DIRECTV 2003 Annual Report Download - page 29

THE DIRECTV GROUP, INC.
PART II
ITEM 5. MARKET FOR THE REGISTRANT’S COMMON EQUITY AND RELATED STOCKHOLDER
MATTERS
On March 16, 2004, we changed our corporate name from Hughes Electronics Corporation to The
DIRECTV Group, Inc. The name change has no impact on the Company’s common stock or the rights of our
stockholders. Effective on March 17, 2004, our ticker symbol on the NYSE was changed to “DTV.” From
December 23, 2003 through March 16, 2004, the Company’s common stock was traded under the ticker symbol
“HS.” Prior to December 23, 2003, our financial performance was tracked by the GM Class H common stock
issued by GM, which was listed on the NYSE under the ticker symbol “GMH.” The GM Class H common stock
was a “tracking stock” designed to provide holders with financial returns based on our financial performance.
Holders of GM Class H common stock had no direct rights in our equity or assets, but rather had rights in the
equity and assets of GM (which included 100% of the stock of the Company). In the split-off of the Company
from GM that occurred as part of the News Corporation transactions completed on December 22, 2003, GM
distributed the Company’s common stock to holders of the GM Class H common stock in exchange for their
shares of GM Class H common stock on a one-for-one basis.
For purposes of setting forth, for the calendar periods indicated, the high and low closing sales price per
share for the Company’s common stock, the information below is based on the GMH per share price through
December 22, 2003 and the HS per share price from December 23, 2003 through December 31, 2003, as reported
by the NYSE:
2003 High Low
First Quarter ................................. $12.41 $ 9.40
Second Quarter ............................... 13.56 10.17
Third Quarter ................................. 15.10 12.74
Fourth Quarter ................................ 16.91 14.25
2002 High Low
First Quarter ................................. $17.55 $12.50
Second Quarter ............................... 17.00 8.49
Third Quarter ................................. 11.25 8.35
Fourth Quarter ................................ 12.00 8.00
As of March 11, 2004, there were approximately 137,117 holders of record of the Company’s common
stock.
Subject to the preferential and other dividend rights of any outstanding series of the Company’s Preferred
Stock, holders of the Company’s common stock are entitled to such dividends and other distributions in cash,
stock or property of the Company as may be declared by our Board of Directors in its sole discretion. There were
no shares of the Company’s Preferred Stock outstanding at December 31, 2003. Since the split-off from GM, the
Company’s Board of Directors has not paid, and does not currently intend to pay in the foreseeable future, cash
dividends on its common stock. The Company paid a $275 million special cash dividend to GM in connection
with the split-off. Future earnings of the Company, if any, are expected to be retained for the development of the
businesses of the Company.
Prior to the completion of the News Corporation transactions on December 22, 2003, all of the Company’s
common stock and convertible preferred stock were owned by GM. Accordingly, there was no public trading
market for the Company’s common or convertible preferred stock. Dividends on the common stock were to be
paid when and if declared by the Company’s Board of Directors. Except for the $275 million special cash
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