The DIRECTV Group Announces Third Quarter 2007 Results

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dfergie

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EL SEGUNDO, Calif.--(BUSINESS WIRE)--Nov. 7, 2007--The DIRECTV Group, Inc. (NYSE:DTV):
DIRECTV Group Revenues Increase 18% to Over $4.3 Billion
  • DIRECTV U.S. Revenues Increase 14% to $3.9 Billion
    • Average Monthly Revenue Per Subscriber (ARPU) Grew 8.3% to $78.79
  • DIRECTV Latin America Revenues Up 67% to $442 Million
DIRECTV Group Operating Profit Before Depreciation and Amortization Increases 12% to $1.0 Billion
  • DIRECTV U.S. Up 11% to $916 Million
  • DIRECTV Latin America Increases 15% to $105 Million
DIRECTV Group Net Subscriber Additions Nearly Double to 401,000
  • DIRECTV U.S. Net Subscriber Additions up 45% to 240,000 Driven by Higher Gross Additions of 1,032,000 and Lower Monthly Churn of 1.61%
  • DIRECTV Latin America Net Subscriber Additions Increase Nearly Fourfold to 161,000 Due to Higher Gross Additions of 289,000 and Lower Monthly Churn of 1.41%
The DIRECTV Group, Inc. (NYSE:DTV) today reported that third quarter revenues increased 18% to $4.33 billion and operating profit before depreciation and amortization(1) increased 12% to $1.00 billion compared to last year's third quarter. The DIRECTV Group reported that third quarter 2007 operating profit of $566 million and net income of $319 million declined 10% and 14%, respectively, compared with last year's third quarter. Earnings per share were $0.27 compared with $0.30 in the same period last year.

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RealityCheck

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Another key quote from that press release:

The increase in gross additions to 1,032,000 was fueled by dramatic growth in the demand for advanced services -- over 50% of new subscribers in the quarter signed up for HD and/or DVR services compared to only 28% a year ago.
 
ScoBuck

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All of the above seems to be good news - the part about 50% of new subs getting advanced products is OVER 500k new adds in that category. That is a good sign for them for sure - those advanced product subs have the lowest churn and spend the most.
 
Scott Greczkowski

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A lot of these folks must be signing up directly through DirecTV, as the retailers are all telling me their sales have taken a noise dive (for both satellite providers)
 
ScoBuck

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A lot of these folks must be signing up directly through DirecTV, as the retailers are all telling me their sales have taken a noise dive (for both satellite providers)

Bingo - Chase said this was a highlight - they had over 45% of their new sales from their direct channel.
 
rad

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Chase made a comment about costs and looking at the HD and DVR products since they charge per the household. Wonder if they'll follow the E* model and have a per DVR charge, sure hope not.
 
ScoBuck

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Chase repeated - they expect close to 100 National HD channels by year end. And they will add HD locals this year.
 
ScoBuck

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Chase said the Liberty Media deal is still on track and he expects it to close this year.
 
ScoBuck

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They are not yet going to reach out nationally to MPEG2-HD customers, they are letting those legacy subs contact them.

But they will start reaching out to those HD subs - starting in L.A.
 
digiblur

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If I had a nickel for every long and loud "UM!" I'd be rich!
 
rad

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Chase mentioned HD DVR costs going from $430/$440 range to $250. Gee, wonder if that savings is coming from removing ATSC tuners;)
 
ScoBuck

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aha, finally an AT&T question - Chase said they are talking about their bundling relationship. Not really more than that to add he said.
 
ScoBuck

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He said that at end of year they expect about 500,000 legacy MPEG2 HD customers will still exist, down from 800,000 at start of year.
 
iceturkee

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i couldn't listen to the conference call. any updated hd news?
 
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I'm curious to see how much Dish's retention numbers will be affected. I bet a good number of those additions came from there.
 
harshness

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All of the above seems to be good news
Losing 792,000 subscribers is never good. I can't, for the life of me, figure out how they can lose customers leading up to football season.

Q3 2006 was not a great quarter, so you have to be careful about the percentage figures they're tossing about.
 
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