CTC Media Reports Third Quarter 2006 Financial Results

CTC Media Reports Third Quarter 2006 Financial Results

- Consolidated Revenue Increases 47.8% to $70.9 Million - - OIBDA Increases 100.1% to $19.0 Million - - Net Income of $8.4 Million, $0.05 Earnings Per Share -

MOSCOW, Oct. 31 /PRNewswire-FirstCall/ -- CTC Media, Inc. (NASDAQ:CTCM), a leading television broadcaster in Russia, today reported financial results for the three- and nine-month periods ended September 30, 2006.

US$ 000's, except
per share data Three Months Ended Nine Months Ended
September 30, September 30,
2005 2006 Change 2005 2006 Change

Total operating
revenues $47,984 $70,919 47.8% $147,148 $252,901 71.9%
Total operating
expenses (41,987) (57,223) 36.3% (104,726) (156,928) 49.8%
OIBDA(1) 9,506 19,022 100.1% 52,840 110,220 108.6%

Net income $1,885 $8,443 347.9% $24,393 $65,210 167.3%
Earnings per share $0.01 $0.05 400.0% $0.16 $0.43 168.8%

(1) OIBDA is defined as operating income before depreciation and amortization (exclusive of amortization of programming rights and sublicensing rights). OIBDA is a non-GAAP financial measure. Please refer to Attachment A for a reconciliation of OIBDA to net income.

Financial Highlights

* Strong quarterly and nine-month results across all key financial
metrics

* Consolidated revenue increased 48% to $70.9 million in the third
quarter and 72% to $252.9 in the first nine months of 2006

* OIBDA increased 100% to $19.0 million and 109% to $110.2 million in the
three- and nine-month periods ended September 30, 2006

* Net income increased 348% to $8.4 million in the third quarter and 167%
to $65.2 million in the first nine months of 2006

* $0.05 and $0.43 fully diluted earnings per share for the three- and
nine-month periods ended September 30, 2006, an increase of 400% and
169%, respectively

Corporate Highlights

* Combined audience share for the CTC and Domashny networks was 11.6% in
the third quarter of 2006, in-line with the company's expectations

* Launched new television season which was generally well received by
viewers

* Successfully implemented advertising price increases in response to
regulatory changes which took effect July 1, 2006

Alexander Rodnyansky, Chief Executive Officer, stated, "During the third quarter we continued to outperform the fast-growing Russian television market. Our results reflect our success in consistently delivering our target demographics to advertisers and converting our audience shares into robust revenue growth. We continue to invest in our content, sales and marketing resources while prudently managing our costs. As a result we are improving our profitability and our financial position is strong. Looking ahead, we remain optimally positioned to execute our business plan and build value for our shareholders over the long term."

Results for the Three Months Ended September 30, 2006

The third quarter is a historically low period in the broadcasting industry as a result of seasonality trends in viewing. While our direct operating costs are relatively evenly distributed throughout the year, selling, general and administrative costs in the third quarter include a significant portion of advertising and promotional expenses related to the launch of the new fall television season. As a result of these industry wide trends, CTC's revenues and profit margins are historically lowest in the third quarter.

CTC Media's total operating revenue for the three months ended September 30, 2006, increased 47.8% to $70.9 million from $48.0 million for the three months ended September 30, 2005. The revenue growth primarily reflects the continued growth of the Russian television advertising market and CTC's ability to deliver target audiences to advertisers.

The CTC Network's audience share was 10.1% for the third quarter of 2006, in-line with the company's expectations. Last year's third quarter audience share of 10.4% was primarily driven by the extraordinary success of the "Born Not Pretty" series on CTC that was launched in September 2005 and ended in July 2006. CTC remains the fourth most watched broadcaster in Russia overall. Domashny's audience share grew from 1.3% for the three months ended September 30, 2005, to 1.5% for the three months ended September 30, 2006. As a result, CTC Media's combined audience share was 11.6% in the third quarter of 2006 as compared to 11.7% in the third quarter of 2005.

