
Dr. Chen Minhua, Chairman of the Company, happily stated that this project
would significantly propel China Yida's media management expansion and
multi-dimensional operation.
Firstly, the Chinese Ministry of Railways highly recognized the Company's
"Tourism-Media" development strategy business model that will be well accepted
and reproduced nationally, which can potentially enhance the Company's
reputation in the national media industry.
Secondly, the project also brings significant economic benefit. The
Company relies on its own professional expertise and leading position in
tourism and media industry. Therefore, with low operation costs, the Company
can generate significant economic benefits.
Thirdly, the project has significant operational growth potential. The
aggregate mileage of China's railway system is approximately 77,083.8
kilometers, with its length ranked as the first in Asia and the third in the
world. As the main artery of China's economic growth, the railway is the main
transportation vehicle for Chinese people. According to the statistics of the
Ministry of Railways, the railway carried 1,700,000,000 passengers in 2007.
In 2010, the railway will carry 2,000,000,000 passengers annually and this
number will reach 4,000,000,000 in 2020. The average time that each passenger
spends on train is about 15 hours. Therefore, the railway television media
will become a new media industry. Pursuant to the Agreement, the Journey
Program will be broadcast in the same manner on all newly installed train
television network after the effective date of this Agreement. As a result,
such project will bring good prospect for Chinese's future management
development.
Fourthly, this project will build a new promotion platform for the tourism
destinations operated by the Company, not only reducing its operation cost,
but also promoting the brand names of these destinations. At the same time,
China Yida's large number of travel advertisement clients will become
potential partners in its development of travel industry.
In general, this Agreement demonstrates the successful development of
China Yida's unique business model, and strengthens our leading position in
China's tourism and media management.
For more information, please contact:
George Wung
CFO
China YIDA Holding Co.
Tel: +1-626-379-2019
Email: G.wung@yidacn.net
MOSCOW, February 26 /PRNewswire-FirstCall/ --
- Consolidated Revenues up 36% Year-on-Year to $640.2 Million
- Adjusted OIBDA(1)(2) up 27% Year-on-Year to $280.2 Million
- Adjusted net Income(1) up 30% Year-on-Year to $176.1 Million
- Adjusted Earnings per Share(1) up 29% Year-on-Year to $1.11
CTC Media, Inc. ("CTC Media" or "the Company") (NASDAQ: CTCM), the
leading independent media company in Russia, today announced its unaudited
consolidated financial results for the fourth quarter and year ended December
31, 2008.
Three Months Year
Ended December 31, Ended December
(US$ 000's 2007 2008 Change 2007 2008 Change
except per
share data)
Total operating
revenues $161,704 $187,348 15.9% $472,056 $640,171 35.6%
Total operating
expenses
(before
impairment
charge) (3) (76,863) (94,636) 23.1% (278,995) (373,307) 33.8%
Adjusted OIBDA
(1)(2) 92,752 96,537 4.1% 220,422 280,243 27.1%
Adjusted OIBDA
margin (1)(2) 57.4% 51.5% (5.9%) 46.7% 43.8% (2.9%)
Non-cash
intangible
asset
impairment
charge - 232,683 - 232,683
Reported
OIBDA(2) 92,752 (136,146) (246.8%) 220,422 47,560 (78.4%)
Reported OIBDA
margin (2) 57.4% (72.7%)(130.1%) 46.7% 7.4% (39.3%)
Adjusted net
income (1) 59,699 64,635 8.3% 135,913 176,133 29.6%
Adjusted
diluted
earnings per
share (1) $0.38 $0.41 7.9% $0.86 $1.11 29.1%
Reported net
income 59,699 (89,044) (249.2%) 135,913 22,454 (83.5%)
Reported
diluted
earnings per
share $0.38 $(0.57) (250.0%) $0.86 $0.14 (83.7%)
(1) All adjusted numbers are non-GAAP financial measures reported before
the effect of an impairment of intangible assets relating to DTV
our Group in Russia, Channel 31 in Kazakhstan and broadcasting group
in Moldova. 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.
(2) OIBDA is defined as operating income before depreciation and
amortization (exclusive of amortization of programming rights and
sublicensing rights). 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) Total operating expenses (before impairment charge) is a non-GAAP
financial measure that excludes an impairment of intangible assets
charge relating to our DTV Group in Russia, Channel 31 in Kazakhstan
and broadcasting group in Moldova. Please see the accompanying
financial tables at the end of this release for a reconciliation of
total operating expenses (before impairment charge) to GAAP total
operating expenses.
Full Year Financial Highlights
- Consolidated revenues up 35.6% year-on-year to $640.2 million
- Adjusted OIBDA up 27.1% year-on-year to $280.2 million, with an
adjusted OIBDA margin of 43.8%
- Adjusted net income up 29.6% year-on-year to $176.1 million
- Adjusted fully diluted earnings per share up 29.1% year-on-year to
$1.11
- $232.7 million aggregate non-cash charge arising from impairment of
intangible assets of DTV Group in Russia, Channel 31 in Kazakhstan and
broadcasting group in Moldova
Full Year Operating Highlights
- Average combined 4+ audience share in Russia up year-on-year from 11%
in 2007 to 13% in 2008
- Year-on-year increase in year-end technical penetration of CTC,
Domashny and DTV networks to 87.5% (from 87.4%), 71.0% (from 64.8%),
and 61.0% (from 54.4%), respectively
- Acquisition of DTV Group Russia for $395 million in April 2008
- Acquisition of Channel 31 in Kazakhstan for $65 million in February
2008 and successful re-launch in CTC format in April 2008
- Acquisition of 51% of Teledixi SRL and Muzic Ramil SRL broadcasting
group in Moldova for $4 million in October 2008
- Integration of Costafilm and Soho Media production companies and
development of in-house content production
- Securing of $135 million syndicated loan facility in June 2008
Anton Kudryashov, Chief Executive Officer of CTC Media, commented:
"2008 was another year of high sales and profit growth for CTC Media, as
well as a year in which we substantially expanded the group's operations.
Sales were up 36% year-on-year, adjusted OIBDA was up 27%, and we achieved a
44% margin, all of which is in-line with the guidance that we provided in
October. Executing on our strategic development plan, we have expanded from a
Russian business with two networks to an international company with three
complementary networks in Russia and new broadcasting operations in
Kazakhstan, Uzbekistan and Moldova, while also adding significant content
production capabilities through the integration of Costafilm and Soho Media.
We have also continued to successfully invest in our core programming
schedules, which has resulted in further audience and market share gains for
our networks."
"The operating environment deteriorated in the second half of the year
due to the financial crisis and wider economic slowdown that has affected all
markets. Advertising markets are being particularly impacted by this
deterioration. Television is however continuing to increase its share of
total advertising spend and CTC Media is more strongly positioned among its
peers than ever. In light of the changed market conditions, we have acted to
adjust our cost base by reducing expenditure and investment levels across the
board. We are actively engaged in negotiations with the domestic and
international content producers in order to reduce the forward cost but
maintain the quality of the programming that we broadcast. Furthermore, we
were in a net cash position at the end of the year, with most of our cash
held in dollars."
