DIRECTV 2006 Annual Report Download - page 142

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3APR200717511214
Comparative Performance
The following graph compares our five-year cumulative return to stockholders against the Standard and Poor’s
500 Composite Stock Price Index, or the S&P 500 Index, the Standard and Poor’s 500 GICS Broadcasting & Cable
TV Sub-Industry Index, or the S&P 500 Broadcasting and Cable TV Index, and an industry peer group. Our
performance includes the historical performance of General Motors, or GM, Class H common stock, which was
listed on the NYSE under ticker symbol ‘‘GMH’’. The GM Class H common stock was a tracking stock intended
to reflect our financial performance prior to our split-off from GM on December 23, 2003. For the period from
December 31, 2001 through December 22, 2003, the table below reflects the performance of the GM Class H
common stock, and for the period from December 23, 2003 through December 31, 2006, the table reflects the
performance of DIRECTV Common Stock. Our common stock traded under the ticker symbol ‘‘HS’’ from
December 23, 2003 through March 16, 2004. On March 16, 2004, Hughes Electronics Corporation changed its
name to The DIRECTV Group, Inc. and, effective March 17, 2004, its ticker symbol was changed to ‘‘DTV’’.
The comparison assumes $100 investment in us, the S&P 500 Index, the S&P 500 Broadcasting and Cable TV
Index and the industry peer group on December 31, 2001, and reflects dividend reinvestment and annual weighting
of the industry peer indices by individual company market capitalization. Although the companies in the industry
peer indices were selected because of similar industry characteristics, they are not entirely representative of our
business.
We have included an industry peer group comprised of Comcast Corporation, Echostar Communications
Corporation, Cablevision NY Group and Time Warner, Inc. We have pared down our peer index over the last few
years because of privatizations and two stocks now dominate the index due to market capitalization weighting. For
that reason, we have also included in the chart the S&P 500 Broadcasting and Cable TV Index, which is a
somewhat broader index and is well recognized within the industry. Additionally, all but one of the companies
within the S&P 500 Broadcasting and Cable TV Index are included in the industry peer group identified for
evaluation of executive compensation by our Compensation Committee. It is our intent to use the S&P 500
Broadcasting and Cable TV Index for comparison purposes in future disclosures and to delete the current industry
peer group.
The following table sets forth our five-year cumulative return along with the S&P 500 Index, the S&P 500
Broadcasting and Cable TV Index and the industry peer group.
0
60
40
20
80
180
160
140
120
100
2001 2002 2003 2004 20062005
DOLLARS
DIRECTV S&P 500 Peer Index S&P 500 Broadcasting & Cable TV
2001 2002 2003 2004 2005 2006
DIRECTV .......................................... 100 69 105 106 90 159
S&P 500 Broadcasting & Cable TV .......................... 100 66 91 83 69 99
Peer Index ........................................... 100 47 76 79 65 93
S&P 500 ............................................ 100 78 100 111 117 135
New York Stock Exchange Certification. The Company submitted a certification to the NYSE in 2006
certifying compliance by the Company with the NYSE corporate governance listing standards without qualification.