This excerpt taken from the DTV 8-K filed Nov 6, 2008.
DIRECTV U.S. OPBDA Grows 16% to Over $1.0 Billion; Latin America Nearly Doubles to $208 Million
EL SEGUNDO, Calif.--(BUSINESS WIRE)--November 6, 2008--The DIRECTV Group, Inc. (NASDAQ:DTV) today reported that third quarter 2008 revenues increased 15% to $4.98 billion, operating profit before depreciation and amortization1 increased 25% to $1.25 billion and operating profit increased 16% to $658 million compared to last year’s third quarter. The DIRECTV Group reported that third quarter net income of $363 million increased 14% and earnings per share increased 22% to $0.33 compared with the same period last year.
“Our strong third quarter results are entirely consistent with DIRECTV’s top financial goals to achieve double-digit revenue growth, higher operating margins and significant cash flow growth,” said Chase Carey, president and CEO of The DIRECTV Group, Inc. “In an increasingly challenging economic and competitive environment, we’re continuing to see strong consumer demand for DIRECTV’s unique and differentiated content including its industry-leading HD, DVR and interactive services.”
Carey added, “In the U.S., solid DIRECTV subscriber growth coupled with a 6.1% increase in ARPU drove revenues up 11% to $4.3 billion. In addition, our operating margins continued to improve as we capitalized on greater efficiencies and cost controls. Most importantly, DIRECTV U.S.’ cash flow before interest and taxes grew 85% to nearly $600 million as the strong revenue and operating profit growth was combined with a 31% decline in capital expenditures. Results in Latin America were also solid as revenues grew 49% to $658 million and operating profit before depreciation and amortization nearly doubled to $208 million primarily due to continued strong subscriber and ARPU growth, particularly in Brazil, Argentina and Venezuela.”