CTC Media, Inc.

CIK:0001354513|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
CONSOLIDATED STATEMENTS OF INCOME
EXPENSES:	$ (5,267)	$ (6,818)	$ (6,439)
FOREIGN CURRENCY GAINS (LOSSES)	275	5,477	(360)
OTHER NON-OPERATING INCOME (LOSS) , net	233	(75)	(30)
EQUITY IN INCOME OF INVESTEE COMPANIES	26
Loss from continuing operations before income tax	(4,733)	(1,416)	(6,829)
INCOME TAX (EXPENSE) / BENEFIT (Note 7)	1,657	498	2,390
LOSS FROM CONTINUING OPERATIONS	(3,076)	(918)	(4,439)
INCOME/(LOSS) FROM DISCONTINUED OPERATIONS, net of income tax (Note 3)	(487,201)	109,010	156,779
NET INCOME/ (LOSS)	(490,277)	108,092	152,340
Net income (loss)	$ (490,277)	$ 113,376	$ 160,161
Net income/ (loss) per share-basic (in dollars per share)	$ (3.14)	$ 0.69	$ 0.97
Net income/ (loss) per share-diluted (in dollars per share)	(3.14)	0.69	0.97
Net income / (loss) per share from continuing operations-basic (in dollars per share)	(0.02)	(0.01)	(0.03)
Net income / (loss) per share from continuing operations-diluted (in dollars per share)	(0.02)	(0.01)	(0.03)
Net income/ (loss) per share from discontinued operations-basic (in dollars per share)	(3.12)	0.70	1.00
Net income/ (loss) per share from discontinued operations-diluted (in dollars per share)	$ (3.12)	$ 0.70	$ 1.00
Weighted average common shares outstanding-basic (in shares)	156,023,836	155,747,225	156,889,533
Weighted average common shares outstanding-diluted (in shares)	156,023,836	156,008,428	156,932,452
Dividends declared per share (in dollars per share)	$ 0.17	$ 0.70	$ 0.63

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (490,277)	$ 113,376	$ 160,161
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred tax (benefit) expense	(56,026)	8,814	6,191
Depreciation and amortization	14,315	26,082	33,116
Programming expenses	199,309	300,134	338,703
Stockbased compensation expense (benefit)	4,185	(171)	1,834
Loss on disposal of CTC Investments (Note 3)	529,129
Equity in loss (income) of unconsolidated investees	(134)	713	(1,266)
Foreign currency gains	(1,102)	(9,166)	(1,658)
Impairment loss	8,991	29,356	29,869
Changes in operating assets and liabilities:
Trade accounts receivable	9,344	13,691	(3,799)
Prepayments	(9,821)	(8,741)	(1,646)
Other assets	13,907	2,928	4,370
Accounts payable and accrued liabilities	1,846	7,083	1,406
Deferred revenue	6,087	1,763	2,231
Other liabilities	(13,737)	(5,945)	(6,040)
Dividends received from equity investees	428	1,075	1,124
Payments for multiplex	(7,965)	(11,261)
Acquisition of programming and sublicensing rights	(183,653)	(364,382)	(378,034)
Net cash provided by operating activities	24,826	105,349	186,562
CASH FLOWS FROM INVESTING ACTIVITIES:
Net proceeds from sale of discontinued operations (Note 3)	98,868
Acquisitions of property and equipment and intangible assets	(3,908)	(5,775)	(6,336)
Acquisitions of businesses, net of cash acquired		(2,840)	(461)
Receipts from (Investments in) deposits, net	91,755	41,790	(56,601)
Net cash provided by (used in) investing activities	186,715	33,175	(63,398)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchases of common stock			(29,727)
Proceeds from exercise of stock options			454
Settlement of overdraft and loans, net	(1,300)	(874)	(9,469)
Increase in other non-current assets (Note 5)	(6,921)	(27,684)
Dividends paid to stockholders	(20,350)	(81,340)	(98,768)
Dividends paid to non-controlling interest	(2,300)	(5,547)	(6,415)
Net cash used in financing activities	(30,871)	(115,445)	(143,925)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(8,719)	(15,817)	(3,846)
Net increase/(decrease) in cash and cash equivalents	171,951	7,262	(24,607)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	37,836	30,574	55,181
CASH AND CASH EQUIVALENTS AT END OF PERIOD	209,787	37,836	30,574
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid	195	413	639
Income tax paid	$ 18,140	$ 48,231	$ 66,724

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
CURRENT ASSETS:
Cash and cash equivalents (Note 5)	$ 209,787	$ 6,136
Short term investments (Note 5)		26,000
Receivable from UTH (Note 5)	42,516
Taxes reclaimable	3,065	4,771
Other current assets	558	893
Assets of discontinued operations (Note 3)		320,278
TOTAL CURRENT ASSETS	255,926	358,078
INVESTMENTS IN EQUITY INVESTEES (Note 6)	87,193
OTHER NON -CURRENT ASSETS (Note 5)	35,623	28,351
NON-CURRENT ASSETS OF DISCONTINUED OPERATIONS (Note 3)		222,624
TOTAL ASSETS	378,742	609,053
CURRENT LIABILITIES:
Accounts payable and accrued liabilities	4,196	4,510
Dividends blocked under sanctions (Notes 5 and 8)	34,605	27,684
Deferred tax liabilities (Note 7)	5,213
Liabilities associated with assets of discontinued operations (Note 3)		152,507
TOTAL CURRENT LIABILITIES	$ 44,014	184,701
NON-CURRENT LIABILITIES associated with assets of discontinued operations (Note 3)		$ 6,910
COMMITMENTS AND CONTINGENCIES (Note 10)
STOCKHOLDERS' EQUITY:
Common stock; $0.01 par value; shares authorized 175,772,173; shares issued: December 31, 2014 and 2015 - 158,210,719)	$ 1,582	$ 1,582
Additional paid-in capital	493,201	496,905
Retained earnings	(132,685)	385,643
Accumulated other comprehensive loss	(2,318)	(444,591)
Less: Common stock held in treasury, at cost (December 31, 2014-2,448,553 shares; December 31, 2015-2,106,865 shares) (Note 8)	(25,052)	(29,115)
Non-controlling interest		7,018
TOTAL STOCKHOLDERS' EQUITY	334,728	417,442
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 378,742	$ 609,053