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The Satellite News Financial Ticker

By | March 29, 2004

      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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