Hughes Electronics Corporation, the world’s leading provider of digital television entertainment, broadband services, satellite-based private business networks, and global video and data broadcasting, announced today that it is updating first quarter 2002 guidance for its DirecTV service in the United States.
“Based on the quarter-to-date performance of DirecTV U.S., we expect to significantly exceed our guidance for net new subscriber additions in the first quarter while also meeting our EBITDA targets,” explained Jack A. Shaw, Hughes president and chief executive officer.
“Actions always speak louder than words — and for several consecutive quarters now, we’ve recorded strong operating results and made good on our pledge to meet or exceed our commitments to our customers, shareholders and ourselves.”
Roxanne S. Austin, DirecTV president and chief operating officer, expanded on Shaw’s comments: “Our revised first quarter estimate of over 325,000 net new subscribers is a substantial improvement over our guidance of 200,000 to 250,000.
Additionally, the operational strategies that we have implemented, including an aggressive effort to reduce our entire cost structure, are having the desired impact.
This is best reflected by DirecTV’s first quarter EBITDA(1), which is expected to be within our original guidance of $80 to $100 million, despite significantly over-achieving our target for net subscriber additions.”
A complete update of the full-year guidance for each of Hughes’ businesses will be announced in conjunction with the Hughes first quarter 2002 earnings release scheduled for April 15, 2002.
Hughes Electronics Corporation is a unit of General Motors Corporation. The earnings of Hughes Electronics are used to calculate the earnings attributable to the General Motors Class H common stock.
