DirecTV Narrows Losses
2005-01-27 23:52:00
DirecTV Group Inc. on Thursday said it had narrowed losses for the fourth quarter, as revenues rose by 22 percent.
The satellite TV provider, based in El Segundo, Calif., reported a net loss of $283 million for the quarter ended Dec. 31, compared with $310 million in the same period a year ago. Revenues increased to $3.36 billion from $2.8 billion a year ago.
"Even with this strong growth, we recognize that we need to improve our operational performance and margins," Chase Carey, president and chief executive of DirecTV, said in a statement.
In 2005, the company planned to launch "the most dramatic expansion of programming since DirecTV's inception," as the company begins to roll out local channels in high-definition format, Carey said. DirecTV would also introduce advanced programming and interactive services, as well as a new digital video recorder with interactive capabilities.
By yearend, the company would introduce a "Home Media Center" as a family entertainment hub, Carey said.
DirecTV added 1.7 million net subscribers to end the year at 4.2 million customers, a 32 percent increase over 2003.
For 2004, the company reported a net loss of $1.9 billion on revenues of $11.4 billion, compared with a loss in 2003 of $362 million on revenues of $9.4 billion.
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