DIRECTV U.S. up 224,000 subscribers and DTVLA up 128,000 in 2Q09
Thursday, August 6th, 2009EL SEGUNDO, Calif. — The DIRECTV Group, Inc. (NASDAQ:DTV) today reported that second quarter 2009 revenues increased 9% to $5.22 billion, operating profit before depreciation and amortization (OPBDA) increased 2% to $1.38 billion while operating profit decreased 12% to $702 million compared to last year’s second quarter. Second quarter net income attributable to The DIRECTV Group declined 11% to $407 million while earnings per share were unchanged at $0.40 compared with the same period last year.
DIRECTV U.S. — Second Quarter Review
Net subscriber additions of 224,000 increased 74% from last year’s second quarter due to a 17% increase in gross subscriber additions to 1,048,000 and an average monthly churn rate of 1.51%. The increase in gross additions was mainly due to the first full quarter of marketing the AT&T/DIRECTV bundle as well as higher demand for HD and DVR services. DIRECTV U.S. ended the quarter with 18.31 million subscribers, an increase of 7% over the 17.16 million subscribers reported on June 30, 2008.
Subscriber Data (in 000’s except Churn)
Three Months Six Months Ended June 30, Ended June 30, -------------- -------------- 2009 2008 2009 2008 ------ ------ ------ ------ Gross Subscriber Additions 1,048 894 2,223 1,858 Average Monthly Subscriber Churn 1.51% 1.49% 1.42% 1.42% Net Subscriber Additions 224 129 684 404 Cumulative Subscribers 18,305 17,164 18,305 17,164
DIRECTV Latin America – Second Quarter Review
The DIRECTV Group owns approximately 74% of Sky Brazil, 41% of Sky México 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 are not consolidated by DIRECTV Latin America (DTVLA), had approximately 1.79 million subscribers as of June 30, 2009 bringing the total subscribers in the region to 5.96 million.
In the second quarter of 2009, DTVLA’s net subscriber additions declined to 128,000 as gross additions of 362,000 were 4% lower mostly due to stricter credit policies in Brazil implemented in the second half of 2008 and churn increased to 1.91% primarily due to the impact from continued growth in DTVLA’s pre-paid business. The total number of DIRECTV subscribers in Latin America as of June 30, 2009 increased 14% to 4.16 million compared to 3.66 million as of June 30, 2008.
Subscriber Data (in 000’s except Churn)
Three Months Six Months Ended June 30, Ended June 30, -------------- -------------- 2009 2008 2009 2008 ------ ------ ------ ------ Gross Subscriber Additions 362 378 730 737 Average Monthly Subscriber Churn 1.91% 1.81% 1.88% 1.69% Net Subscriber Additions 128 184 276 384 Cumulative Subscribers 4,162 3,659 4,162 3,659
More: Earnings Release
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