DIRECTV 2004 Annual Report Download - page 82
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THE DIRECTV GROUP, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS — (continued)
Operating results of the discontinued operations of PanAmSat are as follows:
Years Ended December 31,
2004
2003
2002
(Dollars in Millions)
Revenues
$
518.9
$
831.0
$
812.3
Income before income taxes
$
65.3
$
134.5
$
113.5
Income tax expense
(3.6
)
(30.4
)
(28.3
)
Minority interests and other
(13.6
)
(29.7
)
(5.7
)
Net income from discontinued operations, net of taxes
$
48.1
$
74.4
$
79.5
The carrying amounts of major classes of assets and liabilities for the discontinued operations of PanAmSat were as follows:
December 31,
2003
(Dollars in
Millions)
Total current assets
$
938.4
Satellites and other property, net
2,362.5
Goodwill, net
2,748.6
Total assets
6,291.1
Total current liabilities
155.8
Long-term debt
1,696.5
Other liabilities and deferred credits
273.3
Minority interests
540.6
Total liabilities
3,092.1
Hughes Software Systems
During 2004, HNS completed the sale of its approximately 55% ownership interest in HSS to Flextronics for $226.5 million in
cash, which we received on June 11, 2004. In the third quarter of 2004, we recognized an after-tax gain of approximately $90.7
million ($176.1 million pre-tax), included in “Income (loss) from discontinued operations, net of taxes” in the Consolidated
Statements of Operations.
Operating results of the discontinued operations of HSS are as follows:
Years Ended December 31,
2004
2003
2002
(Dollars in Millions)
Revenues
$
26.0
$
51.0
$
29.9
Income before income taxes
$
5.4
$
17.2
$
9.6
Income tax expense
(0.6
)
(2.0
)
(1.5
)
Minority interests and other
(2.1
)
(6.8
)
(3.5
)
Net income from discontinued operations, net of taxes
$
2.7
$
8.4
$
4.6
73