EchoStar Communications Corporation
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Entropic expands with Echostar deal
www.topix.net | 14 hours 3 minutes ago
Entropic Communications, Inc. is collaborating with EchoStar Technologies LLC on the development of chips for satellite TV services, continuing its plan to diversify beyond its core business in silicon for ...
http://www.topix.net/com/dish/2008/07/entropic-expands-with-echostar-deal
Mulling Metered Models
www.lightreading.com | 18 hours ago
Regulatory filing indicates that a complementary metered Internet model is still on the table at Comcast
AT&T Delivers Solid Second-Quarter Results Highlighted by Strong Wireless Growth, Double-Digit Increase in IP Data Revenues, Further Ramp in AT&T U-verse TV Subscribers
www.foxbusiness.com | 19 hours 35 minutes ago
-- $0.63 reported earnings per diluted share, up 34.0 percent versus $0.47 in the year-earlier second quarter -- $0.76 adjusted earnings per diluted share, up 8.6 percent from $0.70 in the second quarter of 2007 -- Consolidated operating income margin expansion to 21.3 percent reported from 16.8
AT&T Delivers Solid Second-Quarter Results Highlighted by Strong Wireless Growth, Double-Digit Increase in IP Data Revenues, Further Ramp in AT&T U-verse TV Subscribers (Business Wire)
biz.yahoo.com | 19 hours 35 minutes ago
AT&T Delivers Solid Second-Quarter Results Highlighted by Strong Wireless Growth, Double-Digit Increase in IP Data Revenues, Further Ramp in AT&T U-verse TV Subscribers. - DALLAS--(BUSINESS WIRE)--AT&T Inc. (NYSE:T - News) today reported solid second-quarter results highlighted by strong wireless
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316/Satellite TV - 1321
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10/19/2007 In Demand is offering two new high-definition sports package channels aimed at providing cable operators with more bandwidth options in their battle against satellite providers over enhanced signal products.
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GRADYS RADIO & SATELLITE TV
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TWICE eNews Daily
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Fountain Valley, Calif. — Flash-memory marketer Kingston Technology said it would ship its first high-capacity microSDHC card to dealers this month.
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SkyREPORT.com - Satellite Industry Daily News, Information, Data and Research for direct-to-home,
While DISH Network celebrated the launch of a new satellite, the EchoStar XI that was lofted into space late Tuesday, the DBS company lamented the loss of another bird.
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ATT Delivers Solid Second-Quarter Results Highlighted by Strong Wireless Growth, Double-Digit
DALLAS, Jul 23, 2008 (BUSINESS WIRE) --
AT&T Inc. (NYSE:T) today reported solid second-quarter results highlighted by strong wireless growth, double-digit gains in revenues from IP-based data services and further expansion of consolidated margins.
"Our results demonstrate the great strength of AT&T's assets and our ability to execute with focus and discipline," said Randall Stephenson, AT&T chairman and chief executive officer. "Earnings growth continues to be solid, our wireless momentum is strong, our major growth and cost-reduction initiatives are on track, and we continue to return substantial value to shareowners.
"As we generate sound financial results, AT&T also has taken the lead to innovate and create great solutions for customers," Stephenson said. "Mobility, broadband connectivity and integrated services that encompass voice, data and video are driving a new world of communications. AT&T is all about deploying and enhancing premier networks and products to deliver this world to both business and consumers.
"The Apple iPhone 3G is a dramatic example of this transformation," Stephenson added. "In the days following our exclusive U.S. launch of this new device, powered by the nation's fastest 3G wireless network, customer response has been everything we had anticipated and more. This strengthens our wireless business, and it reinforces our positive view of the opportunities ahead for AT&T and the industry."
Reported Results
For the quarter ended June 30, 2008, AT&T's consolidated revenues totaled $30.9 billion, up 4.7 percent versus reported results in the year-earlier quarter and up 3.6 percent compared with second-quarter 2007 pro forma revenues, which exclude merger-related accounting impacts on directory revenues.
Compared with results for the year-earlier quarter, AT&T's reported operating expenses for the second quarter of 2008 were $24.3 billion, down from $24.5 billion; reported operating income was $6.6 billion, up from $4.9 billion; and AT&T's reported operating income margin was 21.3 percent, up from 16.8 percent.
AT&T's reported second-quarter 2008 net income totaled $3.8 billion, up from $2.9 billion in the year-earlier quarter, and reported earnings per diluted share totaled $0.63, up from $0.47 in the second quarter of 2007.
Adjusted Results
AT&T's adjusted results for the second quarter of 2008 exclude noncash merger-related amortization expenses. For the second quarter of 2007, adjusted results excluded merger integration costs, merger-related amortization expenses and a merger-related directory accounting effect.
Compared with results for the year-earlier quarter, AT&T's adjusted operating expenses for the second quarter of 2008 totaled $23.1 billion, versus $22.7 billion; adjusted operating income was $7.7 billion, up from $7.1 billion; and AT&T's adjusted operating income margin was 25.1 percent, up from 23.9 percent. This margin expansion reflects revenue growth along with benefits from merger synergies and other productivity initiatives.
AT&T's adjusted second-quarter 2008 net income totaled $4.5 billion, up from $4.3 billion in the year-earlier quarter, and adjusted earnings per diluted share totaled $0.76, up from $0.70 in the second quarter of 2007.
Cash From Operations, Share Repurchases
AT&T's cash from operating activities for the second quarter of 2008 totaled $8.5 billion, capital expenditures totaled $5.3 billion, and free cash flow (cash from operations minus capital expenditures) totaled $3.2 billion. Year to date through the first half of 2008, cash from operating activities totaled $13.5 billion, capital expenditures totaled $9.6 billion, and free cash flow totaled $3.9 billion.
