DIRECTV Announces Third Quarter 2012 Results

DIRECTV Latin America's third quarter 2012 OPBDA increased 5% to $455 million compared to the year ago period. OPBDA margin declined due in part to higher customer service expenses reflecting the larger subscriber base in both Brazil and PanAmericana, as well as higher costs related to serving middle market customers in Brazil. Also impacting the comparison in PanAmericana was higher general and administrative and subscriber services costs mostly resulting from inflationary pressure on labor costs, increased programming costs principally associated with the Olympics, as well as higher subscriber acquisition costs driven by record prepaid gross additions. Third quarter operating profit declined 6% to $221 million and operating profit margin declined primarily due to the lower OPBDA margin.

CONFERENCE CALL INFORMATION

A live webcast of DIRECTV's third quarter 2012 earnings call will be available on the company's website at www.directv.com/investor. The webcast will begin at 2:00 p.m. ET, today November 6, 2012. Access to the earnings call is also available in the United States by dialing [phone] and internationally by dialing [phone]. The conference ID number is 4983786. A replay of the call can be accessed by dialing [phone] in the U.S. and [phone] internationally. The replay pass code is 4983786. The replay will be available from 3:00 p.m. PT, Tuesday, November 6 through 9:59 p.m. PT, Tuesday, November 13, and will also be archived on our website at www.directv.com/investor.

FOOTNOTES

(1) Operating profit before depreciation and amortization, which is a financial measure that is not determined in accordance with accounting principles generally accepted in the United States of America, or GAAP, should be used in conjunction with other GAAP financial measures and is not presented as an alternative measure of operating results, as determined in accordance with GAAP. Please see DIRECTV's Annual Report on Form 10-K for the year ended December 31, 2011 for further discussion of operating profit before depreciation and amortization. Operating profit before depreciation and amortization margin is calculated by dividing operating profit before depreciation and amortization by total revenues.

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