The Satellite News Financial Ticker

By | March 29, 2004 | Feature

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

Wall Street Analysis

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 pdykewicz@pbimedia.com.

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