Consolidated total operating expenses in the third quarter of 2006 amounted to $57.2 million compared to $42.0 million in the third quarter of 2005. The increase in total operating expenses in absolute terms was primarily driven by an increase in programming amortization expense, which in turn was driven by increases in the cost of programming, and increases in selling, general and administrative costs that included $3.0 million of stock-based compensation expense. Total operating expenses as a percentage of revenues decreased from 87.5% reported in the third quarter of 2005 to 80.7% in the third quarter of 2006.

OIBDA increased 100.1% to $19.0 million for the third quarter of 2006 compared to $9.5 million in the third quarter of 2005. The OIBDA margin improved from 19.8% to 26.8% over the same period.

Operating income for the quarter was $13.7 million compared with $6.0 million for the three months ended September 30, 2005, an increase of 128.4%. Operating income as a percentage of total operating revenue grew from 12.5% in the third quarter of 2005 to 19.3% in the third quarter of 2006.

Net income for the quarter was $8.4 million compared to $1.9 million for the three months ended September 30, 2005. Fully diluted income per share was $0.05 for the three months ended September 30, 2006, compared to $0.01 for the three months ended September 30, 2005.

Results for the Nine Months Ended September 30, 2006

CTC Media's total operating revenue for the nine months ended September 30, 2006, increased by 71.9% to $252.9 million from $147.1 million for the nine months ended September 30, 2005.

Consolidated total operating expenses for the first nine months of 2006 increased by 49.8% to $156.9 million compared to $104.7 million for the first nine months of 2005. Total operating expenses as a percentage of revenues decreased from 71.2% for the first nine months of 2005 to 62.1% for the first nine months of 2006.

OIBDA increased 108.6% to $110.2 million for the first nine months of 2006 compared to $52.8 million for the first nine months of 2005. OIBDA margin for the nine-month period increased from 35.9% in 2005 to 43.6% in 2006.

Operating income for the first nine months of 2006 was $96.0 million compared with $42.4 million for the first nine months of 2005, an increase of 126.2%. Operating income as a percentage of total operating revenue grew from 28.8% for the first nine months of 2005 to 37.9% for the first nine months of 2006.

Net income for the nine months ended September 30, 2006 was $65.2 million compared to $24.4 million for the nine months ended September 30, 2005. Fully diluted income per share was $0.43 for the nine months ended September 30, 2006, compared to $0.16 for the nine months ended September 30, 2005.

Guidance

For the full year ending December 31, 2006, the Company reconfirms its guidance for consolidated total operating revenue in the range of $360 to $385 million, with a consolidated OIBDA margin in the range of 46-47%.

Conference Call

The Company will also host a conference call to discuss its third quarter 2006 financial results today, Tuesday, October 31, at 9 a.m. ET, corresponding to 5 p.m. Moscow time. To access the conference call, please dial +1 973 582 2857 (International) or 8108 002 531 1012 (Russia) and reference pass code 7990688. A live webcast of the conference call will also be available on the investor relations portion of the Company's corporate web site, located at www.ctcmedia.ru. A replay of the conference call will be available through Tuesday, November 14, 2006, at midnight ET. The replay can be accessed by dialing +1 973 341 3080. The pass code for the replay is 7990688. The webcast will also be archived on the Company's web site for two weeks.

About CTC Media, Inc.

Based in Moscow, CTC Media, Inc. was formed in 1989 to pursue commercial media and advertising opportunities in Russia. The Company owns and operates the CTC television network, which reaches approximately 100 million people through over 320 affiliate stations, including 17 owned-and-operated stations; and the Domashny television network, which reaches approximately 57 million people through over 190 affiliate stations, including six owned-and-operated stations. The Company is traded on The Nasdaq National Market under the symbol: CTCM. For more information on CTC Media, please visit: www.ctcmedia.ru.

