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DISH Network Reports Third Quarter 2010 Financial Results


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#1 OFFLINE   James Long

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Posted 05 November 2010 - 05:19 AM

ENGLEWOOD, Colo., Nov. 5, 2010 /PRNewswire-FirstCall/ -- DISH Network Corporation (Nasdaq: DISH) today reported total revenue of $3.21 billion for the quarter ended September 30, 2010, a 10.9 percent increase compared with $2.89 billion for the corresponding period in 2009.

Net income attributable to common shareholders totaled $245 million for the quarter ended September 30, 2010, compared with $81 million during the corresponding period in 2009. Basic earnings per share were $0.55 for the quarter ended September 30, 2010, compared with basic earnings per share of $0.18 during the corresponding period in 2009.

DISH Network lost approximately 29,000 net subscribers during the quarter ended September 30, 2010, ending the quarter with approximately 14.289 million subscribers.

Detailed financial data and other information are available in DISH Network's Form 10-Q for the quarterly period ended September 30, 2010, filed today with the Securities and Exchange Commission.


Link to 10-Q ... (available now)
http://dish.client.s...104659-10-56240

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#2 OFFLINE   Justin23

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Posted 05 November 2010 - 05:52 AM

This was quite a big jump...

"Our average monthly subscriber churn rate for the three months ended September 30, 2010 was 1.98%, compared to 1.57% for the same period in 2009."

#3 OFFLINE   boba

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Posted 05 November 2010 - 06:05 AM

Lost on total customers but look how much more we paid them in monthly charges. Rape Rape Rape ???

#4 OFFLINE   James Long

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Posted 05 November 2010 - 06:10 AM

DISH's comment on churn:

In general, our churn rate is impacted by the quality of subscribers acquired in past quarters, our ability to provide strong customer service, and our ability to control piracy. Historically, we have experienced slightly higher churn in the months following the expiration of commitments for new subscribers. In February 2008, we extended our new subscriber commitment from 18 to 24 months. Consequently, during the three months ended September 30, 2009, churn was positively impacted by, among other things, this increase in our new subscriber commitment period.

Our average monthly subscriber churn rate for the nine months ended September 30, 2010 was 1.72%, compared to 1.71% for the same period in 2009.

BTW: Over the last 9 months DISH has made more profit than in all of 2009. Over the past four quarters DISH has added a net 438k subscribers (compared to DirecTV's net addition of 493k subscribers). A net loss of subscribers for a quarter or two is never good ... hopefully they will be able to pull out of the subscriber slump this quarter ... but DISH remains a profitable company.

#5 OFFLINE   DodgerKing

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Posted 05 November 2010 - 06:52 AM

DISH's comment on churn:
BTW: Over the last 9 months DISH has made more profit than in all of 2009. Over the past four quarters DISH has added a net 438k subscribers (compared to DirecTV's net addition of 493k subscribers). A net loss of subscribers for a quarter or two is never good ... hopefully they will be able to pull out of the subscriber slump this quarter ... but DISH remains a profitable company.


I told you they will lose subs and next quarter WILL be worse than this quarter, making 3 consecutive quarters with a net loss in subs. To keep things in perspective, many providers lost subs this quarter. Direct is about the only provider that did gain and has yet to have a net loss quarter in many years

#6 OFFLINE   James Long

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Posted 05 November 2010 - 08:01 AM

I told you they will lose subs and next quarter WILL be worse than this quarter, making 3 consecutive quarters with a net loss in subs. To keep things in perspective, many providers lost subs this quarter. Direct is about the only provider that did gain and has yet to have a net loss quarter in many years

I wonder how many are people and how many are “commercial equivalent viewing units”.

#7 OFFLINE   RAD

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Posted 05 November 2010 - 08:07 AM

Not a financial wizard and don't know where this is in the 10-Q, bottom line what was the profit(loss) for this quarter vs. prior vs. same quarter 2009?

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#8 OFFLINE   DodgerKing

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Posted 05 November 2010 - 08:15 AM

I wonder how many are people and how many are “commercial equivalent viewing units”.


