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PGTV Pegasus Comms reports (41 )

Reports Q4 (Dec) loss of $6.63 per share, $1.19 better than the Reuters Research two estimate consensus of ($7.82).


Pegasus Communications Corporation Reports Results for Fourth Quarter and Year E
ded December 31, 2003


High-Tech Writers / Business Editors

BALA CYNWYD, Pa.--(BUSINESS WIRE)--PGTV--
Pegasus Communications Corporation (NASDAQ:PGTV) today
reported financial results for the three and twelve month periods
ended December 31, 2003. - (Amounts and changes specified are for the
three and twelve months ended December 31, 2003 compared to the same
corresponding periods in the prior year, unless otherwise indicated.)

Results of Operations

Three Months Ended December 31, 2003

Consolidated net revenues decreased $5.9 million, or 3%, to $220.9
million. Consolidated income from operations increased $24.3 million
to $8.5 million from a consolidated loss of $15.8 million. Net loss
applicable to common shares decreased $22.9 million, or 38% to $37.7
million. Net cash provided by operating activities decreased $1.7
million, or 8%, to $18.7 million.
Direct broadcast satellite ("DBS") net revenues decreased $4.5
million, or 2%, to $212.8 million. DBS operating profit before
depreciation and amortization increased $6.4 million, or 12% to $60.3
million. DBS operating profit before depreciation and amortization as
a percentage of DBS net revenues increased to 28% from 25%. DBS free
cash flow increased $10.9 million, or 27%, to $51.1 million.

Twelve Months Ended December 31, 2003

Consolidated net revenues decreased $34.4 million, or 4%, to
$862.9 million. Consolidated loss from operations decreased $45.4
million, or 92% to $3.9 million. Net loss applicable to common shares
decreased $14.2 million, or 8% to $170.9 million. Net cash provided by
operating activities decreased $7.0 million, or 23%, to $22.8 million.
DBS net revenues decreased $33.6 million, or 4%, to $831.2
million. DBS operating profit before depreciation and amortization
increased $1.9 million, or 1%, to $213.8 million. DBS operating profit
before depreciation and amortization as a percentage of DBS net
revenues increased to 26% from 25%. DBS free cash flow increased $17.8
million, or 12%, to $169.9 million.

Conference Call

A conference call to discuss this news release and other matters
of interest will be held at 11:00 AM ET on Monday, March 8, 2004. The
earnings conference call can be accessed by dialing [phone]. A
webcast of the conference call can also be accessed over the Internet
through Pegasus Communications' website at www.pgtv.com. The call will
be hosted by Marshall W. (Mark) Pagon, Chairman and Chief Executive
Officer; Ted S. Lodge, President and Chief Operating Officer; Howard
E. Verlin, Executive Vice President; Rory J. Lindgren, Executive Vice
President; and Joseph W. Pooler, Chief Financial Officer. A telephone
replay of the conference call will be available approximately two
hours after the conference call concludes and will continue until
11:59 PM ET on March 22, 2004. The telephone replay can be accessed by
calling [phone] and entering the pass code: 5979613.