Hughes 3Q cash flow rises
By BroadCasting & Cable Staff -- Broadcasting & Cable, 10/14/2002 7:51:00 AM
Hughes Electronics Corp. said its net loss narrowed in the third quarter while cash flow rose, as reduced subscriber expectations resulted in lower expenses for activities such as marketing for its DirecTV Inc. unit, Reuters reported.
The company -- fighting to save a merger deal with its No. 2 direct-broadcast satellite rival, EchoStar Communications Corp., which U.S. regulators have moved to block -- said earnings before interest, taxes, depreciation and amortization rose to $243.5 million from $76.5 million a year earlier, when the company took a charge related to job cuts.
Hughes -- which trades a tracking stock of its parent, General Motors Corp. -- posted a net loss of $13.6 million compared with a net loss of $227.2 million a year ago.
Figures from both this year and last include a number of one-time items, such as gains on the sale of Thomson Multimedia stock this year and writedowns of the value of its SkyPerfectTV investment.
Revenues rose 5.3 percent to $2.21 billion from $2.1 billion.
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