Is dish's commercial market even that significant? I am curious. I honestly do not know. Anecdotally it seems like all bars, sports bars, and restaurants have Direct, and most hotels, and other offices use local cable. I do not think I have ever seen a commercial place with Dish.

#9 OFFLINE   Hoosier205

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Posted 05 November 2010 - 08:32 AM

Here is a key statement straight from the source:

If we are unsuccessful in overturning the District Court’s ruling on Tivo’s motion for contempt, we are not successful in developing and deploying potential new alternative technology and we are unable to reach a license agreement with Tivo on reasonable terms, we would be subject to substantial liability and would be prohibited from offering DVR functionality that would result in a significant loss of subscribers and place us at a significant disadvantage to our competitors.


DTV = Digital Television

#10 OFFLINE   James Long

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Posted 05 November 2010 - 08:39 AM

Not a financial wizard and don't know where this is in the 10-Q, bottom line what was the profit(loss) for this quarter vs. prior vs. same quarter 2009?

3Q 09 wasn't very good. Only $80 million "Net income (loss) attributable to DISH Network common shareholders". 4Q 10 was $244 million.

Is dish's commercial market even that significant? I am curious. I honestly do not know. Anecdotally it seems like all bars, sports bars, and restaurants have Direct, and most hotels, and other offices use local cable. I do not think I have ever seen a commercial place with Dish.

That is part of the problem DirecTV includes "commercial equivalent viewing units" in their subscriber count but does not reveal how that number is calculated. DISH reveals how they add commercial subscriptions to their count and note that the calculation undercounts the actual number of commercial units (DISH takes the revenue from commercial accounts and divides it by the retail price of AT120, with some adjustments). If DirecTV is doing the same then commercial sales of sports packages Sunday Ticket could be adding to the subscriber count when in reality it is just more revenue per real account.

#11 OFFLINE   James Long

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Posted 05 November 2010 - 08:42 AM

Here is a key statement straight from the source:

If we are unsuccessful in overturning the District Court’s ruling on Tivo’s motion for contempt, we are not successful in developing and deploying potential new alternative technology and we are unable to reach a license agreement with Tivo on reasonable terms, we would be subject to substantial liability and would be prohibited from offering DVR functionality that would result in a significant loss of subscribers and place us at a significant disadvantage to our competitors.

Not any more key than the "our satellites could fail at any time" language that is common "worst case scenario" notes in a SEC filing. These things are written by Chicken Little. :)

#12 OFFLINE   rocatman

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Posted 05 November 2010 - 09:35 AM

A small tidbit of information in the quarterly report states that the E-16 satellite will be launched in the second half of 2012. There have been reports on other websites of Dish having an agreement with Sea Launch for a launch so E-16 could end up on a Zenit launch vehicle. I have also speculated that E-16 could have "reverse DBS" or "extended DBS" capability on it which is more likely to happen based on this later 2012 launch date.

#13 OFFLINE   Shades228

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Posted 05 November 2010 - 09:57 AM

Lost on total customers but look how much more we paid them in monthly charges. Rape Rape Rape ???


Losing customers always has a short term gain on profit due to reduced spending on SAC. The only time it wouldn't would be in the rare situation that they gained a very large amount of new customers and then still ended up losing. Yould be talking about 4-5% churn levels at that point.

DISH's comment on churn:
BTW: Over the last 9 months DISH has made more profit than in all of 2009. Over the past four quarters DISH has added a net 438k subscribers (compared to DirecTV's net addition of 493k subscribers). A net loss of subscribers for a quarter or two is never good ... hopefully they will be able to pull out of the subscriber slump this quarter ... but DISH remains a profitable company.


Dish could lose 60% of it's customers and still be profitible easily with the right management decisions, ie job reductions and reducing spending, however this again starts to throw a shadow on the stock part of the business of can they be profitible in the long term and stay competitive.

It would take a true doomsday event to happen for Dish to go away completely and even then I think that DirecTV or another company would bail them out in some apect. They could however start another decline that would lead them to not be as big as a player in the market, but that would still be years off barring an extreme situation.

#14 OFFLINE   Newshawk

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Posted 05 November 2010 - 10:07 AM

Is dish's commercial market even that significant? I am curious. I honestly do not know. Anecdotally it seems like all bars, sports bars, and restaurants have Direct, and most hotels, and other offices use local cable. I do not think I have ever seen a commercial place with Dish.

