John Corn
08-13-03, 04:21 AM
LITTLETON, Colo.--(BUSINESS WIRE)--Aug. 13, 2003--EchoStar Communications Corporation (Nasdaq:DISH) today reported that its DISH Network(TM) satellite television service added approximately 270,000 net new subscribers during the second quarter of 2003.
DISH Network had approximately 8.8 million subscribers as of June 30, 2003.
For the quarter ended June 30, 2003, EchoStar reported total revenue of $1.41 billion, a 21 percent increase compared to $1.17 billion for the corresponding period in 2002.
Net income totaled $129 million for the quarter ended June 30, 2003, compared to net income of $37 million during the corresponding period in 2002. Basic earnings per share were $0.27 for the quarter ended June 30, 2003, compared to basic earnings per share of $0.08 during the corresponding period in 2002. Net income for the quarter ended June 30, 2003, includes the benefit of a reduction in subscriber acquisition costs of approximately $34.4 million, primarily related to the receipt of a reimbursement payment for previously sold set-top box equipment pursuant to a litigation settlement. Net income for the same period in 2002 included the benefits of non-recurring favorable legal resolutions totaling approximately $10 million and an adjustment of approximately $17 million primarily to reduce accrued royalty expenses.
Free cash flow totaled $151 million for the quarter ended June 30, 2003, an improvement of $118 million compared to $33 million for the corresponding period in 2002. Free cash flow for the quarter ended June 30, 2003, includes, among other things, the positive impact of the litigation settlement described above and the negative impact of a $50 million deposit paid to SES Americom for the use of a satellite that is expected to launch during 2004.
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DISH Network had approximately 8.8 million subscribers as of June 30, 2003.
For the quarter ended June 30, 2003, EchoStar reported total revenue of $1.41 billion, a 21 percent increase compared to $1.17 billion for the corresponding period in 2002.
Net income totaled $129 million for the quarter ended June 30, 2003, compared to net income of $37 million during the corresponding period in 2002. Basic earnings per share were $0.27 for the quarter ended June 30, 2003, compared to basic earnings per share of $0.08 during the corresponding period in 2002. Net income for the quarter ended June 30, 2003, includes the benefit of a reduction in subscriber acquisition costs of approximately $34.4 million, primarily related to the receipt of a reimbursement payment for previously sold set-top box equipment pursuant to a litigation settlement. Net income for the same period in 2002 included the benefits of non-recurring favorable legal resolutions totaling approximately $10 million and an adjustment of approximately $17 million primarily to reduce accrued royalty expenses.
Free cash flow totaled $151 million for the quarter ended June 30, 2003, an improvement of $118 million compared to $33 million for the corresponding period in 2002. Free cash flow for the quarter ended June 30, 2003, includes, among other things, the positive impact of the litigation settlement described above and the negative impact of a $50 million deposit paid to SES Americom for the use of a satellite that is expected to launch during 2004.
http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=dish&script=410&layout=-6&item_id=440663