|
Week of March 19 – 25, 2004
|
Percentage Change
|
|||||
|
|
Symbol
|
March 25 Price
|
One Week
|
One Month
|
Three Month
|
Year to Date
|
|
Operators
|
||||||
| APT SATELLITE HLDGS | ATS |
2.07
|
(6.3)
|
(11.9)
|
(11.9)
|
(13.0)
|
| ASIASAT TELECOM | SAT |
17.19
|
(8.2)
|
(11.8)
|
(10.5)
|
(9.4)
|
| BRITISH SKY BROADCASTING | BSY |
51.51
|
(0.6)
|
(5.8)
|
1.4
|
1.1
|
| ECHOSTAR COMM -CL A | DISH |
34.69
|
(0.5)
|
(4.8)
|
2.2
|
2.1
|
| THE DIRECTV GROUP | DTV |
15.42
|
(3.3)
|
(9.8)
|
(6.0)
|
(6.8)
|
| LORAL SPACE & COMM | LOR |
0.59
|
(3.3)
|
(1.7)
|
78.8
|
87.3
|
| NEWS CORP | NWS |
34.86
|
(1.8)
|
(6.5)
|
0.2
|
(3.4)
|
| NEW SKIES SATELLITES | NSK |
6.50
|
0.8
|
(5.1)
|
(4.7)
|
(9.2)
|
| PANAMSAT | SPOT |
24.40
|
3.3
|
4.7
|
16.7
|
13.2
|
| PASIFIK SATELIT NUSANTARA | PSNRY |
0.14
|
(42.9)
|
(40.4)
|
180.0
|
180.0
|
| PEGASUS COMMUNICATIONS | PGTV |
37.48
|
3.4
|
29.2
|
26.6
|
33.5
|
| SES GLOBAL | SESF.LU |
7.30
|
4.0
|
(4.3)
|
(10.2)
|
(8.8)
|
| SIRIUS SATELLITE RADIO | SIRI |
3.17
|
1.0
|
17.4
|
32.1
|
0.3
|
| XM SATELLITE RADIO | XMSR |
27.11
|
(1.6)
|
20.0
|
13.6
|
3.1
|
| Operators’ Average |
100.00
|
(4.0)
|
(2.2)
|
22.0
|
19.3
|
|
|
Manufacturers
|
||||||
| ANDREW | ANDW |
16.50
|
(6.4)
|
4.0
|
46.7
|
42.4
|
| BALL | BLL |
66.38
|
1.8
|
3.2
|
12.6
|
11.4
|
| BOEING | BA |
39.71
|
(0.2)
|
(8.1)
|
(4.0)
|
(5.8)
|
| COM DEV INTL | *CDV |
2.64
|
–
|
(3.6)
|
(11.4)
|
(8.3)
|
| EMS TECHNOLOGIES | ELMG |
18.35
|
1.4
|
(16.7)
|
(4.5)
|
(10.7)
|
| GARMIN | GRMN |
44.50
|
9.5
|
(3.6)
|
(17.6)
|
(18.3)
|
| GILAT SAT NETWORKS | GILTF |
8.77
|
(4.5)
|
26.6
|
77.2
|
79.3
|
| GLOBECOM | GCOM |
5.25
|
(8.9)
|
0.4
|
5.4
|
10.5
|
| HARRIS | HRS |
46.34
|
3.2
|
(0.3)
|
23.2
|
22.1
|
| HONEYWELL | HON |
32.88
|
0.2
|
(5.9)
|
0.5
|
(1.6)
|
| KVH | KVHI |
16.25
|
11.3
|
8.3
|
(38.6)
|
(41.1)
|
| LOCKHEED MARTIN | LMT |
45.80
|
3.0
|
(1.8)
|
(9.6)
|
(10.9)
|
| LUCENT TECHNOLOGIES | LU |
4.00
|
1.8
|
(1.0)
|
41.3
|
40.8
|
| MOTOROLA | MOT |
17.30
|
0.5
|
2.4
|
26.4
|
23.6
|
| ORBITAL SCIENCES | ORB |
11.31
|
(9.4)
|
(7.3)
|
(7.7)
|
(5.9)
|
| QUALCOMM | QCOM |
62.84
|
(2.9)
|
2.9
|
18.9
|
16.5
|
| RAYTHEON | RTN |
30.68
|
2.1
|
1.2
|
2.4
|
2.1
|
| ROCKWELL COLLINS | COL |
30.99
|
1.6
|
(1.0)
|
5.4
|
3.2
|
| SCIENTIFIC-ATLANTA | SFA |
31.94
|
0.5
|
2.8
|
15.8
|
17.0
|
| SKY FRAMES | SKYU |
0.10
|
–
|
–
|
–
|
–
|
| TITAN | TTN |
20.37
|
0.1
|
(2.9)
|
(6.6)
|
(6.6)
|
| TRIMBLE NAVIGATION | TRMB |
22.36
|
1.9
|
2.6
|
(7.9)
|
(9.9)
|
| VIASAT | VSAT |
24.30
|
(10.2)
|
(3.2)
|
27.7
|
27.0
|
| Manufacturers’ Average |
100.00
|
(0.2)
|
(0.1)
|
8.5
|
7.7
|
|
|
Nasdaq Composite Index