Operating Review
Three Months Year
Ended December 31, Ended December 31,
(US$ 000's ) 2007 2008 Change 2007 2008 Change
Operating revenues:
CTC Network $104,211 $115,547 10.9% $321,030 $412,614 28.5%
Domashny Network 13,750 19,166 39.4% 39,077 64,142 64.1%
DTV Network n/a 13,463 n/a n/a 35,868 n/a
CTC Station Group 37,381 27,669 (26.0%) 95,315 95,033 (0.3%)
Domashny Station
Group 6,362 4,655 (26.8%) 16,634 16,003 (3.8%)
DTV Station Group n/a 1,734 n/a n/a 5,069 n/a
CIS Group n/a 4,950 n/a n/a 10,930 n/a
Production Group n/a 164 n/a n/a 512 n/a
Total operating
revenues $161,704 $187,348 15.9% $472,056 $640,171 35.6%
CTC Media's total operating revenues grew by 15.9% year-on-year to $187.3
(from $161.7) million in the fourth quarter and by 35.6% to $640.2 (from
$472.1) million for the full year. The increase reflected the continued
growth of the Russian television advertising market and higher advertising
prices, which were partly driven by a decrease in the amount of advertising
permitted to be broadcast under Russian law from January 1, 2008. The results
were also impacted by the consolidation of DTV Group in Russia, CIS Group and
Production Group which added a combined total of $20.3 million of operating
revenues in the fourth quarter and $52.4 million for the full year.
The value of the Russian ruble began to materially depreciate against the
US dollar in August 2008. Because advertising is primarily placed in rubles
in Russia and the Company's reporting currency is the US dollar, this
exchange rate movement negatively impacted the Company's reported
year-on-year advertising revenue growth in the fourth quarter by
approximately 9%. However, the full year impact of this exchange rate
movement was marginally positive and accounted for approximately 2% of the
year-on-year advertising revenue growth.
The year-on-year development in advertising revenues for the Television
Station Groups, when compared with Networks, was adversely impacted by a
decrease in the relative amount of advertising sold by the Company's owned
and operated stations. This was due to the increase in advertising rates and
the resulting shift by advertisers of their advertising budgets to national
rather than local campaigns. Television Station Group revenues in 2008 were
also adversely impacted by a higher effective commission rate paid to Video
International (15% in 2008 versus 4% in 2007).
CTC, Domashny, DTV and Channel 31 all demonstrated year-on-year target
audience share growth in the fourth quarter, which was primarily driven by
the success of the fall season schedules, as well as increased technical
penetration for the Domashny and DTV Networks. The prime-time audience share
drivers on the flagship CTC Network were the Daddy's Girls sitcom and Ranetki
series, both of which were produced in-house by Costafilm. Domashny's prime-
time audience share was boosted by re-runs of the CTC hit show Born Not
Pretty and a foreign crime investigation series, while DTV featured ratings
winners including Silent Witness, CSI and Marital Fiction (Brachnoe Chtivo).
DTV is being repositioned in 2009 to focus on 25-54 year-old female and
male viewers, with a programming concept based around the crime investigative
genre, which will include quality foreign series and movies as well as
locally produced content.
The audience measurement system in Russia was modified effective January
1, 2009 following an updated census that demonstrated changes in the
demographic profile of Russia's population. The census showed that the
relative percentage of children, particularly teenagers, in the overall
population has decreased due to a significant decline in the birth rate
between 1990 and 1995. The Company currently expects that this modification
in the audience measurement system may decrease CTC Network's target audience
share by up to 0.7 percentage points.
The following table sets forth the Company's consolidated operating
expenses for the fourth quarter and full year 2008 before the asset
impairment charge referred to above:
Three Months Year
Ended December 31, Ended December 31,
(US$ 000's) 2007 2008 Change 2007 2008 Change
Operating expenses
(before impairment
charge):
Direct operating
expenses $5,193 $9,753 87.8% $18,794 $33,727 79.5%
Selling, general and
administrative
expenses 16,288 23,404 43.7% 69,680 97,201 39.5%
Amortization of
programming rights 44,979 56,328 25.2% 153,531 220,557 43.7%
Amortization of
sublicensing rights 2,492 1,326 (46.8%) 9,629 8,443 (12.3%)
Depreciation and
amortization 7,911 3,825 (51.6%) 27,361 13,379 (51.1%)
Total operating
expenses (before
impairment charge) $76,863 $94,636 23.1% $278,995 $373,307 33.8%
Underlying or organic consolidated operating expenses increased by 7.3%
year-on-year to $82.5 (from $76.9) million in the fourth quarter and by 17.6%
to $328.1 (from $279.0) million for the full year, when excluding DTV Group,
CIS Group and Production Group companies, which were acquired and
consolidated in 2008. These newly acquired businesses added $12.1 million to
fourth quarter 2008 total operating expenses and $45.2 million for the full
year.
The year-on-year increase in direct operating expenses primarily
reflected the consolidation of DTV Group from April 2008 (adding $1.8 million
in the fourth quarter and $5.9 million for the full year) and CIS Group from
March 2008 (adding $0.7 million in the fourth quarter and $1.9 million for
the full year), as well as wage inflation and the greater scale of the
Company. The year-on-year increase in the fourth quarter also reflected
higher transmission and maintenance costs at the Domashny and CTC
owned-and-operated stations, as well as a $1.1 million provision by CTC
Network relating to prepayments for certain programming rights.
The year-on-year increase in selling, general and administrative expenses
was again primarily due to the consolidation of DTV Group (adding $2.2
million in the fourth quarter and $6.1 million for the full year), CIS Group
(adding $1.8 million in the fourth quarter and $5.9 million for the full
year), and the Costafilm and Soho Media production companies (adding $0.5
million in the fourth quarter and $3.7 million for the full year). Salaries
and benefits rose in line with inflation and the increase in overall
headcount, while expenses related to the Company's stock-based compensation
scheme increased year-on-year to $4.0 (from $3.4) million in the fourth
quarter and $15.2 (from $13.0) million for the full year principally due to
issuing new stock options during the year.
Programming expenses increased year-on-year as a percentage of total
revenues to 30.1% (from 27.8%) in the fourth quarter and 34.5% (from 32.5%)
for the full year. The growth reflected higher programming costs at CTC and
Domashny for foreign movies and Russian-produced series and shows, as well as
the impact of the consolidation of DTV Group (adding $4.0 million in the
fourth quarter and $11.2 million for the full year) and CIS Group (adding
$1.9 million in the fourth quarter and $4.9 million for the full year). The
results also included the impact of the change in amortization policy for
Russian produced series with twenty or more episodes with effect from the
second quarter of 2008, which increased the cost base by $2 million in the
fourth quarter and by $9 million for the full year. Programming impairment
charges increased year-on-year to $4.9 (from $2.6) million in the fourth
quarter and $16.6 (from $5.7) million for the full year following a revision
of forward revenue expectations from certain programming rights due to the
current economic uncertainty (an effect of about $2.7 million) and due to the
underperformance of three Russian series launched in the first half of 2008.
