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DIRECTV Announces Fourth Quarter and Full Year 2011 Results

DIRECTV Adds 715,000 Net Additions in the Quarter Driven by DIRECTV Latin America's All-Time Quarterly Record of 590,000; DIRECTV adds 3.7 million new subscribers in 2011 including Sky Mexico.

For the year, DIRECTV Latin America sets records with 3.5 million gross and 2.1 million net additions while Sky Mexico adds 964,000 net new subscribers
DIRECTV U.S. sets annual record for gross additions with 4.3 million while adding 662,000 net new subscribers

DIRECTV Fourth Quarter Revenue Growth of 13% drives full year revenue to over $27 Billion

DIRECTV Latin America full year revenues grow 42% on record subscriber growth and an 8.1% increase in ARPU
Full year DIRECTV U.S. revenue growth of 8% to $21.87 billion driven by strong subscriber and ARPU growth

DIRECTV Fourth Quarter Diluted Earnings per Share Increases 38% to $1.02 and grows over 50% to $3.47 for the full year

Full year EPS driven by DIRECTV Latin America's 43% increase in operating profit before depreciation and amortization as well as $5.5 billion of share repurchases in 2011

DIRECTV Board Approves New $6 Billion Stock Repurchase Program

EL SEGUNDO, Calif.--(BUSINESS WIRE)-- DIRECTV (NASDAQTV) today reported increases in fourth quarter 2011 revenues of nearly 13% to $7.46 billion, operating profit before depreciation and amortization1 (OPBDA) of 6% to $1.78 billion and operating profit of 14% to $1.21 billion compared to last year's fourth quarter. DIRECTV also reported that fourth quarter net income increased 16% to $718 million while diluted earnings per share grew 38% to $1.02 compared with the same period last year.

"Our fourth quarter results capped off another strong year of industry leading growth as we further extended our position as the world's largest provider of pay television services with nearly 32 million subscribers in the U.S. and Latin America," said Mike White, president and CEO of DIRECTV. "Strong consumer demand for DIRECTV and SKY's premium brands drove full year gross additions in both our U.S. and Latin American businesses to all-time highs fueling the largest annual net gain in DIRECTV's history of nearly 3.7 million subscribers including Sky Mexico. The tremendous subscriber performance along with solid ARPU growth fueled an acceleration of full year consolidated revenue growth to 13% exceeding the growth rates recorded over the past two years. In addition, earnings per share grew by over 50% in 2011 due to the higher operating profit at both DIRECTV U.S. and Latin America, as well as our share repurchase program."

White concluded, "We exit 2011 on track to achieve the operating and financial priorities we outlined a year ago as part of our diversified growth strategy designed to further extend DIRECTV's leadership position as the world's most popular pay television service while maintaining industry-leading revenue and earnings growth. We believe that successful execution of these strategies along with our share repurchase plan — highlighted by the approval of an additional $6 billion buyback authorization — will create significant shareholder value as we remain on track to achieve or exceed our $5 EPS target in 2013."

DIRECTV, Inc. - DIRECTV Announces Fourth Quarter and Full Year 2011 Results