DIRECTV 2003 Annual Report Download - page 69

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THE DIRECTV GROUP, INC.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
CONSOLIDATED STATEMENTS OF INCOME
Years Ended December 31,
2003 2002 2001
(Dollars in Millions, Except Per
Share Amounts)
Revenues
Direct broadcast, leasing and other services ........................ $ 9,240.4 $7,958.6 $7,177.5
Product sales ................................................ 880.8 903.9 1,059.7
TotalRevenues .......................................... 10,121.2 8,862.5 8,237.2
Operating Costs and Expenses, Exclusive of Depreciation and Amortization
Expenses Shown Separately Below
Broadcast programming and other costs ........................... 4,836.6 4,087.9 3,270.0
Costofproductssold.......................................... 790.3 818.6 900.2
Selling, general and administrative expenses ....................... 3,265.7 3,088.1 3,570.9
Depreciation and amortization .................................. 1,082.8 1,020.2 1,110.6
Total Operating Costs and Expenses .......................... 9,975.4 9,014.8 8,851.7
Operating Profit (Loss) ............................................ 145.8 (152.3) (614.5)
Interest income .................................................. 42.7 24.5 56.5
Interest expense .................................................. (312.5) (334.5) (195.3)
Reorganization expense ............................................ (212.3) — —
Other,net ....................................................... — 425.5 (92.7)
Loss From Continuing Operations Before Income Taxes, Minority Interests
and Cumulative Effect of Accounting Changes ....................... (336.3) (36.8) (846.0)
Income tax benefit ................................................ 71.9 27.6 275.9
Minority interests in net (earnings) losses of subsidiaries ................. (28.1) (21.6) 49.9
Loss from continuing operations before cumulative effect of accounting
changes ...................................................... (292.5) (30.8) (520.2)
Loss from discontinued operations, net of taxes ......................... (4.7) (181.7) (94.0)
Loss before cumulative effect of accounting changes .................... (297.2) (212.5) (614.2)
Cumulative effect of accounting changes, net of taxes .................... (64.6) (681.3) (7.4)
NetLoss........................................................ (361.8) (893.8) (621.6)
Preferred stock dividends .......................................... — (46.9) (96.4)
Net Loss Attributable to Common Stockholders ........................ $ (361.8) $ (940.7) $ (718.0)
Basic and Diluted Loss Per Common Share:
Loss from continuing operations before cumulative effect of accounting
changes ...................................................... $ (0.21) $ (0.06) $ (0.47)
Loss from discontinued operations, net of taxes ......................... — (0.13) (0.07)
Cumulative effect of accounting changes, net of taxes .................... (0.05) (0.51) (0.01)
LossPerCommonShare ........................................... $ (0.26) $ (0.70) $ (0.55)
Weighted average number of common shares outstanding (in millions) ...... 1,382.5 1,343.1 1,300.0
Reference should be made to the Notes to the Consolidated Financial Statements.
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