CTC MEDIA REPORTS THIRD QUARTER 2006 FINANCIAL RESULTS

31.10.2006
Moscow, Russia -October 31, 2006 - 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.

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
September 30,




Nine Months Ended
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*

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%

*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 fr om $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 13, 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
+ 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 lim itations 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
September 30,

Nine months ended 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 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 Network

Domashny Network

CTC TV Station Group

Domashny TV Station Group

Eliminations 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 administrative 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 sublicensing 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 Network

Domashny Network

CTC TV Station Group

Domashny TV Station Group

Eliminations 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 administrative 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 sublicensing 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 Network

Domashny Network

CTC TV Station Group

Domashny TV Station Group

Eliminations 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 administrative 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 Network

Domashny Network

CTC TV Station Group

Domashny TV Station Group

Eliminations 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 administrative 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 sublicensing 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
September 30,

Nine months ended
September 30,

2005


2006

2005

2006

REVENUES:



Advertising

$ 46,888

$ 69,438

$ 145,196

$ 245,901

Sublicensing and other revenues

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 sublicensing 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 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 (used in) 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,
2005


September 30,
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

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