CTC MEDIA REPORTS SECOND QUARTER 2006 FINANCIAL RESULTS

31.07.2006
Moscow, Russia – July 31, 2006 - CTC Media, Inc. (NASDAQ: CTCM), a leading television broadcaster in Russia, today reported financial results for the three- and six-month periods ended June 30, 2006.

CTC Media, Inc. (NASDAQ: CTCM), a leading television broadcaster in
Russia, today reported financial results for the three- and six-month periods ended June 30, 2006.

US$ 000's, except per share data

Three Months Ended
June 30,




Six Months Ended
June 30,



2005

2006


Change


2005

2006


Change

Total operating revenues

$56,094

$102,758

83.2%

$99,164

$181,981

83.5%

Total operating expenses

(33,338)

(53,549)

60.6%

(62,739)

(99,704)

58.9%

OIBDA*

26,403

54,392

106.0%

43,334

91,198

110.5%

Net income

$14,606

$34,110

133.5%

$22,508

$56,765

152.2%

Earnings per share

$0.09

$0.23

155.6%

$0.14

$0.38

171.4%

*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

· Record quarterly and six-month results across all key financial metrics
· Consolidated revenue increased 83% to $102.8 million in the second quarter and 84% to $182.0 in the first six months of 2006
· OIBDA increased 106% to $54.4 million and 110% to 91.2 million in the three- and six-month periods ended June 30, 2006
· Net income increased 134% to $34.1 million in the second quarter and 152% to $56.8 million in the first six months of 2006
· $0.23 and $0.38 fully diluted earnings per share for the three- and six-month periods ended June 30, 2006, an increase of 156% and 171%, respectively

Corporate Highlights

· Successful IPO on NASDAQ in June 2006, raising net proceeds of $105 million
· Combined audience share for the second quarter of 2006 rose to 13%, driven by exceptional programming performance at CTC Network
· Added three owned-and-operated stations in key local regions

Alexander Rodnyansky, Chief Executive Officer, stated, “During the second quarter we continued to demonstrate strong operating and financial momentum as the investments we have made in our operations continue to generate tangible returns. Capitalizing on the growth of advertising spending in Russia and our success in building audience shares among our target demographics, we continue to post revenue growth well ahead of the Russian television advertising market. Further, as a result of our disciplined approach to managing costs, we have been able to convert an increasing amount of our revenue into profits.”

“With the successful completion of our IPO in June, we raised net proceeds of $105 million, which further strengthens our ability to aggressively pursue our strategy and fully participate in the growth of our industry. As we seek to build on our presence in the region, we are committed to generating profitable growth and maintaining a healthy balance sheet. We are well positioned to execute on our growth initiatives and build value for our shareholders over the long term.”

Results for the Three Months Ended June 30, 2006

CTC Media’s total operating revenue for the three months ended June 30, 2006, increased 83.2% to $102.8 million fr om $56.1 million for the three months ended June 30, 2005. The revenue growth reflects the continued growth of the Russian television advertising market and CTC’s ability to deliver to advertisers their target audiences.

CTC Media’s combined audience share increased to 13.0% in the second quarter of 2006 compared to 11.5% in the second quarter of 2005. The CTC Network increased its total audience share to 11.7% for the second quarter of 2006, up from 10.3% in last year’s second quarter, and remained the fourth most watched broadcaster in Russia overall. Domashny’s audience share grew from 1.2% for the three months ended June 30, 2005, to 1.3% for the three months ended June 30, 2006. The increase in CTC’s audience share was mainly driven by the success of the Born Not Pretty series. The series has been the CTC Network’s most successful program in its broadcasting history, generating an average overall primetime audience share of 30,9% in the three months ended June 30, 2006. Although CTC Media continuously seeks to acquire and commission high quality programming, the Company does not expect that it will be able to replace Born Not Pretty with programming that will be as successful as this series was. Consequently, the Company does not believe that the rate of growth in its advertising revenues for the three- and six-month periods ended June 30, 2006, as compared to the same periods in 2005, is indicative of its future financial performance.