FWIW, just about every McDonald's I've been in here in the Tulsa area has Dish.

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#15 OFFLINE   DodgerKing

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Posted 05 November 2010 - 10:20 AM

FWIW, just about every McDonald's I've been in here in the Tulsa area has Dish.


McDonald's has TV's? Interesting. I have yet to see a single TV in any McDonald's, let alone a provider for these TVs.

Even so, Dish commercial market is only a small fraction of what Direct and cable has

#16 OFFLINE   jacmyoung

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Posted 05 November 2010 - 10:40 AM

McDonald's has TV's? Interesting. I have yet to see a single TV in any McDonald's, let alone a provider for these TVs.

Even so, Dish commercial market is only a small fraction of what Direct and cable has


I am actually surprised DISH has managed to add as many new subs as those left. When DISH gradually increased its fees to the point I would spend less with DirecTV than with DISH, and subsequently switched, I thought DISH would be in serious decline. After all, I thought if I found it worth leaving, most everyone else would too:). That was two years ago.

A lot of bad things had been talked about DISH, it is still where I left it, it is only taking in more profit each quarter it seems. So why bother making any doomsday predictions?

#17 OFFLINE   Earl Bonovich

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Posted 05 November 2010 - 10:40 AM

FWIW, just about every McDonald's I've been in here in the Tulsa area has Dish.


The three that I frequent here in the area, have DIRECTV.
It is probably a decision of the Franchise owner, not McDonald's as a corp.
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#18 OFFLINE   satjay

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Posted 05 November 2010 - 10:50 AM

Is dish's commercial market even that significant? I am curious. I honestly do not know. Anecdotally it seems like all bars, sports bars, and restaurants have Direct, and most hotels, and other offices use local cable. I do not think I have ever seen a commercial place with Dish.


I was a bit suprised to see our Local Pizza Hut had Dish as there service

#19 OFFLINE   phrelin

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Posted 05 November 2010 - 11:11 AM

I'm not sure how bad losing a net 0.2% of subscribers is. A provider could lose 2.0% of subscribers if they are the right subscribers and actually gain as a business. In this economy, that number looks fine to me. Next quarter likely will also show customer loss due to the Fox sports thing. Again, rabid sports fans probably don't belong on Dish anyway.

What looks even finer is the profit and loss statements and balance sheets for both Dish and Echostar. Average monthly revenue per subscriber is up 7% over same quarter last year and 1.8% since last quarter.

Within the framework of profit growth, subscriber acquisition cost is up 14.6% over last year and 7% over last quarter reflecting heavy marketing efforts which is good if it's working and I can't tell about that.

Anyway, Dish's financials appear to indicate that the company is much better off than back when it was first spun off of Echostar. However, I hope they continue to retain a noticeable portion of current earnings just in case the TiVo lawsuit finally doesn't go their way in ...oh, I don't know... late 2011, early 2012.

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#20 OFFLINE   Paul Secic

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Posted 05 November 2010 - 11:41 AM

ENGLEWOOD, Colo., Nov. 5, 2010 /PRNewswire-FirstCall/ -- DISH Network Corporation (Nasdaq: DISH) today reported total revenue of $3.21 billion for the quarter ended September 30, 2010, a 10.9 percent increase compared with $2.89 billion for the corresponding period in 2009.

Net income attributable to common shareholders totaled $245 million for the quarter ended September 30, 2010, compared with $81 million during the corresponding period in 2009. Basic earnings per share were $0.55 for the quarter ended September 30, 2010, compared with basic earnings per share of $0.18 during the corresponding period in 2009.

DISH Network lost approximately 29,000 net subscribers during the quarter ended September 30, 2010, ending the quarter with approximately 14.289 million subscribers.

Detailed financial data and other information are available in DISH Network's Form 10-Q for the quarterly period ended September 30, 2010, filed today with the Securities and Exchange Commission.


Link to 10-Q ... (available now)
http://dish.client.s...104659-10-56240


And some said during the FOX dispute Dish would be bankrupt.

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