DIRECTV 2009 Annual Report Download - page 56
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DIRECTV
SUMMARY RESULTS OF OPERATIONS AND FINANCIAL CONDITION
Years Ended December 31,
2009 2008 2007
(Dollars in Millions, Except
Per Share Amounts)
Consolidated Statements of Operations Data:
Revenues ........................................................ $21,565 $19,693 $17,246
Total operating costs and expenses ........................................ 18,892 16,998 14,760
Operating profit .................................................... 2,673 2,695 2,486
Interest income .................................................... 41 81 111
Interest expense .................................................... (423) (360) (235)
Liberty transaction and related charges ..................................... (491) — —
Other, net ....................................................... 34 55 26
Income from continuing operations before income taxes .......................... 1,834 2,471 2,388
Income tax expense .................................................. (827) (864) (943)
Income from continuing operations ........................................ 1,007 1,607 1,445
Income from discontinued operations, net of taxes .............................. — 6 17
Net income ....................................................... 1,007 1,613 1,462
Less: Net income attributable to noncontrolling interest ........................... (65) (92) (11)
Net income attributable to DIRECTV ...................................... $ 942 $1,521 $ 1,451
Amounts attributable to DIRECTV common shareholders:
Income from continuing operations, net of taxes ............................... $ 942 $1,515 $ 1,434
Income from discontinued operations, net of taxes .............................. — 6 17
Net income ....................................................... $ 942 $1,521 $ 1,451
Basic earnings per common share attributable to DIRECTV:
Income from continuing operations ........................................ $ 0.96 $ 1.36 $ 1.20
Income from discontinued operations, net of taxes .............................. — 0.01 0.01
Net income ....................................................... $ 0.96 $ 1.37 $ 1.21
Diluted earnings per common share attributable to DIRECTV:
Income from continuing operations ........................................ $ 0.95 $ 1.36 $ 1.20
Income from discontinued operations, net of taxes .............................. — 0.01 0.01
Net income ....................................................... $ 0.95 $ 1.37 $ 1.21
Weighted average number of common shares outstanding (in millions):
Basic ......................................................... 985 1,110 1,195
Diluted ........................................................ 992 1,114 1,202
December 31,
2009 2008
(Dollars in Millions)
Consolidated Balance Sheet Data:
Cash and cash equivalents ................................................ $2,605 $ 2,005
Total current assets ..................................................... 5,055 4,044
Total assets .......................................................... 18,260 16,539
Total current liabilities ................................................... 5,701 3,585
Long-term debt ....................................................... 6,500 5,725
Redeemable noncontrolling interest .......................................... 400 325
Total stockholders’ equity ................................................. 2,911 4,631
Reference should be made to the notes to the Consolidated Financial Statements.
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