Looks like this could be a very good move on the part of Echostar. Although a profit of 19.8 Mill could disappear as rapidly as it occured, I would hope that the current management will continue the trend.
PanAmSat Profits Up Sixfold
WILTON, Conn. Satellite communications firm PanAmSat Corp. on Friday posted a sixfold increase in second-quarter profits due to cost cuts and raised its forecast for the full year.
PanAmSat, which uses its satellite network to transmit television, video and Internet services for broadcasters, said net income rose to $19.8 million, or 13 cents a share, from $2.9 million, or 2 cents a share, a year ago.
Analysts said the stock was not moving significantly because EchoStar Communications Corp. , which agreed to acquire Hughes, committed to buying Hughes' stake in PanAmSat for $22.47 a share even if the merger is not approved.
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PanAmSat, which uses its satellite network to transmit television, video and Internet services for broadcasters, said net income rose to $19.8 million, or 13 cents a share, from $2.9 million, or 2 cents a share, a year ago.
Analysts said the stock was not moving significantly because EchoStar Communications Corp. , which agreed to acquire Hughes, committed to buying Hughes' stake in PanAmSat for $22.47 a share even if the merger is not approved.
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