CTC Media Q2 Profit Down - Quick Facts

(RTTNews) - CTC Media Inc. (CTCM), Russia based independent media company, reported that its second-quarter net income attributable stockholders declined to $31.59 million or $0.20 per share, from $34.05 million or $0.22 per share in the same quarter last year.

Total operating revenues for the quarter rose to $206.01 million from $187.58 million in the prior year quarter.

The CTC Media Board of Directors has declared a dividend of $0.16 per outstanding share of common stock, or approximately $25 million in total, to be paid on or about September 27, 2013 to stockholders of record as of September 2, 2013.

The Board currently intends to pay total cash dividends of $0.63 per share in 2013, a year-on-year increase of 21% compared to cash dividends of $0.52 per share paid in 2012.

Approximately 95% of CTC Media's forecast full-year 2013 Russian national inventory is currently committed, at average prices higher than in 2012. The Russian TV advertising market is currently expected to grow by up to 10% year-on-year in 2013 in ruble terms.

For full year 2013, CTC Media expects its Russian television advertising revenues to grow in line with the market in ruble terms and to report an OIBDA margin similar to the 2012 level of approximately 32%. The Company will continue to invest in content but anticipates that it will maintain its programming expenses stable as a percentage of advertising revenues year-on-year for the full year.