DIRECTV 2009 Annual Report Download - page 85

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DIRECTV
CONSOLIDATED STATEMENTS OF OPERATIONS
Years Ended December 31,
2009 2008 2007
(Dollars in Millions, Except Per
Share Amounts)
Revenues ............................................... $21,565 $19,693 $17,246
Operating costs and expenses
Costs of revenues, exclusive of depreciation and amortization
expense
Broadcast programming and other ...................... 9,064 8,298 7,346
Subscriber service expenses ........................... 1,525 1,290 1,240
Broadcast operations expenses ......................... 341 360 323
Selling, general and administrative expenses, exclusive of
depreciation and amortization expense
Subscriber acquisition costs ........................... 2,773 2,429 2,096
Upgrade and retention costs .......................... 1,092 1,058 976
General and administrative expenses .................... 1,457 1,243 1,095
Depreciation and amortization expense ......................... 2,640 2,320 1,684
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 attributable to DIRECTV per common share:
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 attributable to DIRECTV per common share:
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
The accompanying notes are an integral part of these Consolidated Financial Statements.
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