CTC Media (CTCM) Reports Q3 EPS of $0.28

CTC Media (NASDAQ: CTCM) reported Q3 EPS of $0.28, versus $0.20 reported last year. Revenue for the quarter came in at $77.2 million, versus $158.6 million reported last year.

CORPORATE UPDATE AND OUTLOOK

• On September 24, 2015, in light of recent amendments to the Russian Mass Media Law further restricting non-Russian ownership of television broadcasters, the Company entered into a definitive agreement with UTV-Management, an affiliate of UTH Russia, for the sale of a 75% interest in CTC Investments, the Company’s wholly owned Russian subsidiary that holds all of the Company’s operating businesses for approximately $200.5 million in cash, subject to adjustment. In the sale agreement, the Company also agreed to authorize the issuance of an additional participation interest in CTC Investments, which would result in UTV-Management holding an 80% participation interest in CTC Investments, to ensure compliance with the foreign ownership requirements of the Mass Media Law.
• The Company intends to convene a special meeting of stockholders in December 2015 to approve the sale to UTV-Management, as well as a follow-on transaction to return value in cash to stockholders (other than stockholders whose shares of the Company have been identified as “blocked property” pursuant to U.S. sanctions).
• In light of the continued limited visibility for 2015, the Company is unable to provide full-year guidance at this time.
• Third party reports have estimated that total Russian TV advertising spending may decline by 17-18% for the full-year.

For earnings history and earnings-related data on CTC Media (CTCM) click here.

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