As it invests in the future of its business, AT&T continues to return substantial value to shareowners through dividends and share repurchases. Dividends paid totaled $2.4 billion in the second quarter and $4.8 billion year to date. Shares repurchased totaled 52.6 million for $2.0 billion in the second quarter and 164.2 million for $6.1 billion through the first half of the year. AT&T ended the second quarter with 5.9 billion shares outstanding.
Wireless Operational Highlights
AT&T delivered strong wireless growth in the second quarter with solid subscriber gains, continued rapid growth in wireless data revenues and improved margins. Highlights include the following:
15.8 Percent Wireless Revenue Growth. Total wireless revenues increased 15.8 percent to $12.0 billion in the second quarter, and wireless service revenues, which exclude handset and accessory sales, grew 14.8 percent to $11.0 billion. Wireless revenue growth was driven by solid subscriber gains and a greater number of customers choosing more advanced smartphones and integrated devices, spurring increased usage of data services. Retail postpaid subscriber ARPU (average monthly revenues per subscriber) was up 3.5 percent versus the year-earlier second quarter.
Wireless Data Services Up 52.0 Percent. Wireless data revenues grew 52.0 percent versus the year-earlier quarter to $2.5 billion, reflecting continued strong adoption of services such as Internet and data access, e-mail and messaging. Wireless Internet access revenues more than doubled versus results for the year-earlier second quarter, while revenues from e-mail, messaging and data access all delivered greater than 50 percent growth. Text messaging volumes tripled versus totals for the year-earlier quarter, and multimedia message volumes increased more than 170 percent. At the end of the second quarter, approximately 18 percent of AT&T's postpaid wireless subscribers had an integrated device, up from 8 percent one year earlier. On average, these subscribers have ARPUs roughly double the company average. AT&T expects continued strong growth in wireless data services as more customers choose data plans and advanced wireless devices such as the new iPhone 3G, which was launched as an AT&T U.S. exclusive on July 11. In the first 12 days following launch, sales of the iPhone 3G were nearly double levels achieved in AT&T's 2007 iPhone launch.
Solid Wireless Subscriber Growth with Reduced Postpaid Churn. AT&T's second-quarter net gain in total wireless subscribers exceeded 1.3 million, down 123,000 versus results in the second quarter of 2007 and up 38,000 compared with the first quarter of this year. Retail postpaid net adds totaled 894,000, down 2.0 percent versus the year-earlier second quarter and up 26.8 percent from results in the first quarter of this year. This sequential postpaid improvement was achieved despite reduced iPhone sales ahead of the early July iPhone 3G launch. Retail postpaid churn moved down to 1.1 percent in the second quarter, the lowest level in the company's history.
Wireless Operating Income Growth. On a reported basis, AT&T's second-quarter wireless operating expenses totaled $9.0 billion, and operating income was $3.1 billion, up 91.0 percent from $1.6 billion in the second quarter of 2007. Adjusting for merger integration costs, wireless operating expenses totaled $8.4 billion, and operating income was $3.6 billion, up 38.9 percent from $2.6 billion in the second quarter of 2007.
Continued Strength in Wireless Margins. Strong revenue growth, network efficiencies and operational improvements continue to drive strong wireless margins. AT&T's reported wireless operating income margin in the second quarter was 25.5 percent, up from 15.4 percent in the year-earlier quarter, and its adjusted wireless operating income margin was 29.9 percent, up from 24.9 percent in the year-earlier quarter. AT&T's second-quarter wireless OIBDA service margin was 41.2 percent, up from an unadjusted 35.8 percent and an adjusted 37.5 percent in the year-earlier quarter. (OIBDA service margin is operating income before depreciation and amortization, divided by total service revenues.)
Wireline Operational Highlights
AT&T's second-quarter wireline results were highlighted by continued strong double-digit growth in business and consumer IP-based data revenues, a substantial turnaround in wholesale revenues and a further ramp in AT&T U-verse TV subscribers:
Major Turnaround in Wholesale. In the second quarter, AT&T further advanced the significant improvement in wholesale revenue trends it has achieved over the past year. Total wholesale revenues were $3.5 billion, down just 0.2 percent versus the year-earlier quarter. This represents a major step up from a year-over-year decline of 8.3 percent in the second quarter of 2007 and marks the company's second consecutive quarter of sequential revenue growth in this category. This reflects solid demand from wireless carriers, Internet service providers, content providers and other customers, offsetting expected declines in local voice. AT&T and IBM last fall announced an agreement that calls for AT&T to become the primary global network management services provider to IBM. As a result, AT&T expects to receive up to $5 billion of additional revenues over the five-year term of the agreement, initially in the wholesale customer category. These revenues are expected to ramp further in the second half of 2008 and in 2009.
Continued Strength in Enterprise. Over the past two years, AT&T has delivered a major turnaround in enterprise growth rates, and in the second quarter results were highlighted by an 18.4 percent increase in enterprise IP data revenues, including areas such as VPNs, managed Internet services and hosting. Total enterprise revenues in the second quarter were $4.7 billion, down 1.0 percent versus results for the year-earlier quarter, and enterprise service revenues, which exclude CPE sales, were down 0.1 percent. Enterprise fundamentals in terms of closed sales, a strong sales funnel and new service adoption remain solid. AT&T expects to deliver positive growth in total enterprise revenues for the full year 2008.
Regional Business Growth. AT&T's total regional business revenues increased 1.6 percent in the second quarter to $3.2 billion. Regional business data revenues grew 5.2 percent, led by robust growth in Ethernet services and 13.7 percent growth in IP data services, including double-digit gains in managed Internet, VPN and hosting services.
Further Ramp in AT&T U-verse TV Services. AT&T U-verse TV, the company's next-generation IP-based video service, continued its strong ramp during the second quarter, with a net subscriber gain of 170,000 to reach 549,000 in service. U-verse network deployment is on schedule, install times continue to decline and the attach rates for broadband service continue to be high. The company is on a trajectory to reach its target of more than 1 million AT&T U-verse TV subscribers by year-end 2008.
