Dish Network posts $11.1M 2Q lossAugust 6, 2013 @ 9:59 am
NEW YORK (AP) - Dish Network posted a loss of $11.1 million during the second quarter as the number of total pay-TV subscribers declined and the company took a charge related to a pair of its satellites.
Dish's loss disclosed Tuesday amounted to 2 cents per share and compared with net income of $225.7 million, or 50 cents per share, in the year-ago period.
The recent quarter's results included $438 million in impairment charges related to two of the three satellites it acquired through its acquisitions of DBSD North America Inc. and TerreStar Networks Inc.
Total pay-TV subscribers declined about 78,000 in the quarter.
Revenue edged up about 1 percent to $3.61 billion from $3.57 billion, while analysts polled by FactSet expected $3.65 billion.
Subscriber revenue increased 5 percent to $3.46 billion.
The company's average revenue per pay TV subscriber increased slightly, but its population of pay TV subscribers remained relatively flat at 14 million.
And number of gross new pay-TV subscribers fell 6 percent to about 624,000, which was softer than Wall Street had expected.
Citibank analyst Jason Bazinet had expected growth of 675,000 new pay-TV subscribers. And the churn rate, or the rate at which a company loses customers, was 1.67 percent, slightly more than Bazinet's projection of 1.63 percent.
Dish added about 61,000 new broadband subscribers during the recent quarter, up from about 11,000 in the year-ago period and bringing its total broadband subscriber base to about 310,000.
Shares of Dish Network Corp., based in Englewood, Colo., rose 36 cents to $45.06 in afternoon trading.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
Jason Rantz says it's the Seattle DOT that's to blame for our awful commutes
Just in time for Halloween, western Washington spider season in full effect
10 reasons we know you're a Seattle driver
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.