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Guest Message by DevFuse

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DirecTV Drives Hughes' Better-Than-Projected 1Q Results


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#1 OFFLINE   Steve Mehs

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Posted 15 April 2003 - 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.

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#2 OFFLINE   AllieVi

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Posted 15 April 2003 - 07:33 AM

No mention is made in the article about the one-time $600 million windfall from E*. Without it, this year's loss would be about the same as last year's...
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#3 OFFLINE   Curtis0620

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Posted 15 April 2003 - 07:38 AM

That was in qtr4 of 2002.
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