Former Apple manager Paul Devine admits his guilt in a money laundering scheme and agrees to forfeit more than $2.28 million in money and property.
Satellite TV and Internet access provider Hughes Electronics reported fourth-quarter revenue of $2.28 billion on an operating loss of $179 million before interest, taxes, depreciation and amortization. In the year-ago quarter, the operator of DirecTV generated revenue of $2.06 billion on a loss of $121 million. The company expects revenue of between $2.0 billion and $1.95 billion in the first quarter, compared with $1.89 billion the company posted in last year's first quarter. On the bright side, Hughes' DirecTV satellite unit grabbed 405,000 more customers in the fourth quarter to bring its total subscribers to 10.7 million from the 9.5 million customers attained at the end of last year's quarter. The company is also seeking to merge with rival satellite TV provider EchoStar Communications, a union that faces considerable antitrust scrutiny from government regulators.