DIRECTV 2003 Annual Report Download - page 118

Download and view the complete annual report

Please find page 118 of the 2003 DIRECTV annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 137

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137

THE DIRECTV GROUP, INC.
SUPPLEMENTARY DATA
Selected Quarterly Data (Unaudited) 1st 2nd 3rd 4th
(Dollars in Millions, Except Per Share Amounts)
2003 Quarters
Revenues ............................................... $2,227.3 $2,370.7 $2,570.2 $2,953.0
Income (loss) from continuing operations before income taxes,
minority interests and cumulative effect of accounting
change(1)............................................. $ (67.4) $ 56.9 $ 3.2 $ (329.0)
Income tax benefit (expense) ............................... 24.2 (20.5) 44.3 23.9
Minority interests in net earnings of subsidiaries ................ (7.4) (7.4) (6.0) (7.3)
Income (loss) from discontinued operations, net of taxes .......... (0.3) (7.4) 0.1 2.9
Income (loss) before cumulative effect of accounting change ...... (50.9) 21.6 41.6 (309.5)
Cumulative effect of accounting change, net of taxes ............ — — (64.6) —
Netincome(loss) ........................................ $ (50.9) $ 21.6 $ (23.0) $ (309.5)
Basic and diluted earnings (loss) per common share from continuing
operations before cumulative effect of accounting change ....... $ (0.04) $ 0.02 $ 0.03 $ (0.22)
2002 Quarters
Revenues ............................................... $2,024.8 $2,192.3 $2,194.7 $2,450.7
Income (loss) from continuing operations before income taxes,
minority interests and cumulative effect of accounting
change(2)............................................. $ (201.3) $ (203.8) $ 24.0 $ 344.3
Income tax benefit (expense) ............................... 76.5 77.5 (9.2) (117.2)
Minority interests in net earnings of subsidiaries ................ (6.7) (3.5) (4.1) (7.3)
Loss from discontinued operations, net of taxes ................. (24.9) (25.3) (24.3) (107.2)
Income (loss) before cumulative effect of accounting change ...... (156.4) (155.1) (13.6) 112.6
Cumulative effect of accounting change, net of taxes ............ (681.3) — — —
Netincome(loss) ........................................ $ (837.7) $ (155.1) $ (13.6) $ 112.6
Basic and diluted earnings (loss) per common share from continuing
operations before cumulative effect of accounting change ....... $ (0.12) $ (0.12) $ 0.01 $ 0.16
(1) Included as part of “Income (loss) from continuing operations before income taxes, minority interests and
cumulative effect of accounting change” for the fourth quarter of 2003 are a $132.0 million charge related
primarily to investment advisor fees, employee retention and severance benefits in conjunction with the
completion of the News Corporation transactions and reorganization expenses of $193.1 million resulting
from settlements reached with creditors as part of the DLA LLC bankruptcy proceedings.
(2) Included as part of “Income (loss) from continuing operations before income taxes, minority interests and
cumulative effect of accounting change” for the fourth quarter of 2002 is a $600 million gain for the
settlement on the terminated merger agreement with EchoStar, partially offset by a $146.3 million write-
down for other-than-temporary declines in the fair value of certain equity securities.
111