Consolidated total operating expenses in the second quarter of 2006 amounted to $53.5 million compared to $33.3 million in the second 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. Total operating expenses as a percentage of revenues decreased from 59.4% reported in the second quarter of 2005 to 52.1% in the second quarter of 2006.

OIBDA increased 106% to $54.4 million for the second quarter of 2006 compared to $26.4 million in the second quarter of 2005. The OIBDA margin improved from 47.1% to 52.9% over the same period.

Operating income for the quarter was $49.2 million compared with $22.8 million for the three months ended June 30, 2005, an increase of 116.2%. Operating income as a percentage of total operating revenue grew from 40.6% in the second quarter of 2005 to 47.9% in the second quarter of 2006.

Net income for the quarter was $34.1 million compared to $14.6 million for the three months ended June 30, 2005. Fully diluted income per share was $0.23 for the three months ended June 30, 2006, compared to $0.09 for the three months ended June 30, 2005.

Results for the Six Months Ended June 30, 2006

CTC Media’s total operating revenue for the six months ended June 30, 2006, increased by 83.5% to $182.0 million from $99.2 million for the six months ended June 30, 2005.

Consolidated total operating expenses for the first six months of 2006 increased by 58.9% to $99.7 million compared to $62.7 million for the first six months of 2005. Total operating expenses as a percentage of revenues decreased from 63.3% for the first six months of 2005 to 54.8% for the first six months of 2006.

OIBDA increased 110.5% to $91.2 million for the first six months of 2006 compared to $43.3 million for the first six months of 2005. OIBDA margin for the six-month period increased from 43.7% in 2005 to 50.1% in 2006.

Operating income for the first six months of 2006 was $82.3 million compared with $36.4 million for the first six months of 2005, an increase of 125.8%. Operating income as a percentage of total operating revenue grew from 36.7% for the first six months of 2005 to 45.2% for the first six months of 2006.

Net income for the six months ended June 30, 2006 was $56.8 million compared to $22.5 million for the six months ended June 30, 2005. Fully diluted income per share was $0.38 for the six months ended June 30, 2006, compared to $0.14 for the six months ended June 30, 2005.

Guidance

For the full year ending December 31, 2006, the Company currently expects to generate 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 second quarter 2006 financial results today, Monday, July 31, at 9 a.m. ET, corresponding to 5 p.m. Moscow time. To access the conference call, please dial +1 973 582 2843 (International) or 8108 002 531 1012 (Russia) and reference pass code 7628004. 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 Monday, August 14, 2006, at midnight ET. The replay can be accessed by dialing +1 973 341 3080. The pass code for the replay is 7628004. 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 310 affiliate stations, including 17 owned-and-operated stations; and the Domashny television network, which reaches approximately 57 million people through over 170 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 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 six-month periods to June 30, 2005 and 2006:


Three months ended
June 30,

Six months ended June 30,


2005

2006

2005

2006


(in thousands and unaudited)

OIBDA

$ 26,403

$ 54,392

$ 43,334

$ 91,198

Depreciation and amortization (exclusive
of amortization of programming rights and sublicensing rights)

(3,647)

(5,183)

(6,909)

(8,921)

Operating income

22,756

49,209

36,424

82,277

Foreign currency gains (losses)

(701)

242

(754)

1,321

Interest income

1,346

282

2,641

325

Interest expense

(2,146)

(607)

(4,664)

(1,773)

Gains on sale of businesses

-

782

-

782

Other non-operating losses, net

(111)

(289)

(147)

(80)

Equity in income of investee companies

130

723

280

886

Income before income tax and minority interest

21,274

50,342

33,781

83,738

Income tax expense

(6,167)

(14,923)

(10,390)

(24,960)

Income attributable to minority interest

(501)