Depreciation and amortization charges were reduced year-on-year due to a
change in the way in which the Company accounts for its broadcasting
licenses. As of January 1, 2008, CTC Media no longer amortizes the cost of
its broadcasting licenses over five years but treats them as intangible
assets with an indefinite life that are subject to annual impairment tests.
Following the latest annual asset impairment test around the financial
year end, the Company has recognized an aggregate $232.7 million non-cash
charge for the impairment of the Company's intangible assets, of which $95.6
million relates to DTV Group in Russia, $132.9 million relates to Channel 31
in Kazakhstan and $4.2 million relates to the broadcasting group in Moldova.
The impairment charge relates to broadcasting licenses and trademarks at DTV
Group, to broadcasting licenses and goodwill at Channel 31 and to the
broadcasting license at our broadcasting group in Moldova. The impairment
reflects changes in the market conditions and outlook from those that
prevailed when the assets were acquired.
Consolidated OIBDA, when adjusted to exclude the abovementioned
impairment charge, increased by 4.1% year-on-year to $96.5 (from $92.8)
million in the fourth quarter and by 27.1% to $280.2 (from $220.4) million
for the full year. The adjusted consolidated OIBDA margin declined year-on
year to 51.5% (from 57.4%) in the fourth quarter and to 43.8% (from 46.7%)
for the full year.
Consolidated operating income, again when adjusted to exclude the
impairment charge, was up 9.3% year-on-year to $92.7 (from $84.8) million in
the fourth quarter, and by 38.2% to $266.9 (from $193.1) million for the full
year.
The Company reported foreign currency exchange rate losses of $17.1
million in the quarter and $28.9 million for the full year due to the impact
of the weakening of the Russian ruble on the Company's US dollar denominated
liabilities.
The Company reported net interest expenses of $2.0 million in the quarter
and $3.2 million for the full year, compared to net interest income of $3.7
million and $11.0 million for the respective periods in 2007. The development
reflected the increase in borrowing levels in 2008 following the arrangement
and full utilization of a $135 million term credit facility in June 2008.
Income before tax, when adjusted to exclude the impairment charge, of
$74.3 (2007: $86.3) million in the quarter and $237.1 (2007: $204.9) million
for the full year. Adjusted income tax expense amounted to $1.7 (2007: $24.1)
million in the quarter and $50.2 (2007: $63.2) million for the full year. The
lower adjusted effective tax rate of 2% (2007: 28%) in the fourth quarter and
21% (2007: 31%) for the full year primarily reflected the impact of the
decrease in the statutory income tax rates in Russia (from 24% to 20%) and
Kazakhstan (from 30% to 20%) from the beginning of 2009 on the Company's
deferred taxes assets and liabilities, which resulted in the recognition of a
$19.0 million income tax benefit in the fourth quarter.
Consolidated net income, when adjusted to exclude the impact of the
impairment charge, was up 8.3% year-on-year to $64.6 (from $59.7) million in
the fourth quarter and up 29.6% to $176.1 (from $135.9) million for the full
year. Adjusted fully diluted earnings per share increased year-on-year to
$0.41 (from $0.38) in the fourth quarter and to $1.11 (from $0.86) for the
full year.
Cash Flow
The Company's net cash flow from operations increased by 18.0% year-on-
year to $185.9 (from $158.0) million in 2008.
CTC Media spent $409.0 (2007: $34.8) million on the acquisition of
businesses during the year, which primarily included the acquisitions of DTV
Group and Channel 31 Group. Capital expenditure amounted to $10.1 (2007:
$5.6) million, which was equivalent to 1.6% of total operating revenues.
Cash flow from financing activities amounted to $20.6 (2007: $0.7)
million for the full year and included a net change in borrowings of $24.8
million, which primarily reflected the drawing down of the $135 million term
credit facility in June 2008. The $110.2 million of cash flow from financing
activities comprised the $65.4 million repayment of indebtedness owing from
the DTV Group to MTG in connection with the Company's acquisition of DTV
Group as well as the scheduled repayment of $33.8 million of the new loan
facility in the fourth quarter and $11.0 million prepayment in the third
quarter of 2008.
The Company's cash and cash equivalents therefore declined by $209.0
million during 2008 to $98.1 million at the end of the year.
Borrowings
The Company's total borrowings amounted to $90.6 (2007: $0.2) million at
the end of the reporting period. The Company had a net cash position, which
is defined as interest bearing liabilities less cash and cash equivalents, of
$7.5 (2007: $306.9) million at the end of the year, which compared to a net
debt position of $70.3 million at the end of the third quarter of 2008.
2009 Guidance
The Company previously provided full year US dollar revenue and OIBDA
margin guidance on a quarterly basis. In light of the aforementioned
deterioration in the operating environment due to the financial crisis and
wider economic slowdown that has affected all markets, and the significant
depreciation of the Russian ruble operating currency against the US dollar
reporting currency, the Company is not currently providing formal guidance
for 2009. This policy will continue to be reviewed on a regular basis moving
forward in the context of market conditions and outlook, as well as the
performance of the Company.
Conference Call
The Company will also host a conference call to discuss its fourth
quarter and full year 2008 financial results today, Thursday, February 26,
2009, at 9:00 a.m. ET, (5:00 p.m.Moscow time, 2:00 p.m.London time). To
access the conference call, please dial +1-718-247-0886 (US/International) or
+44(0)20-7806-1955 (UK/International). The pass code for the call is 3916418.
A live webcast of the conference call will also be available via the investor
relations section of the Company's corporate web site -
http://www.ctcmedia.ru/investors. The webcast will also be archived on the
Company's web site for two weeks.
Use of Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are prepared
and presented in accordance with US GAAP, the Company uses the following
non-GAAP financial measures: OIBDA (on a consolidated and segment basis),
adjusted OIBDA (on a consolidated and segment basis), total operating
expenses (before impairment charge), adjusted operating income, adjusted net
income before tax, adjusted income tax expense, adjusted net income and
adjusted diluted earnings per share. The presentation of this financial
information is not intended to be considered in isolation or as a substitute
for, or superior to, financial information prepared and presented in
accordance with GAAP. For more information on these non-GAAP financial
measures, please see the accompanying financial tables included at the end of
this release.
The Company uses these non-GAAP financial measures for financial and
operational decision making and as a means to evaluate period-to-period
comparisons. The Company believes that these non-GAAP financial measures
provide meaningful supplemental information regarding its performance and
liquidity by excluding certain expenses that may not be indicative of its
recurring core business operating results, meaning its operating performance
excluding certain non-cash charges. These metrics are used by management to
further its understanding of the Company's operating performance in the
ordinary, ongoing and customary course of operations. The Company also
believes that these metrics provide investors and equity analysts with a
useful basis for analyzing operating performance against historical data and
the results of comparable companies.
