DIRECTV 2004 Annual Report Download - page 64

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THE DIRECTV GROUP, INC.
ITEM 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
CONSOLIDATED STATEMENTS OF OPERATIONS
Years Ended December 31,
2004
2003
2002
(Dollars in Millions, Except Per
Share Amounts)
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
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
)
Interest income
50.6
28.4
17.5
Interest expense
(131.9
)
(156.3
)
(188.6
)
Reorganization (expense) income
43.0
(212.3
)
—
Other, net
397.6
—
425.5
Loss From Continuing Operations Before Income Taxes, Minority Interests and Cumulative Effect of Accounting
Changes
(1,760.1
)
(477.7
)
(155.2
)
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
Reference should be made to the Notes to the Consolidated Financial Statements.
55