Growth in Consumer ARPU, with Strong Double-Digit Growth in Regional Consumer IP Data Revenues. Second-quarter regional consumer results reflect continued strong growth in revenues from broadband and AT&T U-verse services in large part offsetting traditional voice access line pressures. Regional consumer IP revenues, which combine revenues from broadband and AT&T U-verse services, grew 19.3 percent versus the year-earlier quarter, and revenues per consumer household served increased 4.2 percent. Total regional consumer revenues were $5.6 billion, down 2.1 percent versus the year-earlier quarter and down 0.7 percent sequentially. In addition to operational trends, these comparisons also reflect a change in AT&T's relationship with Yahoo!(R) Inc., which provides portal services to AT&T's more than 14 million wireline broadband subscribers. Under the new arrangement, AT&T no longer pays monthly portal fees and receives a reduced level of shared advertising revenues from Yahoo! Regional consumer revenue connections (retail voice, high speed Internet and video) totaled 48.4 million at the end of the quarter, versus 49.5 million at the end of the second quarter of 2007 and 49.3 million at the end of the first quarter of 2008. Total consumer broadband and TV connections over the past year increased by 2.2 million. At the end of the second quarter, AT&T had 14.7 million total broadband connections, up 1.4 million over the past year and up 46,000 in the second quarter of 2008.
Wireline Expense Reduction. AT&T's reported second-quarter wireline operating expenses totaled $14.5 billion, down 2.1 percent from results in the year-earlier quarter, and on an adjusted basis, wireline operating expenses were $14.1 billion, down 0.1 percent versus results for the second quarter of 2007.
Additional Background on Adjusted and Pro Forma Results
AT&T's adjusted earnings for the second quarter of 2008 exclude noncash, pretax amortization costs related to acquisitions totaling $1.2 billion, or $0.13 per diluted share. Adjusted results for the second quarter of 2007 excluded: (1) pretax cash merger-related integration costs totaling $324 million, or $0.03 per diluted share; (2) noncash, pretax merger-related costs totaling $1.7 billion, or $0.18 per diluted share; and (3) a merger-related directory accounting impact of $187 million, or $0.02 per diluted share.
Advertising & Publishing results for 2007 were affected by accounting adjustments following AT&T's late 2006 acquisition of BellSouth. In accordance with purchase accounting rules, deferred revenues and expenses for all BellSouth directories delivered prior to the close of the merger were eliminated from 2007 consolidated results. This elimination of amortizations reduced second-quarter 2007 consolidated revenues by $306 million and consolidated operating expenses by $119 million.
AT&T manages its print directory business using amortized results. As a result, 2007 amortized results are shown in the Advertising & Publishing segment on AT&T's Statement of Segment Income. In 2008, both consolidated and segment results reflect amortization accounting.
About AT&T
AT&T Inc. (NYSE:T) is a premier communications holding company. Its subsidiaries and affiliates, AT&T operating companies, are the providers of AT&T services in the United States and around the world. Among their offerings are the world's most advanced IP-based business communications services and the nation's leading wireless, high speed Internet access and voice services. In domestic markets, AT&T is known for the directory publishing and advertising sales leadership of its Yellow Pages and YELLOWPAGES.COM organizations, and the AT&T brand is licensed to innovators in such fields as communications equipment. As part of its three-screen integration strategy, AT&T is expanding its TV entertainment offerings. Additional information about AT&T Inc. and the products and services provided by AT&T subsidiaries and affiliates is available at www.att.com.
(C) 2008 AT&T Intellectual Property. All rights reserved. AT&T, the AT&T logo and all other marks contained herein are trademarks of AT&T Intellectual Property and/or AT&T affiliated companies. All other marks contained herein are the property of their respective owners.
Note: This AT&T news release and other announcements are available as part of an RSS feed at www.att.com/rss.
Cautionary Language Concerning Forward-Looking Statements
Information set forth in this news release contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results may differ materially. A discussion of factors that may affect future results is contained in AT&T's filings with the Securities and Exchange Commission. AT&T disclaims any obligation to update or revise statements contained in this news release based on new information or otherwise. This news release may contain certain non-GAAP financial measures. Reconciliations between the non-GAAP financial measures and the GAAP financial measures are available on the company's Web site at www.att.com/investor.relations. Accompanying financial statements follow.
NOTE: OIBDA is defined as operating income (loss) before depreciation and amortization. OIBDA differs from Segment Operating Income (loss), as calculated in accordance with generally accepted accounting principles (GAAP), in that it excludes depreciation and amortization. OIBDA does not give effect to cash used for debt service requirements and thus does not reflect available funds for distributions, reinvestment or other discretionary uses. OIBDA is not presented as an alternative measure of operating results or cash flows from operations, as determined in accordance with GAAP. Our calculation of OIBDA, as presented, may differ from similarly titled measures reported by other companies.
NOTE: Free cash flow is defined as cash from operations minus capital expenditures. We believe these metrics provide useful information to our investors because management regularly reviews free cash flow as an important indicator of how much cash is generated by normal business operations, including capital expenditures, and makes decisions based on it. Management also views it as a measure of cash available to pay debt and return cash to shareowners.
----------------------------------------------------------------------
Financial Data
AT&T Inc.