OIBDA and OIBDA margin. OIBDA is defined as operating income before
depreciation and amortization (exclusive of amortization of programming
rights and sublicensing rights). OIBDA margin is defined as OIBDA divided by
total operating revenues. The most directly comparable GAAP measures to the
non-GAAP measures of OIBDA and OIBDA margin are operating income and
operating income margin, respectively. Unlike operating income, OIBDA
excludes depreciation and amortization, other than amortization of
programming rights and sublicensing rights. The purchase of programming
rights is the Company's most significant expenditure that enables it to
generate revenues and OIBDA includes the impact of the amortization of these
rights. Expenditures for capital items such as property, plant and equipment
have a materially less significant impact on the Company's ability to
generate revenues. For this reason, the Company excludes the related
depreciation expense for these items from OIBDA. Moreover, a significant
portion of its intangible assets were acquired in business acquisitions. The
amortization of intangible assets is therefore also excluded from OIBDA.
Adjusted financial measures. As described above, in the fourth quarter of
2008, CTC Media recognized an aggregate $232.7 million non-cash charge for
impairment of certain intangible assets acquired in connection with three
acquisitions made in 2008. CTC Media uses adjusted OIBDA (on a consolidated
and segment basis), total operating expenses (before impairment charge),
adjusted operating income, adjusted net income before tax, adjusted income
tax expense, adjusted net income and adjusted diluted earnings per share,
each of which has been adjusted to exclude this impairment charge, so as to
permit management to assess the operational performance of the business for
the fourth quarter and full year 2008 as compared to prior periods and to
create comparable results for future reporting periods.
About CTC Media, Inc.
CTC Media is a leading independent media company in Russia. It owns and
operates the CTC television network, with its signal carried by more than 350
affiliate stations, including 20 owned-and-operated stations; the Domashny
television network, with its signal carried by over 250 affiliate stations,
including 12 owned-and-operated stations; and the DTV television network,
with its signal carried by affiliate stations including four
owned-and-operated stations. CTC Media owns two TV content production
companies, Costafilm and Soho Media, and operates Channel 31 in Kazakhstan
and TV companies in Uzbekistan and Moldova. The company's common stock is
traded on The NASDAQ Global Select Market under the symbol "CTCM". For more
information on CTC Media, please visit http://www.ctcmedia.ru.
Caution Concerning Forward Looking Statements
Certain statements in this press release that are not based on historical
information are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements, which include, among other things, the impact the current
unfavorable macroeconomic outlook in Russia may have on the size of the
Russian television advertising market in 2009 and the split of advertising
sales between the national and local markets, and the impact that the recent
change in the Russian advertising measurement system may have on the future
audience share of CTC Network, reflect the Company's current expectations
concerning future results and events. These forward-looking statements
involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of CTC Media to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. The potential risks
and uncertainties that could cause actual future results to differ from those
expressed by forward-looking statements include, among others, continued
depreciation of the value of the Russian ruble compared to the US dollar,
changes in the size of the Russian television advertising market,
particularly in light of the current economic instability in Russia and
globally; the Company's ability to deliver audience share, particularly in
primetime, to its advertisers; free-to-air television remaining a significant
advertising forum in Russia; the Company's reliance on a single television
advertising sales house for substantially all of its revenues; and
restrictions on foreign involvement in the Russian television business. These
and other risks are described in the "Risk Factors" section of CTC Media's
quarterly report on Form 10-Q filed with the SEC on October 31, 2008. Other
unknown or unpredictable factors could have material adverse effects on CTC
Media's future results, performance or achievements. In light of these risks,
uncertainties, assumptions and factors, the forward-looking events discussed
herein may not occur. You are cautioned not to place undue reliance on these
forward-looking statements. CTC Media does not undertake any obligation to
publicly update or revise any forward-looking statements because of new
information, future events or otherwise.
CTC MEDIA, INC, AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands of US dollars, except share and per share data)
Three months ended Year ended
December 31, December 31,
2007 2008 2007 2008
REVENUES:
Advertising $ 156,649 $ 183,091 $ 452,669 $ 623,336
Sublicensing 4,350 3,415 17,006 14,016
Other revenue 705 842 2,381 2,819
Total operating
revenues 161,704 187,348 472,056 640,171
EXPENSES:
Direct operating
expenses
(exclusive of
amortization of
programming
rights and
sublicensing
rights, shown
below, exclusive
of depreciation
and amortization
of $24,652 and
$10,030 in 2007
and 2008,
respectively;
and inclusive of
stock-based
compensation of
$665 and $852 in
2007 and 2008,
respectively) (5,193) (9,753) (18,794) (33,727)
Selling, general
and
administrative
(exclusive of
depreciation and
amortization of
$2,709 and
$3,350 in 2007
and 2008,
respectively;
and inclusive of
stock based
compensation of
$13,029 and
$15,231 in 2007
and 2008,
respectively) (16,288) (23,404) (69,680) (97,201)
Amortization of
programming
rights (44,979) (56,328) (153,531) (220,557)
Amortization of
sublicensing
rights (2,492) (1,326) (9,629) (8,443)
Depreciation and
amortization
(exclusive of
amortization of
programming
rights and
sublicensing
rights) (7,911) (3,825) (27,361) (13,379)
Impairment loss - (232,683) - (232,683)
Total operating
expenses $ (76,863) $ (327,319) $(278,995) $(605,990)
OPERATING INCOME
(LOSS) 84,841 (139,971) 193,061 34,181
FOREIGN CURRENCY
GAINS (LOSSES) 126 (17,089) 151 (28,861)
INTEREST INCOME 3,684 966 11,002 6,221
INTEREST EXPENSE (1) (2,926) (3) (9,434)
GAINS ON SALE OF
BUSINESSES - - 747 -
OTHER
NON-OPERATING
INCOME (LOSSES),
net 320 156 1,168 776
EQUITY IN INCOME
OF INVESTEE
COMPANIES (2,692) 447 (1,195) 1,511
Income (loss)
before income
tax and minority
interest 86,278 (158,417) 204,931 4,394
INCOME TAX
(EXPENSE)
BENEFIT (24,147) 28,678 (63,176) (19,874)
INCOME
ATTRIBUTABLE TO
MINORITY
INTEREST (2,432) 40,695 (5,842) 37,934