Contacts:

CTC Media, Inc.
Dmitry Barsukov
Irina Osadchaya
+ 7 495 783 3650

Brainerd Communicators, Inc.
Jenna Focarino (media)
Michael Smargiassi or Todd St.Onge (investors)
+1 212 986 6667

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, guidance on our projected total operating revenues and OIBDA margin for the year ending December 31, 2006 and our ability to execute on our growth strategy, 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, risks related to recently adopted changes in Russian advertising laws; changes in the size of the Russian television advertising market; our ability to deliver audience share, particularly in primetime, to our advertisers; free-to-air television remaining a significant advertising forum in Russia; our reliance on a single television advertising sales house for substantially all of our 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 final prospectus dated May 31, 2006 and filed with the SEC on June 1, 2006. 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.

(See attached financial statements)

Attachment A
SUPPLEMENTAL DISCLOSURES
REGARDING NON-GAAP FINANCIAL INFORMATION

OIBDA is defined as operating income before depreciation and amortization (exclusive of amortization of programming rights and sublicensing rights). The Company believes that this metric is an appropriate and useful measure for evaluating the core current operating performance of its business. This metric is 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 it provides investors and equity analysts with a useful basis for analyzing operating performance against historical data and the results of comparable companies.

The most directly comparable GAAP measure to the non-GAAP measure of OIBDA is net income. Unlike net 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.

OIBDA also excludes other components of net income that the Company does not consider to be indicators of its core operating performance. Accordingly, it excludes from core operating performance certain items over which it does not have substantial managerial influence and that are not reflective of ordinary, ongoing and customary course activities. Such non-core items include foreign currency gains and losses, interest income and expense, gains on the sale of businesses, other non-operating gains and losses, equity in the income of investee companies that the Company does not control, income tax expense, and income attributable to minority interest shareholders.

Because OIBDA is not a GAAP measurement of financial performance, there are material limitations in its usefulness on a stand-alone basis, including the lack of comparability to the GAAP financial results of other companies. It should be considered in addition to, and not as a substitute for, net income. The items excluded from OIBDA are significant components in assessing our overall financial performance.

The following table presents a reconciliation of the Company's consolidated OIBDA to consolidated net income for the three- and nine-month periods to September 30, 2005 and 2006:

Three months ended Nine months ended
September 30, September 30,
2005 2006 2005 2006
(in thousands and unaudited)

OIBDA $ 9,506 $ 19,022 $ 52,840 $110,220
Depreciation and
amortization
(exclusive of
amortization of
programming rights
and sublicensing
rights) (3,509) (5,326) (10,418) (14,247)
Operating income 5,997 13,696 42,422 95,973
Foreign currency
gains (losses) 65 254 (689) 1,575
Interest income 406 1,316 3,047 1,641
Interest expense (1,963) - (6,627) (1,773)
Gains on sale of
businesses - - - 782
Other non-operating
income (losses), net 72 (32) (75) (111)
Equity in income of
investee companies 119 274 399 1,161
Income before income
tax and minority
interest 4,696 15,508 38,477 99,248
Income tax expense (2,345) (6,304) (12,735) (31,264)
Income attributable
to minority interest (466) (761) (1,349) (2,774)
Net income $ 1,885 $ 8,443 $ 24,393 $ 65,210

In this press release, the Company provides guidance on the Company's consolidated OIBDA for the year ending December 31, 2006. The following table presents a reconciliation of the Company's projected OIBDA, based on the mid- point of the provided range, to projected operating income for the year ending December 31, 2006. To further reconcile operating income to net income, foreign currency gains (losses), interest income, interest expense, gains (losses) on the sale of businesses, other non-operating gains (losses), equity in income of investee companies, income tax expense and income attributable to minority interest would need to be added and/or subtracted, as appropriate, from operating income. The Company does not provide a quantitative reconciliation of projected consolidated OIBDA to projected consolidated net income because it believes that such a reconciliation is not available without unreasonable efforts.

