DIRECTV 2004 Annual Report Download - page 112

THE DIRECTV GROUP, INC.
SUPPLEMENTARY DATA
Selected Quarterly Data (Unaudited)
1st
2nd
3rd
4th
(Dollars in Millions, Except Per Share Amounts)
2004 Quarters
Revenues
$
2,493.2
$
2,642.8
$
2,861.9
$
3,362.1
Income (loss) from continuing operations before income taxes, minority interests and cumulative
effect of accounting change (1)
323.0
(40.7
)
(1,553.1
)
(489.3
)
Income tax (expense) benefit
(147.1
)
20.1
624.3
193.3
Minority interests in net (earnings) losses of subsidiaries
(0.7
)
3.0
3.2
7.6
Income (loss) from discontinued operations, net of taxes
(503.5
)
4.3
(83.0
)
(0.1
)
Loss before cumulative effect of accounting change
(328.3
)
(13.3
)
(1,008.6
)
(288.5
)
Cumulative effect of accounting change, net of taxes
(310.5
)
—
—
—
Net loss
$
(638.8
)
$
(13.3
)
$
(1,008.6
)
$
(288.5
)
Basic and diluted earnings (loss) per common share from continuing operations before cumulative
effect of accounting change
$
0.12
$
(0.01
)
$
(0.67
)
$
(0.21
)
2003 Quarters
Revenues
$
2,051.9
$
2,187.3
$
2,378.7
$
2,754.3
Income (loss) from continuing operations before income taxes, minority interests and cumulative
effect of accounting change (2)
(109.3
)
15.2
(26.7
)
(356.9
)
Income tax (expense) benefit
36.0
(7.7
)
25.7
50.3
Minority interests in net earnings of subsidiaries
(0.5
)
(0.1
)
(0.6
)
(0.7
)
Income (loss) from discontinued operations, net of taxes
22.9
14.2
43.2
(2.2
)
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
)
—
Net income (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
$
(0.05
)
$
0.01
$
—
$
(0.22
)
(1)
Included as part of “Income (loss) from continuing operations before income taxes, minority interests and cumulative
effect of accounting change” are the following: for the first quarter of 2004 is a $387.1 million gain related to the sale of
approximately 19 million shares of XM Satellite Radio common stock; for the third quarter of 2004 is a $1,466.1 million
charge related to the assets of the SPACEWAY program for which management determined that an impairment charge
was required; and for the fourth quarter of 2004 are a $190.6 million write-down of HNS assets related to the sale of HNS
to SkyTerra and a $36.5 million charge principally for asset write-downs related to the on-going shut-down of DIRECTV
Latin America’s Mexico operations.
(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 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.
For additional information regarding discontinued operations and cumulative effect of accounting changes, see Item 7:
Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II of this Form 10-K.
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