NET INCOME
(LOSS) $ 59,699 $ (89,004) $ 135,913 $22,454
Net income
(loss)
attributable to
common
stockholders $ 59,699 $ (89,004) $ 135,913 $22,454
Net income per
share
attributable to
common
stockholders -
basic $ 0.39 $ (0.59) $ 0.90 $0.15
Net income per
share
attributable to
common
stockholders -
diluted $ 0.38 $ (0.57) $ 0.86 $0.14
Weighted average
common shares
outstanding -
basic 151,956,598 152,155,213 151,731,780 152,146,559
Weighted average
common shares
outstanding -
diluted 158,603,987 156,987,869 158,311,967 158,187,922
CTC MEDIA, INC, AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands of US dollars)
Year ended December 31,
2007 2008
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income 135,913 22,454
Adjustments to reconcile net income to net cash
provided by operating activities:
Deferred tax expense (benefit) (14,699) (66,142)
Depreciation and amortization 27,361 13,379
Amortization of programming rights 153,351 220,557
Amortization of sublicensing rights 9,629 8,443
Stock based compensation expense 13,694 16,083
Gain on disposal of property and equipment (662) -
Gain on sale of businesses (747) -
Equity in (income) loss of unconsolidated investees 1,195 (1,511)
Income attributable to minority interest 5,842 (37,934)
Foreign currency (gains) losses (151) 28,861
Impairment loss - 232,683
Changes in operating assets and liabilities:
Trade accounts receivable 124 (26,692)
Prepayments 3,025 (14,366)
Other assets 2,330 8,503
Accounts payable and accrued liabilities 2,049 863
Deferred revenue (3,537) 4,033
Other liabilities 2,161 20,983
Dividends received from equity investees 2,427 1,421
Acquisition of programming and sublicensing rights (176,802) (245,684)
Net cash provided by operating activities 158,023 185,937
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of property and equipment (5,076) (4,804)
Acquisitions of intangibles (564) (5,261)
Acquisitions of businesses, net of cash acquired (34,833) (408,967)
Proceeds from sale of businesses, net of cash
disposed 827 -
Proceeds from sale of property and equipment 2,055 -
Other - -
Net cash used in investing activities (37,591) (419,032)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options 6,582 1,849
Proceeds from loans - 135,000
Repayments of loans - (110,193)
(Increase) decrease in restricted cash (60) (30)
Dividends paid to minority interest (5,789) (6,031)
Net cash provided by financing activities 733 20,595
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH 9,366 3,482
EQUIVALENTS
Net increase (decrease) in cash and cash equivalents 130,531 (209,018)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 176,542 307,073
CASH AND CASH EQUIVALENTS AT END OF PERIOD 307,073 98,055
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid - 16,508
Income tax paid 75,296 93,159
CTC MEDIA, INC, AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
(in thousands of US dollars, except share and per share data)
December 31,
2007 2008
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $307,073 $98,055
Trade accounts receivable, net of allowance
for doubtful accounts (2007-$435; 2008-$1,355)
(including accounts receivable from related
parties: 2007-$2,138; 2008-$832) 11,690 33,670
Taxes reclaimable 4,843 8,171
Prepayments (including prepayments to related
parties: 2007-$1,990; 2008 - $518) 35,128 29,005
Programming rights, net 63,023 71,976
Deferred tax assets 12,938 14,166
Other current assets 3,342 7,720
TOTAL CURRENT ASSETS 438,037 262,763
RESTRICTED CASH 180 210
PROPERTY AND EQUIPMENT, net 24,768 22,722
INTANGIBLE ASSETS, net:
Broadcasting licenses 74,254 166,173
Cable network connections 77 25,205
Trade names 6,828 17,587
Network affiliation agreements 1,333 9,214
Other intangible assets 724 1,244
Net intangible assets 83,216 219,423
GOODWILL 78,674 223,027
PROGRAMMING RIGHTS, net 36,161 48,031
SUBLICENSING RIGHTS, net 2,591 1,221
INVESTMENTS IN AND ADVANCES TO INVESTEES 6,557 5,311
PREPAYMENTS 12,026 6,238
DEFERRED TAX ASSETS 11,326 15,154
OTHER NON-CURRENT ASSETS 1,144 2,729
TOTAL ASSETS $694,680 $806,829
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable (including accounts payable
to related parties: 2007-$516; 2008-$55) 25,846 41,025
Accrued liabilities 4,653 41,573
Taxes payable 14,507 30,154
Short-term loans and interest accrued - 62,165
Deferred revenue 11,866 14,683
Deferred tax liabilities 1,350 2,778
TOTAL CURRENT LIABILITIES 58,222 192,378
LONG TERM LOANS 224 28,438
DEFERRED TAX LIABILITIES 21,160 38,943
MINORITY INTEREST 3,182 2,481
COMMITMENTS AND CONTINGENCIES (Note 16) - -
STOCKHOLDERS' EQUITY:
Common stock: $0.01 par value; shares
authorized 175,772,173; shares issued and
outstanding 2007-152,124,096; 2008-152,155,213) 1,521 1,522
Additional paid-in capital 348,752 365,362
Retained earnings 209,867 232,321
Accumulated other comprehensive income 51,752 (54,616)
TOTAL STOCKHOLDERS' EQUITY 611,892 544,589
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $694,680 $806,829
CTC MEDIA, INC. AND SUBSIDIARIES
UNAUDITED SEGMENT FINANCIAL INFORMATION
(in thousands of US dollars)
Three months ended December 31, 2007
Operating
revenue
from Operating Depreciation
external Intersegment income/ and
customers revenue (loss) amortization
CTC Network $104,211 $207 $60,281 $(254)
Domashny Network 13,750 - 3,749 (166)
DTV Network - - - -
CTC Television Station
Group 37,381 - 27,770 (3,026)
Domashny Television
Station Group 6,362 399 233 (3,934)
DTV Television Station
Group - - - -
CIS Group - - - -
Production Group - - - -
Corporate Office - - (7,192) (531)
Business segment results $161,704 $606 $84,841 $(7,911)
Eliminations and other - (606) - -
Consolidated results $161,704 $- $84,841 $(7,911)
Continued....
OIBDA
adjusted
for
Impairment impairment Capital
loss OIBDA loss expenditures
CTC Network $- $60,535 $60,535 $(396)
Domashny Network - 3,915 3,915 (121)
DTV Network - - - -
CTC Television Station
Group - 30,796 30,796 (405)
Domashny Television
Station Group - 4,167 4,167 (703)
DTV Television Station
Group - - - -
CIS Group - - - -
Production Group - - - -
Corporate Office - (6,661) (6,661) (67)
Business segment results $- $92,752 $92,752 $(1,692)
Eliminations and other - - - -
Consolidated results $- $92,752 $92,752 $(1,692)
Three months ended December 31, 2008
Operating
revenue
from Operating Depreciation
external Intersegment income/ and
customers revenue (loss) amortization
CTC Network $115,547 $435 $63,615 $(211)
Domashny Network 19,166 4 7,998 (147)
DTV Network 13,463 8 (2,462) (1,435)
CTC Television Station
Group 27,669 340 20,418 (516)
Domashny Television
Station Group 4,655 254 1,732 (578)
DTV Television Station
Group 1,734 145 (88,056) (601)
CIS Group 4,950 - (136,816) (258)
Production Group 164 25,007 5,049 (8)
Corporate Office - - (8,935) (71)
Business segment results $187,348 $26,193 $(137,457) $(3,825)
Eliminations and other - (26,193) (2,514) -
Consolidated results $187,348 $- $(139,971) $(3,825)
Continued....
