DIRECTV Announces Third Quarter 2011 Results

Thursday, November 3rd, 2011
|
DIRECTV logo

DIRECTV Adds All-Time Record 1.14 Million Net New Subscribers in Latin America and the U.S. in the Quarter.

  • DIRECTV Latin America sets records with 957,000 gross and 574,000 net additions in the quarter while Sky Mexico adds 238,000 net new subscribers
  • DIRECTV U.S. gross additions of 1.28 million and lower churn of 1.62% fuel the highest third quarter net additions in 7 years to 327,000

EL SEGUNDO, Calif. — DIRECTV (NASDAQ:DTV) today reported increases in third quarter 2011 revenues of nearly 14% to $6.84 billion, operating profit before depreciation and amortization (OPBDA) of 7% to $1.58 billion and operating profit of 19% to $1.03 billion compared to last year’s third quarter. DIRECTV also reported that third quarter net income increased 8% to $516 million while diluted earnings per share grew 27% to $0.70 compared with the same period last year.

DIRECTV U.S.

DIRECTV U.S. ended the quarter with 19.76 million subscribers, an increase of 4% over the 18.93 million subscribers reported for the quarter ended September 30, 2010.

DIRECTV U.S. Subscriber Data (in 000’s except Churn)

                                           Three Months           Nine Months
                                    Ended September 30,   Ended September 30,
                                    -------------------   -------------------
                                      2011         2010     2011         2010
                                    ------       ------   ------       ------
Gross Subscriber Additions           1,280        1,137    3,286        3,008
Average Monthly Subscriber Churn     1.62%        1.70%    1.57%        1.56%
Net Subscriber Additions               327          174      537          374
Cumulative Subscribers              19,760       18,934   19,760       18,934

DIRECTV Latin America

DIRECTV Latin America owns approximately 93% of Sky Brazil, 41% of Sky Mexico and 100% of PanAmericana, which covers most of the remaining countries in the region. Sky Mexico, whose results are accounted for as an equity method investment and therefore is not consolidated by DTVLA, had approximately 3.82 million subscribers as of September 30, 2011 bringing the total subscribers in the region to 11.10 million at the end of the third quarter of 2011.

DIRECTV Latin America Subscriber Data (in 000’s except Churn)

                                           Three Months           Nine Months
                                    Ended September 30,   Ended September 30,
                                    -------------------   -------------------
                                      2011         2010     2011         2010
                                    ------       ------   ------       ------
Gross Subscriber Additions             957          525    2,545        1,679
Average Monthly
  Total Subscriber Churn             1.83%        2.00%    1.83%        1.86%
  Post-paid Subscriber Churn         1.39%        1.54%    1.42%        1.52%
Net Subscriber Additions               574          206    1,473          842
Cumulative Subscribers               7,281        5,430    7,281        5,430

DIRECTV Latin America subscriber data exclude subscribers of the Sky Mexico service.