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DirecTV 1Q profit up 10 percent, will buy back $3B shares

Posted: 2008-05-07 06:56:57

EL SEGUNDO, Calif. (AP) - Digital television provider DirecTV says first-quarter earnings rose 10 percent, and it will raise up to $2.5 billion of debt to buy back up to $3 billion of its own stock.

El Segundo, Calif.-based DirecTV says net income climbed to $371 million, or 32 cents per share, from $336 million, or 27 cents per share, a year ago.

Revenue climbed 17 percent to $4.59 billion from $3.91 billion, as demand for HD and DVR services drove a 14 percent rise in DirecTV U.S. sales.

Analysts surveyed by Thomson Financial expected profit of 31 cents per share on revenue of $4.47 billion.

The company will sell $1.35 billion of senior notes and borrow about $1 billion under its credit line to fund the buyback.

AP Business Writer Jennifer Malloy

Copyright 2008 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.

05/07/08 06:55 EDT

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4 comments

RaceNdirt 09:45:34 AM May 07 2008

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I've had directv for years and really enjoy the programs they offer. Most especially the sports, The only complaint is they have way too many shopping and paid programming channels. The price has increased tremendously since I first subscribed to directv and I do not think those channels are justified because they take up a large part of the menu. All in all, directv sure beats regular TV. The reason I stick with them is because they offer more sports programs than the competitors and more channels on HD. However, I may have a change of heart as the filler channels continue to grow. That and the price.

Fopdaddy1 08:47:25 AM May 07 2008

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this industry is a non-competitive consumer rip off

jodyanna5 08:18:45 AM May 07 2008

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Direct Tv gained over consumers being ripped off.Look at the ripoff reports.com and search direct tv.You will find thousands of complaints about this company.I got rid of them and learned watching tv took up time,money and is just a waste of time that could be better used for better things.Kids are watching way to much cable and direct tv.They see more than what they should.There is enough for them to see on the streets where they live without sitting in front of the tv which is babysitter to them.Try taking the kids on a picnic,rock hunting,treasure hunts,or playing sports with them,music with them and reading with them....We will all have a better future and your wallet will not be used for tv watching.....