Year Ending
December 31, 2006
(Projected)
(in thousands)
OIBDA $173,000
Depreciation and amortization
(exclusive of amortization of
programming rights and sublicensing rights) (19,500)
Operating income $153,500

Attachment B
SEGMENT FINANCIAL INFORMATION
(in thousands of US dollars and unaudited)

Three Months Ended September 30, 2005

CTC TV Domashny
CTC Domashny Station TV Station Eliminations
Network Network Group Group and Other Total

Operating
revenue $33,329 $2,369 $10,732 $1,638 ($84) $47,984
Direct
operating
expenses (1,097) (591) (945) (633) 159 (3,107)
Selling,
general
and admini-
strative
expenses (3,345) (1,007) (3,789) (808) (1,359) (10,308)
Amortization
of programming
rights (21,629) (2,452) (668) (79) 13 (24,815)
Amortization
of subli-
censing rights (248) - - - - (248)
Depreciation
and amortization
(exclusive of
amortization
of programming
rights and
sublicensing
rights) (220) (115) (1,106) (1,538) (530) (3,509)
Operating
income $6,790 ($1,796) $4,224 ($1,420) ($1,801) $5,997

Three Months Ended September 30, 2006

CTC TV Domashny
CTC Domashny Station TV Station Eliminations
Network Network Group Group and Other Total

Operating
revenue $49,714 $4,197 $14,850 $2,619 ($461) $70,919
Direct
operating
expenses (1,269) (725) (1,265) (890) 257 (3,892)
Selling,
general and
admini-
strative
expenses (3,412) (1,396) (5,216) (1,143) (5,725) (16,892)
Amortization
of programming
rights (25,558) (4,021) (565) (8) 36 (30,116)
Amortization
of subli-
censing rights (997) - - - - (997)
Depreciation
and amortization
(exclusive of
amortization
of programming
rights and
sublicensing
rights) (273) (138) (1,318) (3,080) (517) (5,326)
Operating
income $18,205 ($2,083) $6,486 ($2,502) ($6,410) $13,696

Nine Months Ended September 30, 2005

CTC TV Domashny
CTC Domashny Station TV Station Eliminations
Network Network Group Group and Other Total

Operating
revenue $105,951 $5,650 $30,634 $5,015 ($102) $147,148
Direct
operating
expenses (3,251) (1,544) (2,899) (1,973) 313 (9,354)
Selling,
general
and admini-
strative
expenses (8,860) (3,317) (9,453) (3,100) (4,924) (29,654)
Amortization
of programming
rights (46,542) (6,060) (1,951) (401) (98) (55,052)
Amortization of
sublicensing
rights (248) - - - - (248)
Depreciation
and
amortization
(exclusive of
amortization of
programming
rights and
sublicensing
rights) (892) (255) (2,888) (4,806) (1,577) (10,418)
Operating
income $46,158 ($5,526) $13,443 ($5,265) ($6,388) $42,422

Nine Months Ended September 30, 2006

CTC TV Domashny
CTC Domashny Station TV Station Eliminations
Network Network Group Group and Other Total

Operating
revenue $187,451 $13,490 $45,254 $7,392 ($686) $252,901
Direct
operating
expenses (3,745) (2,122) (3,539) (2,460) 316 (11,550)
Selling,
general and
admini-
strative
expenses (9,493) (4,163) (10,954) (4,290) (12,059) (40,959)
Amortization
of programming
rights (73,180) (11,963) (2,053) (31) 101 (87,126)
Amortization
of subli-
censing
rights (3,046) - - - - (3,046)
Depreciation
and
amortization
(exclusive of
amortization
of programming
rights and
sublicensing
rights) (816) (404) (3,605) (7,881) (1,541) (14,247)
Operating
income $97,171 ($5,162) $25,103 ($7,270) ($13,869) $95,973

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 Nine months ended
September 30, September 30,
2005 2006 2005 2006

