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Golden Telecom

June 1, 2004

Golden Telecom announces dividend payment

MOSCOW, Russia (June 1, 2004)Golden Telecom, Inc. (NASDAQ: “GLDN”) today announced that its Board of Directors has approved the payment of a second quarterly dividend.  The size of the dividend was maintained at $0.20 per share. The dividend will be paid on June 28, 2004, to shareholders of record as of June 14, 2004.

 

Alexander Vinogradov, Chief Executive Officer and President of Golden Telecom, Inc. commented: “Golden Telecom continues to generate operating cash flow in excess of its capital expenditure needs. Given the strength of our balance sheet and our expectation that our cash position will remain strong, our Board decided that we should return some money to shareholders. We believe that we have reached a level of operating profitability that allows for capital expenditures to be financed entirely from operational cash flow, and therefore expect that a dividend will continue to be paid in the future.”

 

 

About Golden Telecom (www.goldentelecom.com)

Golden Telecom, Inc., NASDAQ: “GLDN” is a leading facilities-based provider of integrated telecommunications and Internet services in major population centers throughout Russia and other countries of the CIS.  The Company offers competitive local exchange carrier services using its overlay network in Moscow, Kiev, St. Petersburg, Nizhny Novgorod, Samara, Kaliningrad, and Krasnoyarsk; data and long-distance services using a fiber optic and satellite-based network – including approximately 200 combined access points in Russia and other countries of the CIS; dedicated and dial-up Internet access to businesses and consumers; Internet content through numerous web brands powered by its ROL portal; and mobile services.

 

Statements made in this press release are forward looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Such statements include our ability to maintain our operating cash flow in excess of our capital expenditure, and expected future dividend payments. It is important to note that such statements involve risks and uncertainties, which may cause outcomes to differ materially from those set forth in these statements.  Such risks and uncertainties include, but are not limited to, the possibility that our operating cash flow in the future may not support the granting of a dividend, the possibility that we may have to increase capital expenditure beyond our current budget, and that our Board may choose not to approve a dividend in future. Additional information concerning factors that could cause results to differ materially from those in the forward looking statements is contained in the Company's filings with the U.S. Securities and Exchange Commission including the Company's quarterly reports on Form 10-Q, current reports on Form 8-K filed during 2004, and the Company's annual report on Form 10-K for the year ended December 31, 2003.

 

 

FOR MORE INFORMATION, CONTACT:

Public Relations:

Anna Chin Ga Pin

e-mail: achin@gldn.net

tel.: +7-501-797-9300; fax: +7-501-797-9332

Investor Relations:

Tom Adshead

e-mail: tadshead@gldn.net

tel.: +7-501-797-9300; fax: +7-501-797-9332

www.goldentelecom.com

 

 

 

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