OIBDA
adjusted
for
Impairment impairment Capital
CTC Network loss OIBDA loss expenditures
Domashny Network $- $63,826 $63,826 $(140)
DTV Network - 8,145 8,145 (79)
CTC Television Station
Group (7,743) (1,027) 6,716 (108)
Domashny Television
Station Group - 20,934 20,934 (277)
DTV Television Station
Group - 2,310 2,310 (106)
CIS Group (87,889) (87,455) 434 (114)
Production Group (137,051) (136,558) 493 (375)
Corporate Office - 5,057 5,057 -
Business segment results - (8,864) 8,864) (98)
Eliminations and other $(232,683) $(133,632) $99,051 $(1,297)
Consolidated results - (2,514) (2,514) -
$(232,683) $(136,146) $96,537 $(1,297)
(Continued on the next page)
CTC MEDIA, INC. AND SUBSIDIARIES
UNAUDITED SEGMENT FINANCIAL INFORMATION (Continued)
(in thousands of US dollars)
Year ended December 31, 2007
Operating
revenue
from Operating Depreciation
external Intersegment income/ and
customers revenue (loss) amortization
CTC Network $321,030 $487 $166,249 $(1,002)
Domashny Network 39,077 - 5,349 (631)
DTV Network - - - -
CTC Television Station
Group 95,315 992 56,966 (9,243)
Domashny Television
Station Group 16,634 837 (7,977) (14,380)
DTV Television Station
Group - - - -
CIS Group - - - -
Production Group - - - -
Corporate Office - - (27,526) (2,105)
Business segment results $472,056 $2,316 $193,061 $(27,361)
Eliminations and other - (2,316) - -
Consolidated results $472,056 $- $193,061 $(27,361)
Continued....
CTC Network OIBDA
adjusted
for
Impairment impairment Capital
loss OIBDA loss expenditures
Domashny Network $- $167,251 $167,251 $(973)
DTV Network - 5,980 5,980 (231)
CTC Television Station
Group - - - -
Domashny Television
Station Group - 66,209 66,209 (2,048)
DTV Television Station
Group - 6,403 6,403 (2,027)
CIS Group - - - -
Production Group - - - -
Corporate Office - - - -
Business segment results - (25,421) (25,421) (361)
Eliminations and other $- $220,422 $220,422 $(5,640)
Consolidated results - - - -
$- $220,422 $220,422 $(5,640)
Year ended December 31, 2008
Operating
revenue
from Operating Depreciation
external Intersegment income/ and
customers revenue (loss) amortization
CTC Network $412,614 $4,516 $207,382 $(963)
Domashny Network 64,142 13 18,868 (656)
DTV Network 35,868 16 7,286 (2,332)
CTC Television Station
Group 95,033 1,704 60,384 (2,106)
Domashny Television
Station Group 16,003 1,069 2,552 (2,538)
DTV Television Station
Group 5,069 368 (89,811) (2,330)
CIS Group 10,930 - (139,712) (880)
Production Group 512 47,103 5,302 (52)
Corporate Office - - (34,824) (1,522)
Business segment results $640,171 $54,789 $37,427 $(13,379)
Eliminations and other - (54,789) (3,246) -
Consolidated results $640,171 $- $34,181 $(13,379)
Continued....
OIBDA
adjusted
for
Impairment impairment Capital
loss OIBDA loss expenditures
CTC Network $- $208,345 $208,345 $(1,021)
Domashny Network - 19,524 19,524 (163)
DTV Network (7,743) 9,618 17,361 (515)
CTC Television Station
Group - 62,490 62,490 (4,966)
Domashny Television
Station Group - 5,090 5,090 (2,133)
DTV Television Station
Group (87,889) (87,481) 408 (145)
CIS Group (137,051) (138,832) (1,781) (594)
Production Group - 5,354 5,354 -
Corporate Office - (33,302) (33,302) (528)
Business segment results $(232,683) $50,806 $283,489 $(10,065)
Eliminations and other - (3,246) (3,246) -
Consolidated results $(232,683) $47,560 $280,243 $(10,065)
CTC MEDIA, INC. AND SUBSIDIARIES
RECONCILIATION OF CONSOLIDATED OIBDA TO
CONSOLIDATED OPERATING INCOME
Three months ended Year ended
December 31, December 31,
2007 2008 2007 2008
(in thousands of US dollars)
OIBDA $92,752 $(136,146) $220,422 $47,560
Depreciation and amortization
(exclusive of amortization of
programming rights and sublicensing
rights) (7,911) (3,825) (27,361) (13,379)
Operating income $84,841 $(139,971) $193,061 $34,181
CTC MEDIA, INC. AND SUBSIDIARIES
RECONCILIATION OF CONSOLIDATED OIBDA MARGIN TO
CONSOLIDATED OPERATING INCOME MARGIN
Three months ended Year ended
December 31, December 31,
2007 2008 2007 2008
OIBDA margin 57.4% (72.7%) 46.7% 7.4%
Depreciation and amortization (exclusive
of amortization of programming rights
and sublicensing rights) as a percentage
of total operating revenues (4.9%) (2.0%) (5.8%) (2.1%)
Operating income margin 52.5% (74.7%) 40.9% 5.3%
CTC MEDIA, INC. AND SUBSIDIARIES
RECONCILIATION OF CONSOLIDATED ADJUSTED OIBDA AND OTHER
ADJUSTED FINANCIAL MEASURES TO
CONSOLIDATED OIBDA AND OTHER CORRESPONDING CONSOLIDATED GAAP
FINANCIAL MEASURES, RESPECTIVELY
Income
Before
Income
Total Tax and
(US$ 000's except per share Operating Operating Minority
data) OIBDA Expenses Income Interest
Three Months ended December
31, 2008
Adjusted non-US GAAP results $96,537 $(94,636) $92,712 $74,266
Impact of non-cash intangible
asset impairment charge (232,683) (232,683) (232,683) (232,683)
Results as reported
(under US GAAP, except for
OIBDA which is a non-GAAP
financial measure) (136,146) (327,319) (139,971) (158,417)
Year ended December 31, 2008
Adjusted non-US GAAP results $280,243 $(373,307) $266,864 $237,077
Impact of non-cash intangible
asset impairment charge (232,683) (232,683) (232,683) (232,683)
Results as reported
(under US GAAP, except for
OIBDA which is a non-US GAAP
financial measure) 47,560 (605,990) 34,181 4,394
Continued....