REVENUES:
Advertising $ 46,888 $ 69,438 $ 145,196 $ 245,901
Sublicensing and
other revenue 1,096 1,481 1,952 7,000
Total operating
revenues $ 47,984 $ 70,919 $ 147,148 $ 252,901
EXPENSES:
Direct operating
expenses (exclusive
of amortization of
programming rights
and sublicensing
rights, shown below,
and exclusive of
depreciation and
amortization of
$3,199 and $4,807
for three months
and $9,854 and $12,375
for the nine months
ended September 30,
2005 and 2006,
respectively) (3,107) (3,892) (9,354) (11,550)
Selling, general and
administrative
(exclusive of
depreciation and
amortization of $310
and $518 for three
months and $1,564 and
$1,872 for the nine
months ended September
30, 2005 and 2006,
inclusive of stock
based compensation of
$132 and $3,016 for
three months and $502
and $4,119 for the nine
months ended September
30, 2005 and 2006,
respectively) (10,308) (16,892) (29,654) (40,959)
Amortization of
programming rights (24,815) (30,116) (55,052) (87,126)
Amortization of
sub-licensing rights (248) (997) (248) (3,046)
Depreciation and
amortization (exclusive
of amortization of
programming rights and
sublicensing rights) (3,509) (5,326) (10,418) (14,247)
Total operating
expenses (41,987) (57,223) (104,726) (156,928)
OPERATING INCOME 5,997 13,696 42,422 95,973
FOREIGN CURRENCY
GAINS (LOSSES) 65 254 (689) 1,575
INTEREST INCOME 406 1,316 3,047 1,641
INTEREST EXPENSE (1,963) - (6,627) (1,773)
GAINS ON SALE OF
BUSINESSES - - - 782
OTHER NON-OPERATING
INCOME(LOSSES), net 72 (32) (75) (111)
EQUITY IN INCOME OF
INVESTEE COMPANIES 119 274 399 1,161
Income before income tax
and minority interest 4,696 15,508 38,477 99,248
INCOME TAX EXPENSE (2,345) (6,304) (12,735) (31,264)
INCOME ATTRIBUTABLE TO
MINORITY INTEREST (466) (761) (1,349) (2,774)
NET INCOME $ 1,885 $ 8,443 $ 24,393 $ 65,210

Net income
attributable to
preferred stockholders $ (877) $ - $ (10,967) $ (17,116)
Net income
attributable to common
stockholders $ 1,008 $ 8,443 $ 13,426 $ 48,094
Net income per share
attributable to common
stockholders - basic $ 0.01 $ 0.06 $ 0.16 $ 0.45
Net income per share
attributable to common
stockholders - diluted $ 0.01 $ 0.05 $ 0.16 $ 0.43

Weighted average common
shares outstanding -
basic 76,332,592 151,505,672 81,534,288 106,549,359

Weighted average common
shares outstanding -
diluted 151,208,427 157,604,899 156,226,972 151,388,942

CTC MEDIA, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands of US dollars)

Nine months ended
September 30,
2005 2006
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 24,393 $65,210
Adjustments to reconcile net income
to net cash provided by operating activities:
Deferred tax expense (benefit) (2,389) (6,544)
Depreciation and amortization 10,418 14,247
Amortization of programming rights 55,052 87,126
Amortization of sublicensing rights 248 3,046
Stock based compensation expense 502 4,119
Gain on disposal of property and equipment - (327)
Write-down of property and investments 118 -
Gains on sale of businesses - (782)
Equity in income of unconsolidated investees (399) (1,161)
Income attributable to minority interest 1,349 2,774
Foreign currency losses (gains) 689 (1,575)
Changes in operating assets and liabilities:
Trade accounts receivable (2,823) (279)
Prepayments (9,040) 714
Other assets (1,722) (2,244)
Accounts payable and
accrued liabilities (5,590) 824
Interest accrual 205 (164)
Deferred revenue 11,374 5,524
Other liabilities (1,242) (249)
Dividends received from equity investees 362 123
Acquisition of programming
and sublicensing rights (69,485) (93,062)
Net cash provided by
operating activities 12,020 77,320
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of property and equipment (4,352) (2,856)
Acquisitions of businesses,
net of cash acquired (100) (19,924)
Proceeds from sale of businesses,
net of cash disposed - 882
Proceeds from sale of property and equipment 151 683
Other investing activities (232) (97)
Net cash used in
investing activities (4,533) (21,312)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuances of common stock - 105,041
Common stock issuance costs - (395)
Proceeds from exercise of stock options 158 5,856
Repurchase of stock (53,955) -
Proceeds from loans 65,000 19,000
Repayments of loans (61,412) (60,384)
Decrease (increase) in restricted cash 35,904 (3)
Dividends paid to minority interest (1,120) (2,317)
Net cash provided by (used in)
financing activities (15,425) 66,798
EFFECT OF EXCHANGE RATE CHANGES ON
CASH AND CASH EQUIVALENTS (727) 1,365
Net increase (decrease) in cash
and cash equivalents (8,665) 124,171
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 29,677 15,300
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 21,012 $ 139,471

