Hughes Electronics said Tues. its 4th-quarter revenue increased 2...
Hughes Electronics said Tues. its 4th-quarter revenue increased 21.3% to $2 billion from $1.69 billion a year ago. It also said its operating loss dropped to $121.2 million from $371.8 million year earlier. For year, Hughes had total revenue…
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of $7.2 billion, up from $5.5 billion in year. Loss from continuing operations narrowed to $60.3 million from $283.7 million. Earnings before interest, taxes, depreciation and amortization (EBITDA) was $153.8 million, beating analysts’ projections. Company also said it had added 527,000 net subscribers in 4th quarter, with backlog of 110,000 who have purchased systems and are waiting for installations. “This report increases the stakes and makes the company more attractive to buyers,” analyst said: “There were concerns that they were starting to lose momentum to cable, but this reaffirms that they are still growing.” GM is in talks with Rupert Murdoch over possible sale of Hughes Electronics for price industry reports say is $40 billion (CD Dec 27 p2).