----------------------------------------------------------------------
Consolidated Statements of Income
Dollars in millions except per share
amounts
------------------------------------------- --------------------------
Unaudited Three Months Ended Six Months Ended
------------------------- --------------------------
6/30/2008 6/30/2007 %Chg 6/30/2008 6/30/2007 %Chg
------------------------------------------- --------------------------
Operating Revenues
Wireless service $10,894 $9,513 14.5% $21,499 $18,583 15.7%
Voice 9,519 10,378 -8.3% 19,212 20,833 -7.8%
Data 6,054 5,746 5.4% 12,026 11,401 5.5%
Directory 1,383 1,155 19.7% 2,781 2,177 27.7%
Other 3,016 2,686 12.3% 6,092 5,453 11.7%
------------------------------------------- --------------------------
Total
Operating
Revenues 30,866 29,478 4.7% 61,610 58,447 5.4%
------------------------------------------- --------------------------
Operating Expenses
Cost of services
and sales
(exclusive of
depreciation
and
amortization
shown
separately
below) 11,900 11,658 2.1% 23,902 23,080 3.6%
Selling, general
and
administrative 7,441 7,460 -0.3% 15,300 14,727 3.9%
Depreciation and
amortization 4,958 5,416 -8.5% 9,861 11,032 -10.6%
------------------------------------------- --------------------------
Total
Operating
Expenses 24,299 24,534 -1.0% 49,063 48,839 0.5%
------------------------------------------- --------------------------
Operating Income 6,567 4,944 32.8% 12,547 9,608 30.6%
------------------------------------------- --------------------------
Interest Expense 854 879 -2.8% 1,719 1,752 -1.9%
Equity in Net
Income of
Affiliates 212 210 1.0% 455 383 18.8%
Other Income
(Expense) - Net (43) 127 - (10) 631 -
------------------------------------------- --------------------------
Income Before
Income Taxes 5,882 4,402 33.6% 11,273 8,870 27.1%
Income Taxes 2,110 1,498 40.9% 4,040 3,118 29.6%
------------------------------------------- --------------------------
Net Income $3,772 $2,904 29.9% $7,233 $5,752 25.7%
=========================================== ==========================
Basic Earnings Per
Share $0.64 $0.47 36.2% $1.21 $0.93 30.1%
Weighted Average
Common Shares
Outstanding
(000,000) 5,926 6,145 -3.6% 5,962 6,184 -3.6%
Diluted Earnings
Per Share $0.63 $0.47 34.0% $1.21 $0.92 31.5%
Weighted Average
Common Shares
Outstanding with
Dilution
(000,000) 5,962 6,195 -3.8% 5,997 6,230 -3.7%
----------------------------------------------------------------------
----------------------------------------------------------------------
Financial Data
AT&T Inc.
----------------------------------------------------------------------
Statements of Segment Income
Dollars in millions
----------------------------------------------------------------------
Unaudited
Three Months Ended Six Months Ended
-------------------------- --------------------------
Wireless 6/30/2008 6/30/2007 %Chg 6/30/2008 6/30/2007 %Chg
------------------------------------------- --------- ----------------
Segment Operating
Revenues
Service $10,951 $9,540 14.8% $21,596 $18,632 15.9%
Equipment 1,082 855 26.5% 2,262 1,760 28.5%
------------------------------------------- --------------------------
Total Segment
Operating
Revenues 12,033 10,395 15.8% 23,858 20,392 17.0%
------------------------------------------- --------------------------
Segment Operating
Expenses
Cost of
services and
equipment
sales 4,162 3,941 5.6% 8,272 7,611 8.7%
Selling,
general and
administrative 3,361 3,040 10.6% 6,640 5,953 11.5%
Depreciation
and
amortization 1,446 1,810 -20.1% 2,926 3,701 -20.9%
------------------------------------------- --------------------------
Total Segment
Operating
Expenses 8,969 8,791 2.0% 17,838 17,265 3.3%
------------------------------------------- --------------------------
Segment Operating
Income 3,064 1,604 91.0% 6,020 3,127 92.5%
Equity in Net
Income of
Affiliates 3 17 -82.4% 5 24 -79.2%
Minority Interest (69) (67) -3.0% (129) (115) -12.2%
------------------------------------------- --------------------------
Segment Income $2,998 $1,554 92.9% $5,896 $3,036 94.2%
=========================================== ==========================
Wireline
------------------------------------------- --------------------------
Segment Operating
Revenues
Voice $9,757 $10,586 -7.8% $19,676 $21,263 -7.5%
Data 6,287 5,980 5.1% 12,492 11,842 5.5%
Other 1,564 1,427 9.6% 3,064 2,880 6.4%
------------------------------------------- --------------------------
Total Segment
Operating
Revenues 17,608 17,993 -2.1% 35,232 35,985 -2.1%
------------------------------------------- --------------------------
Segment Operating
Expenses
Cost of sales 7,818 7,817 - 15,780 15,618 1.0%
Selling,
general and
administrative 3,409 3,685 -7.5% 6,951 7,486 -7.1%
Depreciation
and
amortization 3,269 3,301 -1.0% 6,439 6,742 -4.5%
------------------------------------------- --------------------------
Total Segment
Operating
Expenses 14,496 14,803 -2.1% 29,170 29,846 -2.3%
------------------------------------------- --------------------------
Segment Income $3,112 $3,190 -2.4% $6,062 $6,139 -1.3%
=========================================== ==========================
Advertising &
Publishing
------------------------------------------- --------------------------
Segment Operating
Revenues $1,407 $1,478 -4.8% $2,824 $2,921 -3.3%
------------------------------------------- --------------------------
Segment Operating
Expenses
Cost of sales 439 364 20.6% 860 797 7.9%
Selling,
general and
administrative 332 428 -22.4% 698 729 -4.3%
Depreciation
and
amortization 203 263 -22.8% 415 505 -17.8%
------------------------------------------- --------------------------
Total Segment
Operating
Expenses 974 1,055 -7.7% 1,973 2,031 -2.9%
------------------------------------------- --------------------------
Segment Income $433 $423 2.4% $851 $890 -4.4%
=========================================== ==========================
Other
------------------------------------------- --------------------------
Segment Operating
Revenues $512 $558 -8.2% $1,056 $1,096 -3.6%
Segment Operating
Expenses 554 643 -13.8% 1,442 1,155 24.8%
------------------------------------------- --------------------------
Segment Operating
Loss (42) (85) 50.6% (386) (59) -
Equity in Net
Income of
Affiliates 209 202 3.5% 450 374 20.3%
------------------------------------------- --------------------------
Segment Income $167 $117 42.7% $64 $315 -79.7%
=========================================== ==========================
----------------------------------------------------------------------
Financial Data
AT&T Inc.
