[Satellite Today 03-03-09] EchoStar Corp. reported a net loss of $690 million in its fourth quarter financial report released Mar. 2, a considerable drop compared to net losses of $45 million during the corresponding period in 2007.
The company said the net loss includes the following impairments and net losses on investments on an after tax basis: $247 million for goodwill related to the acquisition of Sling Media, $216 million for net losses on investments, $187 million related to certain satellites, and $4 million of other asset impairments. The company also included $272 million of impairments and net losses on investments on an after tax basis that were reported in previous quarters of 2008.
The net loss comes despite total revenue increases of 37 percent for Dish Network in the fourth quarter, at $496 million compared with $361 million for the corresponding period in 2007.
EchoStar also reported full-year 2008 total revenue increases of 39 percent, at $2.2 billion compared with $1.5 billion in 2007. But, EchoStar’s net loss for the year totaled $944 million, compared with $85 million for the year in 2007.
Separately, Dish Network Corp. reported a total revenue increase of 1 percent, at $2.92 billion compared with $2.89 billion for the corresponding period in 2007, in its fourth quarter 2008 financial results released Mar. 2.
Dish Network’s net income also increased in the fourth quarter, totaling $217 million compared with $175 million during the corresponding period in 2007.
Dish Network reported full-year 2008 total revenues of $11.62 billion compared with $11.09 billion in 2007, an increase of 5 percent. Net income for the year totaled $903 million, compared with $756 million in 2007.
Dish Network also reported a loss of approximately 102,000 net subscribers during the quarter giving the company approximately 13.678 million subscribers at year-end. The number of net subscribers lost for the full year was also approximately 102,000.
Dish Network, EchoStar Report Mixed 2008 Financial Results
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