DIRECTV 2004 Annual Report Download - page 34

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THE DIRECTV GROUP, INC.
ITEM 7.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
SUMMARY DATA
Years Ended December 31,
2004
2003
2002
(Dollars in Millions, Except Per Share Amounts)
Consolidated Statements of Operations Data:
Revenues
$
11,360.0
$
9,372.2
$
8,185.4
Operating Costs and Expenses, exclusive of depreciation and amortization expense shown separately
below
Broadcast programming and other costs of sale
4,996.5
4,510.5
4,214.3
Subscriber service expenses
779.9
656.5
643.7
Subscriber acquisition costs:
Third party customer acquisitions
2,009.8
1,439.6
1,385.7
Direct customer acquisitions
694.0
395.4
189.8
Upgrade and retention costs
1,002.4
412.0
277.5
Broadcast operations expenses
196.7
197.3
131.3
General and administrative expenses
1,268.9
1,143.5
1,076.0
Asset impairment charges
1,693.2
—
—
Depreciation and amortization expense
838.0
754.9
676.7
Total Operating Costs and Expenses
13,479.4
9,509.7
8,595.0
Operating Loss
(2,119.4
)
(137.5
)
(409.6
)
Other income (expense)
359.3
(340.2
)
254.4
Income tax benefit
690.6
104.3
42.2
Minority interests in net (earnings) losses of subsidiaries
13.1
(1.9
)
(1.9
)
Loss from continuing operations before cumulative effect of accounting changes
(1,056.4
)
(375.3
)
(114.9
)
Income (loss) from discontinued operations, net of taxes
(582.3
)
78.1
(97.6
)
Loss before cumulative effect of accounting changes
(1,638.7
)
(297.2
)
(212.5
)
Cumulative effect of accounting changes, net of taxes
(310.5
)
(64.6
)
(681.3
)
Net Loss
(1,949.2
)
(361.8
)
(893.8
)
Preferred stock dividends
—
—
(46.9
)
Net Loss Attributable to Common Stockholders
$
(1,949.2
)
$
(361.8
)
$
(940.7
)
Basic and Diluted Loss Per Common Share:
Loss from continuing operations before cumulative effect of accounting changes
$
(0.77
)
$
(0.27
)
$
(0.12
)
Income (loss) from discontinued operations, net of taxes
(0.42
)
0.06
(0.07
)
Cumulative effect of accounting changes, net of taxes
(0.22
)
(0.05
)
(0.51
)
Net Loss
$
(1.41
)
$
(0.26
)
$
(0.70
)
Weighted average number of common shares outstanding
(in millions)-Basic and Diluted
1,384.8
1,382.5
1,343.1
December 31,
2004
2003
(Dollars in Millions)
Consolidated Balance Sheet Data:
Cash and cash equivalents
$
2,830.0
$
1,779.5
Total current assets
4,771.1
10,415.6
Total assets
14,324.4
19,037.4
Total current liabilities
2,694.5
5,899.3
Long-term debt
2,409.5
2,434.8
Total stockholders’ equity
7,507.1
9,631.1
Reference should be made to the Notes to the Consolidated Financial Statements.
25