----------------------------------------------------------------------
Consolidated Balance Sheets
Dollars in millions except per share amounts
----------------------------------------------------------------------
6/30/08 12/31/07
Unaudited
----------------------------------------------------------------------
Assets
Current Assets
Cash and cash equivalents $1,631 $1,970
Accounts receivable - net of allowances for
uncollectibles of $1,303 and $1,364 15,971 16,185
Prepaid expenses 1,671 1,524
Deferred income taxes 1,407 2,044
Other current assets 2,545 2,963
----------------------------------------------------------------------
Total current assets 23,225 24,686
----------------------------------------------------------------------
Property, Plant and Equipment - Net 97,368 95,890
----------------------------------------------------------------------
Goodwill 71,528 70,713
Licenses 46,771 37,985
Customer Lists and Relationships - Net 12,568 14,505
Other Intangible Assets - Net 5,844 5,912
Investments in Equity Affiliates 2,838 2,270
Postemployment Benefit 17,898 17,291
Other Assets 6,468 6,392
----------------------------------------------------------------------
Total Assets $284,508 $275,644
======================================================================
Liabilities and Stockholders' Equity
Current Liabilities
Debt maturing within one year $16,472 $6,860
Accounts payable and accrued liabilities 18,927 21,399
Advanced billing and customer deposits 3,573 3,571
Accrued taxes 3,782 5,027
Dividends payable 2,357 2,417
----------------------------------------------------------------------
Total current liabilities 45,111 39,274
----------------------------------------------------------------------
Long-Term Debt 63,675 57,255
----------------------------------------------------------------------
Deferred Credits and Other Noncurrent Liabilities
Deferred income taxes 25,136 24,939
Postemployment benefit obligation 24,832 24,011
Other noncurrent liabilities 13,817 14,798
----------------------------------------------------------------------
Total deferred credits and other noncurrent
liabilities 63,785 63,748
----------------------------------------------------------------------
Stockholders' Equity
Common shares issued ($1 par value) 6,495 6,495
Capital in excess of par value 91,647 91,638
Retained earnings 35,719 33,297
Treasury shares (at cost) (21,420) (15,683)
Accumulated other comprehensive loss (504) (380)
----------------------------------------------------------------------
Total stockholders' equity 111,937 115,367
----------------------------------------------------------------------
Total Liabilities and Stockholders' Equity $284,508 $275,644
======================================================================
----------------------------------------------------------------------
Financial Data
AT&T Inc.
----------------------------------------------------------------------
Consolidated Statements of Cash Flows
Dollars in millions, increase (decrease) in cash and cash equivalents
----------------------------------------------------------------------
Unaudited Six Months Ended
6/30/08 6/30/07
----------------------------------------------------------------------
Operating Activities
Net income $ 7,233 $ 5,752
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 9,861 11,032
Undistributed earnings from investments in equity
affiliates (415) (344)
Provision for uncollectible accounts 860 738
Deferred income tax expense (benefit) 1,384 (546)
Net gain on sales of investments (27) (64)
Gain on license exchange - (409)
Changes in operating assets and liabilities:
Accounts receivable (776) 87
Other current assets 274 (665)
Accounts payable and accrued liabilities (5,117) (287)
Stock-based compensation tax benefit (14) (107)
Other - net 242 (108)
----------------------------------------------------------------------
Total adjustments 6,272 9,327
----------------------------------------------------------------------
Net Cash Provided by Operating Activities 13,505 15,079
----------------------------------------------------------------------
Investing Activities
Construction and capital expenditures
Capital expenditures (9,320) (7,460)
Interest during construction (257) (78)
Acquisitions, net of cash acquired (10,087) (221)
Dispositions 623 520
Proceeds from sale of securities, net of investments (73) 509
Other 41 17
----------------------------------------------------------------------
Net Cash Used in Investing Activities (19,073) (6,713)
----------------------------------------------------------------------
Financing Activities
Net change in short-term borrowings with original
maturities of three months or less 6,590 (1,993)
Issuance of long-term debt 10,924 5,924
Repayment of long-term debt (1,605) (2,065)
Purchase of treasury shares (6,077) (6,904)
Issuance of treasury shares 310 1,252
Dividends paid (4,802) (4,414)
Stock-based compensation tax benefit 14 107
Other (125) (121)
----------------------------------------------------------------------
Net Cash Provided by (Used in) Financing Activities 5,229 (8,214)
----------------------------------------------------------------------
Net increase (decrease) in cash and cash equivalents (339) 152
----------------------------------------------------------------------
Cash and cash equivalents beginning of year 1,970 2,418
----------------------------------------------------------------------
Cash and Cash Equivalents End of Period $ 1,631 $ 2,570
======================================================================
----------------------------------------------------------------------
Financial Data
AT&T Inc.
----------------------------------------------------------------------
Supplementary Operating and Financial Data
Dollars in millions except per share amounts
----------------------------------------------------------------------
Unaudited Three Months Ended
--------------------------
6/30/2008 6/30/2007 %Chg
----------------------------------------------------------------------
Wireless
Wireless Customers (000)
Net Customer Additions (000) 1,333 1,456 -8.4%
M&A Activity, Partitioned Customers and
Other Adjs. (000) 182 - -
Postpaid Customers (000)
Net Postpaid Customer Additions (000) 894 912 -2.0%
Postpaid Churn 1.1% 1.2% -10 BP
Licensed POPs (000,000)
In-Region Wireline(1)
Total Consumer Revenue Connections
(000)(8)
------------------------------------------
Retail Consumer Primary Switched/VoIP
connections(2)
Retail Consumer Additional
Switched/VoIP connections(2)
Consumer Broadband Connections(3)
Video Connections:(4)
Satellite Connections
U-verse Video Connections
Total Consumer Revenue
Connections (000)
Net Consumer Revenue Connection
Changes (000) (923) 248 -
Switched Access Lines (000)(8)
------------------------------------------
Retail Consumer - Primary
Retail Consumer - Additional
Retail Business
Retail
Wholesale(5)
Coin(6)
Total Switched Access Lines
(000)
Net Switched Access Line
Changes (000) (1,555) (1,351) -15.1%
Total Broadband Connections (000)(3,8)
Net Broadband Connection Changes
(000)(3,8) 46 400 -88.5%
Total Video Connections (000)(4)
Net Video Connection Changes (000)(4) 173 200 -13.5%
AT&T Inc.
