Steve Mehs
04-15-03, 02:22 AM
EL SEGUNDO, Calif. -- Hughes Electronics Corp. posted a much narrower first-quarter net loss, largely because of the year-earlier adoption of new accounting rules regarding goodwill amortization.
Nonetheless, the firm reported better-than-expected results, thanks largely to continued strengthening of its DirecTV business in the U.S.
The satellite-services provider reported a net loss of $50.9 million, compared with a year-earlier net loss of $837.7 million. Hughes doesn't provide per-share figures because it is a tracking stock of General Motors Corp.
The prior year's results included a $681.3 million goodwill write-down and $ 24.9 million losses from discontinued operations.
MORE (http://story.news.yahoo.com/news?tmpl=story&u=/dowjones/20030414/bs_dowjones/200304141240001018)
Nonetheless, the firm reported better-than-expected results, thanks largely to continued strengthening of its DirecTV business in the U.S.
The satellite-services provider reported a net loss of $50.9 million, compared with a year-earlier net loss of $837.7 million. Hughes doesn't provide per-share figures because it is a tracking stock of General Motors Corp.
The prior year's results included a $681.3 million goodwill write-down and $ 24.9 million losses from discontinued operations.
MORE (http://story.news.yahoo.com/news?tmpl=story&u=/dowjones/20030414/bs_dowjones/200304141240001018)