Steve Mehs
11-15-02, 04:15 AM
EchoStar's DISH Network reported strong subscriber enrollments for the third quarter, but company executives admitted that other key metrics showed mixed results.
The satellite TV service added about 320,000 net new subscribers during the quarter that ended Sept. 30. DISH Network had approximately 7.78 million subscribers at the end of the third quarter, an increase of approximately 21 percent over Sept. 30, 2001.
EchoStar Chairman and CEO Charlie Ergen said churn tracked a little higher than the company wanted in the third quarter, and EBITDA was a little higher than anticipated.
EchoStar reported $1.22 billion in revenues for the third quarter, a 20 percent increase compared to $1.02 billion reported during the same period in 2001. EchoStar also recorded a net loss of $168 million for the quarter, compared to net income of $3 million during the corresponding period in 2001. The net loss includes $40 million of unrealized losses on marketable securities and a $134 million charge relating to an increase in the estimated value of the Vivendi Universal contingent value rights.
Since those contingent value rights cannot be exercised for at least 30 months, they will not result in any payment by EchoStar until 2004 at the earliest, and it is possible that no payment will ever be required. However, their present estimated value is required to be recorded as a liability currently, the company said in a statement.
From SkyReport (http://www.skyreport.com/skyreport/nov2002/111502.shtm#three) (Used with Permission)
The satellite TV service added about 320,000 net new subscribers during the quarter that ended Sept. 30. DISH Network had approximately 7.78 million subscribers at the end of the third quarter, an increase of approximately 21 percent over Sept. 30, 2001.
EchoStar Chairman and CEO Charlie Ergen said churn tracked a little higher than the company wanted in the third quarter, and EBITDA was a little higher than anticipated.
EchoStar reported $1.22 billion in revenues for the third quarter, a 20 percent increase compared to $1.02 billion reported during the same period in 2001. EchoStar also recorded a net loss of $168 million for the quarter, compared to net income of $3 million during the corresponding period in 2001. The net loss includes $40 million of unrealized losses on marketable securities and a $134 million charge relating to an increase in the estimated value of the Vivendi Universal contingent value rights.
Since those contingent value rights cannot be exercised for at least 30 months, they will not result in any payment by EchoStar until 2004 at the earliest, and it is possible that no payment will ever be required. However, their present estimated value is required to be recorded as a liability currently, the company said in a statement.
From SkyReport (http://www.skyreport.com/skyreport/nov2002/111502.shtm#three) (Used with Permission)