Construction and capital expenditures
Capital expenditures $5,142 $4,122 24.7%
Interest during construction $187 $43 -
Dividends Declared per Share $0.4000 $0.3550 12.7%
End of Period Common Shares Outstanding
(000,000)
Debt Ratio(7)
Total Employees
Unaudited Six Months Ended
--------------------------
6/30/2008 6/30/2007 %Chg
------------------------------------------- --------------------------
Wireless
Wireless Customers (000) 72,882 63,673 14.5%
Net Customer Additions (000) 2,628 2,647 -0.7%
M&A Activity, Partitioned Customers
and Other Adjs. (000) 202 64 -
Postpaid Customers (000) 57,043 51,488 10.8%
Net Postpaid Customer Additions (000) 1,599 1,592 0.4%
Postpaid Churn 1.2% 1.3% -10 BP
Licensed POPs (000,000) 304 299 1.7%
In-Region Wireline(1)
Total Consumer Revenue Connections
(000)(8)
-----------------------------------------
Retail Consumer Primary Switched/VoIP
connections(2) 29,349 32,124 -8.6%
Retail Consumer Additional
Switched/VoIP connections(2) 3,703 4,232 -12.5%
Consumer Broadband Connections(3) 12,581 11,260 11.7%
Video Connections:(4)
Satellite Connections 2,235 1,846 21.1%
U-verse Video Connections 549 51 -
-------------------
Total Consumer Revenue
Connections (000) 48,417 49,513 -2.2%
===================
Net Consumer Revenue
Connection Changes (000) (1,021) 652 -
Switched Access Lines (000)(8)
-----------------------------------------
Retail Consumer - Primary 29,319 32,124 -8.7%
Retail Consumer - Additional 3,701 4,232 -12.5%
Retail Business 22,428 23,144 -3.1%
-------------------
Retail 55,448 59,500 -6.8%
Wholesale(5) 3,248 4,283 -24.2%
Coin(6) 164 295 -44.4%
-------------------
Total Switched Access Lines
(000) 58,860 64,078 -8.1%
===================
Net Switched Access Line
Changes (000) (2,722) (2,391) -13.8%
Total Broadband Connections (000)(3,8) 14,693 13,261 10.8%
Net Broadband Connection Changes
(000)(3,8) 537 1,091 -50.8%
Total Video Connections (000)(4) 2,784 1,897 46.8%
Net Video Connection Changes (000)(4) 437 387 12.9%
AT&T Inc.
Construction and capital expenditures
Capital expenditures $9,320 $7,460 24.9%
Interest during construction $257 $78 -
Dividends Declared per Share $0.8000 $0.7100 12.7%
End of Period Common Shares Outstanding
(000,000) 5,892 6,107 -3.5%
Debt Ratio(7) 41.7% 35.6% 610 BP
Total Employees 307,550 301,840 1.9%
----------------------------------------------------------------------
(1) In-region wireline represents access lines served by AT&T's
incumbent local exchange companies.
(2) Primarily switched access lines. Also includes VoIP.
(3) Broadband connections include DSL lines, U-verse high speed
Internet access and satellite broadband.
(4) Video connections include sales under agency agreements with
EchoStar and DirecTV customers and U-verse connections.
(5) Wholesale lines include 0.2 million lines purchased by AT&T Corp.
at 06/30/08 and 0.6 million at 06/30/07.
(6) Coin includes both retail and wholesale access lines.
(7) Total long-term debt plus debt maturing within one year divided by
total debt plus total stockholders' equity.
(8) Prior year amounts restated to conform to current period reporting
methodology.
----------------------------------------------------------------------
Financial Data
AT&T Inc.
Non-GAAP Wireless Reconciliations
----------------------------------------------------------------------
Wireless Segment Adjusted OIBDA
Dollars in Millions
Unaudited
----------------------------------------------------------------------
Quarter Ended June 30, 2008 Adjusting Items
Intangible
GAAP Amortization Adjusted
-------- ----------------------
Service Revenues $10,951 $10,951
Equipment Revenues 1,082 1,082
-------------------------------------- -------- ------------- --------
Total Operating Revenues $12,033 $- $12,033
-------------------------------------- -------- ------------- --------
Operating Expenses
Cost of Services and Equipment Sales 4,162 - 4,162
Selling, General and Administrative 3,361 - 3,361
Depreciation and Amortization 1,446 (529) 917
-------------------------------------- -------- ------------- --------
Total Operating Expenses 8,969 (529) 8,440
-------------------------------------- -------- ------------- --------
Operating Income 3,064 3,593
Plus: Depreciation and Amortization 1,446 917
OIBDA 4,510 4,510
----------------------------------------------------------------------
OIBDA as a % of Service Revenue 41.2% 41.2%
======================================================================
----------------------------------------------------------------------
Quarter Ended June 30, 2007 Adjusting Items
Integration Intangible
GAAP Costs Amortization Adjusted
-------- ----------------------------------
Service Revenues $9,540 $9,540
Equipment Revenues 855 855
----------------------------------- ----------- ------------- --------
Total Operating Revenues $10,395 $- $- $10,395
----------------------------------- ----------- ------------- --------
Operating Expenses
Cost of Services and
Equipment Sales 3,941 (48) - 3,893
Selling, General and
Administrative 3,040 (115) - 2,925
Depreciation and
Amortization 1,810 (83) (737) 990
----------------------------------- ----------- ------------- --------
Total Operating Expenses 8,791 (246) (737) 7,808
----------------------------------- ----------- ------------- --------
Operating Income 1,604 2,587
Plus: Depreciation and
Amortization 1,810 990
OIBDA 3,414 3,577
----------------------------------------------------------------------
OIBDA as a % of Service
Revenue 35.8% 37.5%
======================================================================
OIBDA is defined as operating income (loss) before depreciation and
amortization. OIBDA differs from Segment operating Income (loss), as
calculated in accordance with generally accepted accounting
principles (GAAP), in that it excludes depreciation and amortization.
