DIRECTV 2008 Annual Report Download - page 79
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THE DIRECTV GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Years Ended December 31,
2008 2007 2006
(Dollars in Millions, Except Per
Share Amounts)
Revenues ............................................... $19,693 $17,246 $14,755
Operating costs and expenses
Costs of revenues, exclusive of depreciation and amortization
expense
Broadcast programming and other ...................... 8,298 7,346 6,201
Subscriber service expenses ........................... 1,290 1,240 1,111
Broadcast operations expenses ......................... 360 323 286
Selling, general and administrative expenses, exclusive of
depreciation and amortization expense
Subscriber acquisition costs ........................... 2,429 2,096 1,945
Upgrade and retention costs .......................... 1,058 976 870
General and administrative expenses .................... 1,243 1,095 1,069
Gain from disposition of businesses ..................... — — (118)
Depreciation and amortization expense ......................... 2,320 1,684 1,034
Total operating costs and expenses .................. 16,998 14,760 12,398
Operating profit .......................................... 2,695 2,486 2,357
Interest income .......................................... 81 111 146
Interest expense .......................................... (360) (235) (246)
Other, net .............................................. 55 26 42
Income from continuing operations before income taxes and minority
interests .............................................. 2,471 2,388 2,299
Income tax expense ....................................... (864) (943) (866)
Minority interests in net earnings of subsidiaries .................. (92) (11) (13)
Income from continuing operations ............................ 1,515 1,434 1,420
Income from discontinued operations, net of taxes ................. 6 17 —
Net income ............................................. $ 1,521 $ 1,451 $ 1,420
Basic earnings per common share:
Income from continuing operations ............................ $ 1.36 $ 1.20 $ 1.13
Income from discontinued operations, net of taxes ................. 0.01 0.01 —
Net income ............................................. $ 1.37 $ 1.21 $ 1.13
Diluted earnings per common share:
Income from continuing operations ............................ $ 1.36 $ 1.20 $ 1.12
Income from discontinued operations, net of taxes ................. 0.01 0.01 —
Net income ............................................. $ 1.37 $ 1.21 $ 1.12
Weighted average number of common shares outstanding (in millions):
Basic ................................................ 1,110 1,195 1,262
Diluted .............................................. 1,114 1,202 1,270
The accompanying notes are an integral part of these Consolidated Financial Statements.
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