(1,309)

(883)

(2,013)

Net income

$ 14,606

$ 34,110

$ 22,508

$ 56,765

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 June 30, 2005


CTC Network

Domashny Network

CTC TV Station Group

Domashny TV Station Group

Eliminations and Other

Total


Operating revenue

$ 39,889

$ 2,897

$ 11,520

$ 1,788

$ -

$ 56,094

Direct operating expenses

(1,024)

(613)

(989)

(634)

76

(3,184)

Selling, general and administrative expenses

(2,754)

(1,004)

(3,111)

(738)

(1,673)

(9,280)

Amortization of programming rights

(13,556)

(2,923)

(672)

(64)

(12)

(17,227)

Amortization of sublicensing rights

-

-

-

-

-

-

Depreciation and amortization (exclusive of amortization of programming rights and sublicensing rights)

(454)

(104)

(882)

(1,679)

(528)

(3,647)

Operating income

$ 22,101

$ (1,747)

$ 5,866

$ (1,327)

$ (2,137)

$ 22,756

 

Three Months Ended June 30, 2006


CTC Network

Domashny Network

CTC TV Station Group

Domashny TV Station Group

Eliminations and Other

Total


Operating revenue

$75,518

$4,983

$19,151

$3,239

$(133)

$102,758

Direct operating expenses

(1,198)

(703)

(1,165)

(834)

(86)

(3,986)

Selling, general and administrative expenses

(3,165)

(1,349)

(3,402)

(1,411)

(4,279)

(13,606)

Amortization of programming rights

(24,701)

(4,156)

(763)

(14)

34

(29,600)

Amortization of sublicensing rights

(1,174)

-

-

-

-

(1,174)

Depreciation and amortization (exclusive of amortization of programming rights and sublicensing rights)

(272)

(138)

(1,288)

(2,981)

(504)

(5,183)

Operating income

$45,008

$(1,363)

$12,533

$(2,001)

$(4,968)

$49,209

 

Six Months Ended June 30, 2005


CTC Network

Domashny Network

CTC TV Station Group

Domashny TV Station Group

Eliminations and Other

Total


Operating revenue

$ 72,622

$3,279

$19,904

$3,380

$(21)

$99,164

Direct operating expenses

(2,154)

(953)

(1,954)

(1,340)

154

(6,247)

Selling, general and administrative expenses

(5,515)

(2,309)

(5,664)

(2,292)

(3,566)

(19,346)

Amortization of programming rights

(24,915)

(3,608)

(1,283)

(322)

(109)

(30,237)

Amortization of sublicensing rights

-

-

-

-

-

-

Depreciation and amortization (exclusive of amortization of programming rights and sublicensing rights)

(672)

(139)

(1,784)

(3,268)

(1,046)

(6,909)

Operating income

$39,366

$(3,730)

$9,219

$(3,842)

$(4,588)

$36,425

 

Six Months Ended June 30, 2006


CTC Network

Domashny Network

CTC TV Station Group

Domashny TV Station Group

Eliminations and Other

Total


Operating revenue

$137,738

$9,294

$30,404

$4,773

$(228)

$181,981

Direct operating expenses

(2,477)

(1,397)

(2,274)

(1,570)

61

(7,657)

Selling, general and administrative expenses

(6,082)

(2,766)

(5,741)

(3,146)

(6,332)

(24,067)

Amortization of programming rights

(47,622)

(7,942)

(1,488)

(22)

64

(57,010)

Amortization of sublicensing rights

(2,049)

-

-

-

-

(2,049)

Depreciation and amortization (exclusive of amortization of programming rights and sublicensing rights)

(543)

(266)

(2,287)

(4,801)

(1,024)

(8,921)

Operating income

$78,965

$(3,077)

$18,614

$(4,766)

$(7,459)

$82,277

 

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
June 30,

Six months ended
June 30,

2005


2006

2005

2006

REVENUES:



Advertising

$ 55,620

$ 99,563

$ 98,308

$ 176,462

Sublicensing and other revenues

474

3,195

856

5,519

Total operating revenues

56,094

102,758

99,164

181,981

EXPENSES:

Direct operating expenses (exclusive of amortization of programming rights and sublicensing rights, shown below, and exclusive of depreciation and amortization of $2,901 and $4,317 for three months and $5,655 and $7,568 for the six months ended June 30, 2005 and 2006, respectively)

(3,184)

(3,986)

(6,247)

(7,657)

Selling, general and administrative (exclusive of depreciation and amortization of $746 and $867 for three months and $1,254 and $1,354 for the six months ended June 30, 2005 and 2006, inclusive of stock based compensation of $221 and $953 for three months and $370 and $1,103 for the six months ended June 30, 2005 and 2006, respectively)

(9,280)

(13,606)

(19,346)

(24,067)

Amortization of programming rights

(17,227)

(29,600)

(30,237)

(57,010)

Amortization of sublicensing rights

-

(1,174)

-

(2,049)

Depreciation and amortization (exclusive of amortization of programming rights and sublicensing rights)

(3,647)

(5,183)

(6,909)

(8,921)

Total operating expenses

(33,338)

(53,549)

(62,739)

(99,704)

OPERATING INCOME

22,756

49,209

36,425

82,277

FOREIGN CURRENCY GAINS (LOSSES)

(701)

242

(754)

1,321

INTEREST INCOME

1,346

282

2,641

325

INTEREST EXPENSE

(2,146)

(607)

(4,664)

(1,773)

GAINS ON SALE OF BUSINESSES

-

782

-

782

OTHER NON-OPERATING LOSSES, net

(111)

(289)

(147)

(80)

EQUITY IN INCOME OF INVESTEE COMPANIES

130

723

280

886

Income before income tax and minority interest

21,274

50,342

33,781

83,738

INCOME TAX EXPENSE

(6,167)

(14,923)

(10,390)

(24,960)

INCOME ATTRIBUTABLE TO MINORITY INTEREST

(501)

(1,309)

(883)

(2,013)

NET INCOME

$ 14,606


$ 34,110

$ 22,508

$ 56,765






Net income attributable to preferred stockholders

$ (6,448)

$ (11,594)

$ (9,948)

$ (22,989)

Net income attributable to common stockholders

$ 8,158

$ 22,516

$ 12,560

$ 33,775

Net income per share attributable to common stockholders - basic

$ 0.10

$ 0.24

$ 0.15

$ 0.40

Net income per share attributable to common stockholders - diluted

$ 0.09

$ 0.23

$ 0.14

$ 0.38

Weighted average common shares outstanding - basic

84,350,400

94,080,899

84,178,244

83,846,170

Weighted average common shares outstanding - diluted

159,419,848

151,411,235

158,289,868

148,194,250

 

CTC MEDIA, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands of US dollars)



Six months ended
June 30,

2005

2006

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income

$ 22,508

$ 56,765

Adjustments to reconcile net income to net cash provided by operating activities:

Deferred tax expense (benefit)

309

(3,629)

Depreciation and amortization

6,909

8,921

Amortization of programming rights

30,237

57,010

Amortization of sublicensing rights

-

2,049

Stock based compensation expense

370

1,103

Gain on disposal of property and equipment

118

(306)

Gains on sale of businesses

-

(782)

Equity in income of unconsolidated investees

(280)

(886)

Income attributable to minority interest

883

2,013

Foreign currency losses (gains)

754

(1,321)

Changes in operating assets and liabilities:

Trade accounts receivable

(2,801)

(6,945)

Prepayments

(9,710)

2,203

Other assets

(793)

(429)

Accounts payable and accrued liabilities

(3,391)

740

Interest accrual

274

(208)

Deferred revenue

7,325

229

Other liabilities

(2,714)