CTC MEDIA, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands of US dollars, except share and per share data)

December 31, September 30,
2005 2006
ASSETS

CURRENT ASSETS:
Cash and cash equivalents $ 15,300 $ 139,471
Trade accounts receivable, net of
allowance for doubtful accounts
(December 31, 2005 - $287;
September 30, 2006-$502) 6,016 8,129
Taxes reclaimable 3,109 7,047
Prepayments 25,886 41,625
Programming rights, net 38,100 44,337
Deferred tax asset 1,310 4,671
Other current assets 790 1,457
TOTAL CURRENT ASSETS 90,511 246,737

RESTRICTED CASH 105 112
PROPERTY AND EQUIPMENT, net 19,405 23,187
INTANGIBLE ASSETS, net:
Network affiliation agreements 5,333 3,834
Trade names 5,834 5,885
Broadcasting licenses 28,896 44,434
Cable network connections 805 539
Other intangible assets 226 360
Net intangible assets 41,094 55,052
GOODWILL 68,273 71,204
PROGRAMMING RIGHTS, net 28,368 20,872
SUBLICENSING RIGHTS, net 1,836 9,658
INVESTMENTS IN AND ADVANCES TO INVESTEES 8,509 9,024
PREPAYMENTS 10,093 6,700
DEFERRED TAX ASSET 5,322 7,560
OTHER NON-CURRENT ASSETS 181 233
TOTAL ASSETS $ 273,697 $ 450,339

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
Accounts payable $ 16,349 $ 26,201
Accrued liabilities 6,300 8,789
Taxes payable 8,765 9,098
Short-term loans and interest accrued 4,068 4
Deferred revenue 8,171 14,542
Deferred tax liability 1,147 2,331
Other current liabilities 19 35
TOTAL CURRENT LIABILITIES 44,819 61,000
LONG TERM LOANS 37,188 203
DEFERRED TAX LIABILITY 10,677 14,477
MINORITY INTEREST 1,915 2,519
COMMITMENTS AND CONTINGENCIES (Note 10)
STOCKHOLDERS' EQUITY:
Convertible preferred stock; $0.01 par value;
shares authorized 90,000; shares issued and
outstanding (December 31, 2005 - 82,951;
September 30, 2006 - 0) 1 -
Common stock; $0.01 par value; shares
authorized 175,772,173; shares issued
and outstanding December 31, 2005 - 72,824,800;
September 30, 2006 - 151,505,672) 728 1,515
Additional paid-in capital 210,740 324,361
(Accumulated deficit)/ Retained earnings (32,371) 32,839
Accumulated other comprehensive income - 13,425
TOTAL STOCKHOLDERS' EQUITY 179,098 372,140

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 273,697 $ 450,339

Source: CTC Media, Inc.

CONTACT: Dmitry Barsukov, or Irina Osadchaya, CTC Media, Inc.,
+7-495-783-3650; or Jenna Focarino (media), or Michael Smargiassi, or Todd
St.Onge (investors), all of Brainerd Communicators, Inc., for CTC Media, Inc.,
+1-212-986-6667

Web site: http://www.ctcmedia.ru/

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