Income Diluted
(US$ 000's except per share Tax Minority Net Earnings
data) Expense Interest Income per share
Three Months ended December
31, 2008
Adjusted non-US GAAP results $(1,653) $(7,978) $64,675 $0.41
Impact of non-cash
intangible asset impairment
charge 30,331 48,673 (153,679) (0.98)
Results as reported
(under US GAAP, except for
OIBDA which is a non-GAAP
financial measure) 28,678 40,695 (89,004) (0.57)
Year ended December 31, 2008
Adjusted non-US GAAP results $(50,205) $(10,739) $176,133 $1.11
Impact of non-cash
intangible asset impairment
charge 30,331 48,673 (153,679) (0.97)
Results as reported
(under US GAAP, except for
OIBDA which is a non-US GAAP
financial measure) (19,874) 37,934 22,454 0.14
CTC MEDIA, INC. AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED SEGMENT OIBDA TO SEGMENT OIBDA
Three Months Ended December 31, 2008
Impact of non-cash
intangible
asset impairment
(US$ 000's) Adjusted OIBDA charge OIBDA
CTC Network $63,826 - $63,826
Domashny Network $8,145 - $8,145
DTV Network $6,716 $(7,743) $(1,027)
CTC Television
Station Group $20,934 - $20,934
Domashny Television
Station Group $2,310 - $2,310
DTV Television
Station Group $434 $(87,889) $(87,455)
CIS Group $493 $(137,051) $(136,558)
Production Group $5,057 - $5,057
Corporate $(8,864) - $(8,864)
Business Segment
Results $99,051 $(232,683) $(133,632)
Eliminations and
Other $(2,514) - $(2,514)
Consolidated Results $96,537 $(232,683) $(136,146)
Year Ended December 31, 2008
Impact of non-cash
intangible
asset impairment
(US$ 000's) Adjusted OIBDA charge OIBDA
CTC Network $208,345 - $208,345
Domashny Network $19,524 - $19,524
DTV Network $17,361 $(7,743) $9,618
CTC Television
Station Group $62,490 - $62,490
Domashny Television
Station Group $5,090 - $5,090
DTV Television
Station Group $408 $(87,889) $(87,481)
CIS Group $(1,781) $(137,051) $(138,832)
Production Group $5,354 - $5,354
Corporate $(33,302) - $(33,302)
Business Segment
Result $283,489 $(232,683) $50,806
Eliminations and
Other $(3,246) - $(3,246)
Consolidated Results $280,243 $(232,683) $47,560
CTC MEDIA, INC. AND SUBSIDIARIES
RECONCILIATION OF SEGMENT OIBDA TO SEGMENT OPERATING INCOME
Three Months Ended December 31, 2008
Depreciation and
amortization
(exclusive of
amortization of
OIBDA programming rights Operating income
and sublicensing
(US$ 000's) rights)
CTC Network $63,826 $(211) $63,615
Domashny Network $8,145 $(147) $7,998
DTV Network $(1,027) $(1,435) $(2,462)
CTC Television
Station Group $20,934 $(516) $20,418
Domashny Television
Station Group $2,310 $(578) $1,732
DTV Television
Station Group $(87,455) $(601) $(88,056)
CIS Group $(136,558) $(258) $(136,816)
Production Group $5,057 $(8) $5,049
Corporate $(8,864) $(71) $(8,935)
Business Segment
Results $(133,632) $(3,825) $(137,457)
Eliminations and
Other $(2,514) - $(2,514)
Consolidated Results $(136,146) $(3,825) $(139,971)
Year Ended December 31, 2008
Depreciation and
amortization
(exclusive of
amortization of
OIBDA programming rights Operating income
and sublicensing
(US$ 000's) rights)
CTC Network $208,345 $(963) $207,382
Domashny Network $19,524 $(656) $18,868
DTV Network $9,618 $(2,332) $7,286
CTC Television
Station Group $62,490 $(2,106) $60,384
Domashny Television
Station Group $5,090 $(2,538) $2,552
DTV Television
Station Group $(87,481) $(2,330) $(89,811)
CIS Group $(138,832) $(880) $(139,712)
Production Group $5,354 $(52) $5,302
Corporate $(33,302) $(1,522) $(34,824)
Business Segment
Results $50,806 $(13,379) $37,427
Eliminations and
Other $(3,246) - $(3,246)
Consolidated Results $47,560 $(13,379) $34,181
For further information, please visithttp://www.ctcmedia.ru or contact:
CTC Media, Inc.
Investor Relations
Ekaterina Ostrova or
Ekaterina Tsukanova
Tel: +7-495-783-3650
ir@ctcmedia.ru
Media Relations
Angelika Larionova
Tel: +7-495-785-6333
pr@ctcmedia.ru
NEW YORK, Feb. 25 /PRNewswire/ -- Glidden Paint announced today that it has selected DDB New York as its marketing partner in the U.S. for a full-scale brand relaunch.
"Glidden has long been associated with innovation and understanding the end user. Working with the innovative team at DDB will be critical as we look to grow our business and lead in the category," said Rob Horton, Vice President of Marketing for AkzoNobel Paints U.S. "DDB brought us terrific nontraditional ideas that will generate awareness of Glidden's dramatic new products and drive brand insistence in the larger retail home improvement stores."
DDB will be a partner in everything from package design and in-store displays to television and online ideas in assisting with the brand reinvention. DDB New York is working in partnership with ETCETERA, a DDB company in Amsterdam. ETCETERA has worked for Glidden's parent company AkzoNobel for 15 years.
"We are thrilled to call Glidden our partner and to start working with them on this exciting and important endeavor to help this 100-year-old brand find a new voice and greater relevance in its field," said Peter Hempel, President and CEO of DDB New York.
About DDB
DDB Worldwide Communications Group Inc (www.ddb.com) is the largest consolidated advertising and marketing services global network in the world, according to Advertising Age. DDB also has been frequently ranked as the most awarded agency network in the world by Creativity magazine and The Gunn Report, among others. With more than 200 offices in over
90 countries, the DDB Group believes that creativity is the most powerful force in business, building enduring and powerful brand experiences that create TalkValue,(TM) influence social communities and drive results. DDB Worldwide is part of Omnicom Group Inc. (NYSE: OMC).
Conference Call: Thursday March 12, 200910:00 a.m. (ET)
CARY, N.C., Feb. 24 /PRNewswire/ -- R.H. Donnelley Corporation (RHDC), one of the nation's leading Yellow Pages and online local commercial search companies, will announce fourth quarter and full year 2008 results on Thursday March 12 at approximately 7:30 a.m. (ET), which will be posted on the company's Web site at www.rhd.com. The company invites its investors and other interested parties to participate in a conference call at 10:00 a.m. (ET) on the same day to hear commentary regarding its results. David C. Swanson, chairman and CEO, and Steven M. Blondy, executive vice president and CFO, will host the call.
Individuals within the United States can access the call by dialing 888-387-9606 - others should dial 517-645-6055. The pass code for the call is "RHD". In order to ensure a prompt start time, please dial into the call by 9:50 a.m. (ET). A replay of the conference call can be accessed from within the United States by dialing 866-382-4784 and internationally by dialing 203-369-0363. There is no pass code for the replay, which will be available through March 26, 2009. In addition, a live Web cast will be available on RHD's Web site at www.rhd.com, and an archived version will be available for up to one year.