|
||||||
| Nasdaq | comp |
1,967.17
|
(0.5)
|
(1.9)
|
(0.1)
|
(1.8)
|
| SP 500 | sp50 |
1,109.28
|
(1.3)
|
(2.6)
|
1.4
|
(0.2)
|
| SN Stock Price Average |
100.00
|
(1.6)
|
(0.9)
|
13.6
|
12.1
|
|
By Paul Dykewicz, PBI Media LLC
EchoStar Communications [DISH] reported no unpleasant surprises Friday when it released its 2003 financial results.
On the plus side, the company resolved its accounting issues with the Securities and Exchange Commission (SEC) by reversing an accrual of $30 million in expenses for 2002, on a pretax basis, relating to the replacement of security cards in leased set-top boxes. The company did not need to re-audit its 2001 results, and it was able to file its 2003 10-K financial report within the 15-day extension it had requested and received from the SEC.
Further good news was that EchoStar’s fourth-quarter 2003 revenues rose to $1.51 billion, up from $1.32 billion during the same quarter last year. Net income for fourth-quarter 2003 also rose to $3 million, compared to a net loss of $716 million during the corresponding period in 2002. However, one-time items during each period blur the value of that comparison. For example, EchoStar’s net income for the quarter ended Dec. 31, 2003, included the effects of $51 million in charges associated with bond redemptions. Net income for that quarter also included a $56 million cost reduction due to a change in estimated royalty obligations. Net loss for the same period in 2002 included $690 million in charges from EchoStar’s terminated merger with Hughes Electronics.
In a conference call with analysts Friday, EchoStar Chairman Charlie Ergen said he expected “short-term” fallout from increased churn during the first quarter this year due to the two-day cutoff of Viacom [VIA] programming that featured the loss of CBS signals in 16 markets and other Viacom-owned channels nationwide (SN, March 15). Discounts offered by EchoStar for both lost CBS signals and the temporary shutdown of the others also will have a bit of a financial impact, he added.
However, the long-term benefit of trying to protect subscribers from runaway programming price hikes ultimately should help the company, Ergen said.
Benjamin Swinburne, a satellite analyst with Morgan Stanley, liked the company’s fourth-quarter net new subscriber gains of 340,000, driven by reduced churn. DISH Network had approximately 9.425 million subscribers at year-end 2003, up 1.245 million subscribers from the close of 2002.
Paul Dykewicz is senior editor and senior analyst of Satellite News. He can be reached at 301/354-1769 or at [email protected].