670

Dividends received from equity investees

315

120

Acquisition of programming and sublicensing rights

(46,826)

(63,960)

Net cash provided by (used in) operating activities

3,485

53,357

CASH FLOWS FROM INVESTING ACTIVITIES:

Acquisitions of property and equipment

(3,692)

(2,209)

Acquisitions of businesses, net of cash acquired

(100)

(19,543)

Proceeds from sale of businesses, net of cash disposed

76

882

Proceeds from sale of property and equipment

-

606

Other investing activities

(116)

(62)

Net cash used in investing activities

(3,833)

(20,326)

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from issuances of common stock

-

105,041

Common stock issuance costs

-

(331)

Proceeds from exercise of stock options

158

5,856

Proceeds from loans

-

19,000

Repayments of loans

(7,012)

(60,384)

Decrease (increase) in restricted cash

4

(49)

Dividends paid to minority interest

(797)

(1,735)

Net cash provided by (used in) financing activities

(7,647)

67,398

EFFECT OF EXCHANGE RATE CHANGES
ON CASH AND CASH EQUIVALENTS

(770)

905

Net increase (decrease) in cash and cash equivalents

(8,765)

101,334

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

29,677

15,300

CASH AND CASH EQUIVALENTS AT END OF PERIOD

$ 20,912

$ 116,634

 

CTC MEDIA, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands of US dollars, except share and per share data)

December 31,
2005


June 30,
2006

ASSETS





CURRENT ASSETS:

Cash and cash equivalents

$ 15,300

$ 116,634

Trade accounts receivable, net of allowance for doubtful accounts
(December 31, 2005 - $287; June 30, 2006 - $453)

6,016

13,874

Taxes reclaimable

3,109

4,033

Prepayments

25,886

30,741

Programming rights, net

38,100

42,949

Deferred tax asset

1,310

2,847

Other current assets

790

959

TOTAL CURRENT ASSETS

90,511

212,037

RESTRICTED CASH

105

158

PROPERTY AND EQUIPMENT, net

19,405

23,738

INTANGIBLE ASSETS, net:

Network affiliation agreements

5,333

4,334

Trade names

5,834

5,875

Broadcasting licenses

28,896

45,747

Cable network connections

805

666

Other intangible assets

226

397

Net intangible assets

41,094

57,019

GOODWILL

68,273

70,824

PROGRAMMING RIGHTS, net

28,368

23,957

SUBLICENSING RIGHTS, net

1,836

11,913

INVESTMENTS IN AND ADVANCES TO INVESTEES

8,509

9,176

PREPAYMENTS

10,093

7,905

DEFERRED TAX ASSET

5,322

6,942

OTHER NON-CURRENT ASSETS

181

108

TOTAL ASSETS


$ 273,697


$ 423,777






LIABILITIES AND STOCKHOLDERS' EQUITY





CURRENT LIABILITIES:

Accounts payable

$ 16,349

$ 20,807

Accrued liabilities

6,300

7,139

Taxes payable

8,765

9,768

Short-term loans and interest accrued

4,068

4

Deferred revenue

8,171

9,144

Deferred tax liability

1,147

1,920

Other current liabilities

19

262

TOTAL CURRENT LIABILITIES

44,819

49,044

LONG TERM LOANS

37,188

201

DEFERRED TAX LIABILITY

10,677

14,007

MINORITY INTEREST

1,915

2,244

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; June 30, 2006 - 0)

1

0

Common stock; $0.01 par value; shares authorized 175,772,173;
shares issued and outstanding December 31, 2005 - 72,824,800; June 30, 2006 - 151,505,672)

728

1,515

Additional paid-in capital

210,740

321,345

(Accumulated deficit)/ Retained earnings

(32,371)

24,394

Accumulated other comprehensive income

-

11,027

TOTAL STOCKHOLDERS' EQUITY

179,098

358,281

 


 


TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY


$ 273,697


$ 423,777