|
| |
|
|
Year ended |
|
| |
|
Fourth Quarter
|
|
December 31,
|
|
| |
|
|
|
|
1999 |
|
1998 |
|
1999 |
|
1998 |
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct broadcast, leasing and other services
|
|
|
|
|
|
$1,394.1 |
|
$757.8 |
|
$4,489.3 |
|
$2,603.6 |
|
Product sales
|
|
|
|
|
|
303.9 |
|
347.4 |
|
1,071.0 |
|
877.0 |
|
|
Total Revenues
|
|
|
|
|
|
1,698.0 |
|
1,105.2 |
|
5,560.3 |
|
3,480.6 |
|
|
Operating Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of products sold
|
|
|
|
|
|
366.1 |
|
286.6 |
|
1,028.3 |
|
643.0 |
|
Broadcast programming and other costs
|
|
|
|
|
|
657.6 |
|
375.2 |
|
2,001.4 |
|
1,175.0 |
|
Selling, general and administrative expenses
|
|
|
|
|
|
848.7 |
|
374.2 |
|
2,307.9 |
|
1,320.9 |
|
Depreciation and amortization
|
|
|
|
|
|
189.5 |
|
110.5 |
|
647.4 |
|
384.6 |
|
Amortization of GM purchase accounting adjustments (1)
|
|
|
|
|
|
0.8 |
|
0.8 |
|
3.3 |
|
3.3 |
|
|
Total Operating Costs and Expenses
|
|
|
|
|
|
2,062.7 |
|
1,147.3 |
|
5,988.3 |
|
3,526.8 |
|
|
Operating Loss
|
|
|
|
|
|
(364.7) |
|
(42.1) |
|
(428.0) |
|
(46.2) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
|
|
6.2 |
|
23.7 |
|
27.0 |
|
112.3 |
|
Interest expense
|
|
|
|
|
|
(51.7) |
|
(8.0) |
|
(122.7) |
|
(17.5) |
|
Other, net
|
|
|
|
|
|
(60.6) |
|
(50.6) |
|
(136.3) |
|
(151.8) |
|
|
Loss From Continuing Operations Before Income Taxes,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority Interests and Cumulative Effect of Accounting
Change
|
|
|
|
|
|
(470.8) |
|
(77.0) |
|
(660.0) |
|
(103.2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit
|
|
|
|
|
|
(177.2) |
|
(143.0) |
|
(236.9) |
|
(142.3) |
|
Minority interests in net losses of subsidiaries
|
|
|
|
|
|
9.9 |
|
5.2 |
|
32.0 |
|
24.4 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from continuing operations before cumulative
effect
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of accounting change
|
|
|
|
|
|
(283.7) |
|
71.2 |
|
(391.1) |
|
63.5 |
|
Income from discontinued operations, net of taxes
|
|
|
|
|
|
51.9 |
|
51.9 |
|
99.8 |
|
196.4 |
|
|
Income (Loss) before cumulative effect of accounting change
|
|
|
|
|
|
(231.8) |
|
123.1 |
|
(291.3) |
|
259.9 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative effect of accounting change, net of taxes
|
|
|
|
|
|
- |
|
- |
|
- |
|
(9.2) |
|
|
Net Income (Loss)
|
|
|
|
|
|
(231.8) |
|
123.1 |
|
(291.3) |
|
250.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to exclude the effect of GM purchase
|
|
|
|
|
|
|
|
|
|
|
|
|
|
accounting adjustments (1)
|
|
|
|
|
|
5.1 |
|
5.1 |
|
21.0 |
|
21.0 |
|
|
Earnings (Loss) Excluding the Effect of GM Purchase
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounting Adjustments
|
|
|
|
|
|
(226.7) |
|
128.2 |
|
(270.3) |
|
271.7 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock dividends
|
|
|
|
|
|
(24.6) |
|
- |
|
(50.9) |
|
- |
|
|
Earnings (Loss) Used for Computation of Available
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Separate Consolidated Net Income (Loss)
|
|
|
|
|
|
$(251.3) |
|
$128.2 |
|
$(321.2) |
|
$271.7 |
|
|
|
|
Available Separate Consolidated Net Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of shares of General Motors Class H
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock outstanding (in millions) (Numerator)
|
|
|
|
|
|
136.3 |
|
105.9 |
|
124.7 |
|
105.3 |
|
Average Class H dividend base (in millions) (Denominator)
|
|
|
|
|
|
430.1 |
|
399.9 |
|
418.5 |
|
399.9 |
|
Available Separate Consolidated Net Income (Loss)
|
|
|
|
|
|
$(79.6) |
|
$33.9 |
|
$(95.7) |
|
$71.5 |
|
|
Earnings (Loss) Attributable to General Motors Class
H
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock on a Per Share Basis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from continuing operations before
cumulative effect of accounting change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$(0.71) |
|
$0.18 |
|
$(1.05) |
|
$0.17 |
|
Income from discontinued operations, net of taxes
|
|
|
|
|
|
$0.13 |
|
$0.14 |
|
$0.28 |
|
$0.53 |
|
Cumulative effect of accounting change, net of taxes
|
|
|
|
|
|
- |
|
- |
|
- |
|
$(0.02) |
|
|
Earnings (Loss) Attributable to General Motors Class H
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock on a Per Share Basis - Basic and Diluted
|
|
|
|
|
|
$(0.58) |
|
$0.32 |
|
$(0.77) |
|
$0.68 |
|
