1999 Results :  1Q Pro Forma Selected Segment Data

1999 First Quarter Pro Forma Selected Segment Data*

(Dollars in Millions)

      Three Months
Ended March 31,

      1999     1998

DIRECT-TO-HOME BROADCAST            
Total Revenues   $ 556.6   $ 387.9
EBITDA (1)   $ 3.9   $ (9.1)
EBITDA Margin (1)     0.7%     N/A
Operating Loss   $ (23.4)   $ (31.6)
Depreciation and Amortization   $ 27.3   $ 22.5
Capital Expenditures (2)   $ 77.6   $ 13.7

 
SATELLITE SERVICES            
Total Revenues   $ 193.5   $ 193.0
EBITDA (1)   $ 145.9   $ 140.2
EBITDA Margin (1)     75.4%     72.6%
Operating Profit   $ 79.1   $ 85.7
Depreciation and Amortization   $ 66.8   $ 54.5
Capital Expenditures (3)   $ 339.8   $ 249.6

SATELLITE SYSTEMS            
Total Revenues   $ 630.3 $ 624.3
EBITDA (1) (4)   $ (1.4)   $ 65.8
EBITDA Margin (1)     N/A     10.5%
Operating (Loss) Profit (4)   $ (14.4)   $ 55.1
Depreciation and Amortization   $ 13.0   $ 10.7
Capital Expenditures   $ 12.3   $ 10.7

NETWORK SYSTEMS            
Total Revenues   $ 230.9   $ 184.7
EBITDA (1) (4)   $ (5.9)   $ (3.4)
Operating Loss (4)   $ (17.8)   $ (11.9)
Depreciation and Amortization   $ 11.9   $ 8.5
Capital Expenditures   $ 2.2   $ 4.8

ELIMINATIONS and OTHER            
Total Revenues   $ (159.5)   $ (98.9)
EBITDA (1)   $ (56.3)   $ (12.2)
Operating Loss   $ (60.3)   $ (13.7)
Depreciation and Amortization   $ 4.0   $ 1.5
Capital Expenditures   $ (32.2)   $ 125.9

TOTAL            
Total Revenues   $ 1,451.8   $ 1,291.0
EBITDA (1) (4)   $ 86.2   $ 181.3
EBITDA Margin (1)     5.9%     14.0%
Operating (Loss) Profit (4)   $ (36.8)   $ 83.6
Depreciation and Amortization   $ 123.0   $ 97.7
Capital Expenditures   $ 399.7   $ 404.7

* The Financial Statements reflect the application of purchase accounting adjustments related to GM's acquisition of Hughes. However, as provided in the General Motors' Restated Certificate of Incorporation, the earnings attributable to GM Class H common stock for purposes of determining the amount available for the payment of dividends on GM Class H common stock specifically excludes such adjustments. In order to provide additional analytical data, the above unaudited pr forma selected segment data, which exclude the purchase accounting adjustments related to GM's acquisition of Hughes, are presented.

(1) Hughes' definition of EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is the sum of operating profit (loss) and depreciation and amortization. EBITDA margin is calculated by dividing EBITDA by total revenues.

(2) Includes expenditures related to satellite amounting to $53.0 million in the first quarter of 1999.

(3) Includes expenditures related to satellites amounting to $189.7 million and $145.6 million in 1999 and 1998, respectively. Also included in the 1999 and 1998 amounts are $141.3 million and $96.6 million, respectively, related to the early buy-out of satellite sale-leasebacks.

(4) First quarter 1999 includes a charge of $81.0 million and $11.0 million at Satellite Systems and Network Systems, respectively, for the termination of the Asia Pacific Mobile Telecommunciations satellite systems contract due to export licenses not being issued.

©2004 Hughes Electronics Corporation.  All rights reserved. Contact Us