Hughes Electronics, the parent company of DirecTV in Latin America and the United States, issued Wednesday, July 16, financial statements for the second half of fiscal 2002. In the U.S., its main market, DirecTV added 182,000 customers in the last quarter, bringing its total subscriber base in the country to 11.56 million. In Latin America, however, the MSO lost 35,000 customers and closed the period with 1.493m. DirecTV LA is in Chapter 11 restructuring. At one stage in 2002 it had 1.6m subscribers.
In Brazil, the local operation lost 15,000 subscribers, closing the period with 402 thousand subs.
Financial highlights also reflect DirecTV?s difficulties in 2002. Sales totaled 143m US Dollars in the second quarter of fiscal 2002, down from 227m USD in the corresponding period of the previous year. EBITDA was minus 29m USD.
For fiscal 2003 DirecTV now projects an operating loss of 310m-330m USD, up from an earlier forecast of 250m-270m USD.