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Abstract
For the past four quarters the Company has been implementing an ambitious and comprehensive plan to upgrade its properties and current DIRECTV high definition ("HD") subscribers to the newly launched DIRECTV MFH-2 Platform ("HD Platform") and expanded line-up of DIRECTV HD and International programming services. During the second fiscal quarter, the Company upgraded 10,105 units in 43 properties to the new DIRECTV HD Platform and had another 2,061 units in 10 properties that were work-in-progress at quarter's end. The Company is in the final stages of its upgrade program and expects to complete the upgrade of an additional 18,125 units in 109 properties on or before July 31, 2009. At that time, the Company expects to have upgraded approximately 72,000 units in 375 properties. DIRECTV is providing certain financial assistance for the upgrade to the new HD Platform through July 2009, however, they have recently offered the Company an additional incentive to complete certain property upgrades prior to June 30, 2009. As a result, the Company is accelerating its upgrade efforts.
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