DirecTV reported that fourth quarter 2009 consolidated revenues increased 13 per cent to $5.98 billion, operating profit increased 49 per cent to $862 million compared to last year’s fourth quarter. Excluding a pre-tax charge of $491 million related to the merger with Liberty Entertainment completed on November 19, 2009, net income attributable to DIRECTV and diluted earnings per share increased 37 per cent to $454 million, compared with the fourth quarter of last year.
“I am thrilled to be joining DirecTV at a time when it has just completed one of its strongest years ever,” said Mike White, president and CEO of DirecTV. “Strong fourth quarter results capped a record-setting year for both our U.S. and Latin American businesses as DirecTV became the world’s largest provider of pay television services while also growing full year consolidated revenues by nearly 10 per cent to $21.6 billion and free cash flow by over 40 per cent to a record $2.4 billion. I’m also pleased to announce that our Board has approved a new share repurchase plan of $3.5 billion.”
White said, “In Latin America, increasing demand for DirecTV’s pre-paid, DVR and HD services in a relatively stable macro-economic environment drove record growth across the region. Propelled by strong results in Venezuela, Colombia and Brazil, DTVLA’s gross additions grew 35 per cent to 460,000 and net additions increased 59 per cent to an all-time high of 254,000 in the fourth quarter.”
“We head into 2010 with strong operating and financial momentum. In the US, we look to extend our video leadership with the introduction of many innovative and differentiated services including Multi-Room Viewing, 3-D, DirecTV Cinema and the debut of our much-anticipated Home Media Center in the second half of this year.”