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

Discussion in 'DIRECTV General Discussion' started by Steve Mehs, Apr 15, 2003.

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  1. Steve Mehs

    Steve Mehs Hall Of Fame

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    Mar 21, 2002
    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. AllieVi

    AllieVi Hall Of Fame

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    Apr 10, 2002
    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...
     
  3. Curtis0620

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    Apr 22, 2002
    That was in qtr4 of 2002.
     
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