In a press release announcing financial results and other information for the first quarter of 2002, Sky confirms it has begun changeover of cards used to encode set-tops. DirecTV completed changeover early in the year. The two leading DTH operators are collaborating to combat signal thieves, now sophisticated enough to break into even their relatively secure cryptographic systems. Sky also confirms the evidence of growth seen a few weeks ago in the financial reports of News Corp., one of its controlling shareholders. The company added 2,000 subscribers in the first quarter, taking the total to 710,000. According to the press release, gross sales totaled 60.2 million US dollars in the period, for a year-over-year increase of 9%. Net sales amounted to 50.3m USD. Operating expenses totaled 49.0m USD, equivalent to 23.24 USD per subscriber. The bottom line was a net loss of 17.4m USD. Total debt stood at 440m USD on March 31, mostly long-term (420m USD).
DBS
