EchoStar Swings To A Profit
2005-05-05 09:55:00
Satellite TV operator EchoStar Communications Corp. on Thursday reported that it swung to a profit in the first quarter on an increase in subscribers and a 28 percent boost in revenues.
The Englewood, Colo., company said net income for the period ended March 31was $318 million, or 70 cents a share, compared with a net loss of $43 million, or 9 cents a share, for the same period a year ago.
Net income for the most recent quarter included a $134 million gain related to the $240 million settlement of EchoStar IV satellite insurance and related claims. Net loss in the year-go quarter, included a $78 million charge related to early redemption of certain debt securities.
Revenues for the latest quarter increased to $2.02 billion from $1.58 billion a year ago. The company added 325,000 new subscribers in the quarter, boosting its total to 11.23 million as of March 31.
EchoStar provides satellite TV through its DISH Network.
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