OIBDA does not give effect to cash used for debt service requirements
and thus does not reflect available funds for distributions,
reinvestment or other discretionary uses. OIBDA is not presented as
an alternative measure of operating results or cash flows from
operations, as determined in accordance with GAAP. Our calculation of
OIBDA, as presented, may differ from similarly titled measures
reported by other companies.
----------------------------------------------------------------------
Financial Data
AT&T Inc.
Non-GAAP Consolidated Reconciliations
----------------------------------------------------------------------
Reconciliation of Free Cash Flow
----------------------------------------------------------------------
Dollars in Millions
Unaudited
----------------------------------------------------------------------
June 30, 2008 Three Months Ended Six Months Ended
-----------------------------------
Net cash provided by operating
activities $8,548 $13,505
Less: Construction and capital
expenditures 5,329 9,577
----------------------------------------------------------------------
Free Cash Flow $3,219 $3,928
----------------------------------------------------------------------
Free cash flow is defined as cash from operations minus capital
expenditures. We believe these metrics provide useful information to
our investors because management regularly reviews free cash flow as
an important indicator of how much cash is generated by normal
business operations, including capital expenditures, and makes
decisions based on it. Management also views it as a measure of cash
available to pay debt and return cash to shareowners.
----------------------------------------------------------------------
Financial Data
AT&T Inc.
Non-GAAP Consolidated Reconciliations
----------------------------------------------------------------------
Adjusted and Reported Wireline Operating Expenses
----------------------------------------------------------------------
Dollars in Millions
Unaudited
----------------------------------------------------------------------
Three Months Ended
6/30/08 6/30/07 YoY % Change
----------------------------------------------------------------------
Reported Wireline Operating Expenses $14,496 $14,803 -2.1%
Operating Adjustments
Cash Integration Costs - 141 -
Intangible Amortization 432 578 -25.3%
----------------------------------------------------------------------
Total Adjusting Items 432 719 -39.9%
----------------------------------------------------------------------
Adjusted Wireline Operating Expenses $14,064 $14,084 -0.1%
----------------------------------------------------------------------
Adjusted Wireline operating expenses differs from reported operating
expenses in that it excludes the merger-related expenses shown above
and provides additional comparability to prior periods.
SOURCE: AT&T Inc.
AT&T Inc. Jamie Anderson, 210-352-6973 Mobile: 210-219-1580 janderso@attnews.us
Tags: accounting acquisition adoption advertising bandwidth billing business business services ceo communications conference construction consumer data storage debt dividends dsl earnings e-mail entertainment equity Ethernet expansion financial results gaap hosting household internet licenses local merger multimedia note nyse plant productivity products property publishing rates retail revenue sales satellite schedule securities tax taxes track treasury tv video web wholesale wireless wireline
Companies: AT&T Corp. (T)
EchoStar Reports First Quarter 2008 Financial Results - Zibb.com
ENGLEWOOD, Colo., May 13, 2008 (PrimeNewswire via COMTEX) --
EchoStar Corporation (Nasdaq:SATS), today reported total revenue of $555 million for the quarter ended March 31, 2008, a 23.9 percent increase compared with $448 million for the corresponding period in 2007.
EchoStar reported a net income of $5.7 million for the quarter ended March 31, 2008, compared with a net loss of $18.5 million during the corresponding period in 2007. Basic earnings per share were $.06 for the quarter ended March 31, 2008, compared with a basic loss per share of $.21 during the corresponding period in 2007.
Detailed financial data and other information are available in EchoStar's Form 10-Q for the quarterly period ended March 31, 2008, filed today with the Securities and Exchange Commission.
About EchoStar Corporation
EchoStar Corporation (Nasdaq:SATS) operates two primary businesses: equipment sales and digital broadcast operations and fixed satellite services. The equipment sales and digital broadcast operations business includes the Sling Media business, designs, develops and distributes set-top boxes and related products for direct-to-home satellite television service providers and includes a network of seven full-service digital broadcast centers and leased fiber optic capacity with points of presence in approximately 150 cities. The fixed satellite services business provides service on nine owned and leased in-orbit satellites and includes related FCC licenses. Visit www.echostar.com for more information.
EchoStar will host its First Quarter 2008 earnings conference call today at 1 p.m. ET. The dial-in number is (877) 500-5931.
This news release was distributed by PrimeNewswire, www.primenewswire.com
SOURCE: EchoStar Holding Corporation
EchoStar Corporation
Press:
Kathie Gonzalez
(720) 514-5351
press@echostar.com
Investor Relations:
Jason Kiser
(303) 723-2210
Jason.Kiser@echostar.com
Tags: business conference earnings financial results licenses media nasdaq products revenue sales satellite television
Companies: EchoStar Holding Corp (SATS)
DISH Network Places Upsized Offering of $750 Million in Senior Notes - Zibb.com
ENGLEWOOD, Colo., May 21, 2008 (PrimeNewswire via COMTEX) --
DISH Network Corporation (Nasdaq:DISH) today announced that its subsidiary, EchoStar DBS Corporation, has priced an offering of $750 million aggregate principal amount of senior debt securities. The debt securities will be issued as 7.75% Senior Notes due 2015. The offering was upsized from $500 million.
The sale of the Notes is expected to close on May 27, 2008, subject to customary conditions.