Helping Local Businesses Reach More Customers
R.H. Donnelley's interactive offerings are essential to its Triple Play(TM) solution suite -- an integrated set of products and services that efficiently and effectively extend the marketing reach of local businesses. Spanning multiple media platforms -- print Yellow Pages directories, DexKnows.com(TM) search site and the major search engines (e.g., Yahoo!(R) and Google(R)) via the Company's Dex Search Network(TM) -- Triple Play delivers the advertisements of local businesses to a wider set of ready-to-buy consumers.
About R.H. Donnelley
R.H. Donnelley connects businesses and consumers through its portfolio of print and interactive marketing solutions. Small- and medium-sized businesses look to R.H. Donnelley's experienced team of marketing consultants to help them grow their companies and drive sales leads. Consumers depend on the Company's reliable, local business content to deliver the most relevant search results when they are seeking local goods and services. For more information, visit www.rhd.com and DexKnows.com.
New AW900xTP and AW5800xTP solutions can significantly reduce expensive installation costs and eliminate monthly wireless service fees.
HUNTSVILLE, Ala., Feb. 24 /PRNewswire/ -- This week at the 2009 Digital Signage Expo Conference in Las Vegas AvaLAN Wireless Systems, Inc. announced the new AW900xTP and the new AW5800xTP ultra long range wireless Ethernet solutions. The new products combine a unique set of features that make them ideal to deliver content to outdoor digital signs. No other company can match the price-performance characteristics of AvaLAN's products. An AvaLAN radio pair can bridge a 30 mile distance without sacrificing bandwidth, security or performance. The AW900xTP and AW5800xTP products enable Ethernet connectivity for fringe IP devices, including digital signage media players or digital billboard surveillance cameras. AvaLAN products are an ideal replacement for installations where WiFi systems are under-performing or failing completely due to insufficient range, excessive interference or unsatisfactory reliability.
"AvaLAN is now offering an innovative way to reduce installation costs of outdoor digital signage systems," said Matt Nelson, CEO and President of AvaLAN Wireless. "The New AW900xTP and AW5800xTP products offer outdoor digital signage customers a great way to improve their ROI by reducing installation costs and eliminating expensive monthly wireless network costs."
Outdoor digital signage has a proven ability to generate more revenue through better utilization of the same physical space. The outdoor digital signage industry is continuing to grow at an accelerated pace. AvaLAN Wireless Systems provide ultra long range industrial wireless internet connectivity for outdoor digital signage. AvaLAN has over 20,000 industrial wireless devices deployed that enable Ethernet device connectivity at the edge of the Internet. Most outdoor digital signage utilizes local advertising content. If the source is within 40 miles of the digital billboard, this local content can be wirelessly serviced through a "closed" industrial wireless network instead of an expensive cellular type network. Typical 3G or cellular data services can range from $30 to $50 per sign each month. A company that manages a digital signage network of 100 signs could save over $60,000 per year by using an AvaLAN Wireless network. AvaLAN's wireless solutions can save installation costs in outdoor digital signage by significantly reducing the cost of connecting to digital signage located across paved parking lots. AvaLAN has offered wireless digital signage connectivity through OEM partnerships and is now offering similar solutions under the "AvaLAN" brand. AvaLAN anticipates new growth coming from the digital signage market and through solving customer's needs with reliable and robust wireless solutions.
About AvaLAN Wireless Systems, Inc.
AvaLAN Wireless ("AvaLAN") is an industry leader in the ultra long range industrial wireless Ethernet market. To date, the Company has manufactured and delivered over 20,000 of its radios to the networking, surveillance, digital signage, robotics, and access control markets. AvaLAN offers robust and reliable solutions for both non line-of-sight 900 MHz and line-of-site 5.8 GHz wireless Ethernet bridge technology at the network's edge. AvaLAN Wireless Systems Inc. is headquartered near Huntsville, Alabama and can be contacted at 866-533-6216, by email at info@avalanwireless.com, or by visiting www.avalanwireless.com.
2004 -- 2009 AvaLAN Wireless Systems Incorporated. All rights reserved. AvaLAN Wireless and the AvaLAN Wireless logo are registered trademarks of AvaLAN Wireless Systems Incorporated. All other trademarks are property of their respective owners.
TEMPE, Ariz., Feb. 24 /PRNewswire-FirstCall/ -- Limelight Networks, Inc. (Nasdaq: LLNW) Chief Executive Officer Jeff Lunsford will present at the Goldman Sachs Technology and Internet Conference taking place 26-27 February 2009 in San Francisco.
Mr. Lunsford's presentation will begin at approximately 11:00am Pacific Standard Time, U.S.A., on Thursday, 26 February 2009. Investors may listen to the live webcast of the presentation through the company's website at www.llnw.com .
About Limelight Networks, Inc.
Limelight Networks, Inc. (Nasdaq: LLNW) is a content delivery partner enabling the next wave of Internet business and entertainment. More than 1300 Internet, entertainment, software, and technology brands trust our robust, scalable platform to monetize their digital assets by delivering a brilliant online experience to their global audience. Our architecture bypasses the busy public Internet using a dedicated optical network that interconnects thousands of servers and delivers massive files at the speed of light - directly to the access networks that consumers use every day. Our proven network and passion for service provides our customers confidence that every object in their library will be delivered to every user, every time. Read our blog at http://blog.llnw.com or visit http://www.limelightnetworks.com for more information.
Copyright (C) 2009 Limelight Networks, Inc. All rights reserved. All product or service names are the property of their respective owners
SAN LUIS OBISPO, Calif., Feb. 24 /PRNewswire/ -- Competitive Edge announced today they will be representing Pasea LLC in a breakthrough golf DVD titled "Phil Mickelson: Secrets of the Short Game." The one-year agreement gives Competitive Edge's retail division exclusive rights to market the DVD series to golf retailers and websites, as well as green-grass shops. The two-disc DVD program and booklet discuss Phil's putting, chipping, sand and flop shot techniques and strategies that have made Phil's short game legendary. A national TV campaign will launch on Golf Channel the week of the Masters.
With Phil's win this past weekend at the Northern Trust Open, he has now logged 35 career wins, ranking second among active players and is 13th on the all-time wins list. He has finished second or third on the money list eight times including seven of the last nine seasons. He has finished in the top 10 at eight of the last nine Masters Tournaments, including wins in 2004 and 2006. He is the only U.S. player to appear in all seven Presidents Cups and the last seven Ryder Cups.
The DVD series and TV commercial were produced and directed by Terry Jastrow, a seven-time Emmy award winner whose credits include Producer/Director of six previous Olympic Opening Ceremonies, Super Bowl XIX, 68 Golf Majors and events ranging from an Indianapolis 500 and Kentucky Derby. Mr. Jastrow is married to actress Anne Archer and has two sons and is a member of the Texas State Golf Hall of Fame.
For more information on Competitive Edge, visit http://www.compedgemedia.com. If you are a retailer/website interested in selling Phil's DVD, please call (805)788-0685 and ask for Greg Parks, or e-mail him at greg@compedgemedia.com.
This release was issued through eReleases(TM). For more information, visit http://www.ereleases.com.