EchoStar DBS Corporation placed the Notes in a private transaction under Rule 144A and Regulation S under the Securities Act. The Notes have not been registered under the Securities Act of 1933, as amended, or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Except for historical information contained herein, the matters set forth in this press release are forward-looking statements. The forward-looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including the risks and uncertainties discussed in DISH Network Corporation's Disclosure Regarding Forward-Looking Statements included in its recent filings with the Securities and Exchange Commission, including its annual report on Form 10-K and its most recent quarterly report on Form 10-Q. The forward-looking statements speak only as of the date made, and DISH Network Corporation expressly disclaims any obligation to update these forward-looking statements.
About DISH Network Corporation
DISH Network Corporation (Nasdaq:DISH) serves more than 13.815 million satellite TV customers through its DISH Network, and is a leading U.S. provider of advanced digital television services. DISH Network's services include hundreds of video and audio channels, Interactive TV, HDTV, sports and international programming, together with professional installation and 24-hour customer service.
This news release was distributed by PrimeNewswire, www.primenewswire.com
SOURCE: DISH Network Corporation
EchoStar
Investor Relations
Jason Kiser
303-723-2210
jason.kiser@echostar.com
Media Relations
Kathie Gonzalez
720-514-5351
press@echostar.com
Tags: annual report nasdaq satellite securities sports tv video
Companies: EchoStar Communications Corp. (DISH)
Fitch Rates EchoStar DBS Corp.'s Notes 'BB-'; Stable Outlook - Zibb.com
CHICAGO, May 21, 2008 (BUSINESS WIRE) --
Fitch has assigned a 'BB-' rating to EchoStar DBS Corporation's (EDBS) $750 million offering of 7.75% senior unsecured notes due 2015. The notes were placed under the SEC rule 144A. EDBS is a wholly owned subsidiary of DISH Network Corporation (DISH, Issuer Default Rating of 'BB-'). Proceeds from the offering are expected to be used for general corporate purposes. The Rating Outlook is Stable.
Given the DISH's operating profile and credit-protection metrics, Fitch believes that the company's overall credit profile is strong within the rating category, providing the company substantial financial flexibility. Fitch believes that DISH's leverage can increase to a range between 3.5x to 3.75x and maintain its current ratings. DISH's leverage metric, calculated on a latest 12 month (LTM) basis, as of March 31, 2008 was 1.87 times (x) on a consolidated basis. Pro forma for the new debt issuance the company's leverage metric was 2.12x. The company has approximately $1.9 billion of senior unsecured debt and capital lease payments scheduled to be repaid during the next three years including a $1.0 billion maturity in October 2008. In addition the company's 3% Convertible Senior Subordinated Notes due 2010 ($500 million principal value) contains a provision that provides DISH the option to redeem the notes or may require the company to repurchase the notes at principal value during July 2008. Historically, EchoStar has enjoyed strong access to capital markets and Fitch assumes that the company will successfully refinance the 2008 maturities.
EchoStar's ratings reflect Fitch's opinion that the effects of growing competition and a slowing economy will weigh on EchoStar's operating results during 2008 and 2009 likely leading to lower gross additions, sluggish ARPU growth rates, higher subscriber churn rates, and higher subscriber acquisition costs.
Key to EchoStar's continued EBITDA and free cash flow growth is its ability to control subscriber churn. EchoStar reported subscriber churn increased to 1.68% (monthly) for the quarter ended March 31, 2008 reflecting an increase of 22 basis points relative to the same period last year. and 26 basis points sequentially. In addition to increased competition, the higher churn level is also attributable to higher non pay disconnects due to economic factors, decreased customer satisfaction resulting from operational inefficiencies, expiration of promotional discounts and theft. In Fitch's opinion, some of these factors such as higher non pay disconnects and decreased customer satisfaction, appear to be longer term fixes and churn may remain elevated for an extended period of time. Fitch is concerned that EchoStar will have to significantly increase its customer retention spending to regain control over subscriber churn, which will have a negative effect on EchoStar's EBITDA and free cash flow generation.
DISH, through wholly - owned subsidiary Frontier Wireless, LLC won 168 E Block licenses totaling nearly $712 million. While DISH has yet to articulate its wireless strategy, Fitch believes that the capital costs and execution risk associated with adding a wireless product to DISH's overall service offering will elevate the near term business risk attributable to DISH's credit profile. In Fitch's opinion the acquisition of wireless spectrum can position DISH to eventually offer a variety of wireless solutions including mobile video and possibly video on demand. Both of these potential solutions will serve to differentiate DISH's service offering and will strengthen DISH's competitive position among other multichannel video distributors.
The Stable Rating Outlook reflects Fitch's belief that subscriber metrics will improve as the company's high definition (HD) offering matches competitive offerings, as well as the positive EBITDA and free cash flow prospects, expected over the near term, balanced by the very competitive operating environment. Outside of the existing share repurchase authorization; Fitch views the use of cash for shareholder-friendly actions as an erosion of financial flexibility that could result in pressure on the ratings or an outlook revision. Additionally, Fitch has concerns related to the uncertainty surrounding the company's wireless strategy and the potential cash requirements to launch a wireless service.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site. The issuer did not participate in the rating process other than through the medium of its public disclosure.
SOURCE: Fitch Ratings
Fitch Ratings, Chicago David Peterson, +1-312-368-3177 Michael Weaver, +1-312-368-3156 Media Relations, New York Brian Bertsch, +1-212-908-0549
Tags: acquisition business corporate debt ebitda economy licenses rates video wireless
News from Zibb.com
- ATT Delivers Solid Second-Quarter Results Highlighted by Strong Wireless Growth, Double-Digit
- EchoStar Reports First Quarter 2008 Financial Results - Zibb.com
- DISH Network Places Upsized Offering of $750 Million in Senior Notes - Zibb.com
- Fitch Rates EchoStar DBS Corp.'s Notes 'BB-'; Stable Outlook - Zibb.com
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