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08-08-2012 07:48 AM #1
DISH Announces Second Quarter Earnings
DISH Network Announces Second Quarter 2012 Financial Results
ENGLEWOOD, CO -- (Marketwire) -- 08/08/12 -- DISH Network Corporation (NASDAQ: DISH)
YOY gross subscriber additions increase 16 percent
YOY net additions improved
Subscriber churn rate declines YOY
DISH Network Corporation (NASDAQ: DISH) today reported revenue totaling $3.57 billion for the quarter ended June 30, 2012 compared with $3.59 billion for the corresponding period in 2011.
Net income attributable to DISH Network totaled $226 million for the quarter ended June 30, 2012, a 32.6 percent decrease compared with $335 million during the same period last year. As a result of the loss of the 148-degree orbital slot license in the quarter, net income was negatively impacted by $43 million.
Additional contributors to year-over-year net income decline included higher subscriber-related expenses from higher programming costs and increased subscriber acquisition costs associated with our 16.3 percent increase in gross subscriber additions, including increased brand advertising.
Diluted earnings per share were $0.50 for the second quarter, compared with $0.75 during the same period in 2011. DISH Network's net subscribers decreased by approximately 10,000 during the second quarter, and the company ended the period with approximately 14.061 million subscribers. The subscriber churn rate of 1.60 percent was an improvement over the 1.67 percent rate from the year-ago quarter.
"In the face of a difficult economy and stiff competition, a disciplined approach to subscriber acquisition and retention is paying off," said DISH CEO and President Joseph Clayton. "Our focus has overcome the seasonality of the second quarter with year-over-year growth in gross activations and a reduction in churn. Additionally, the launch of the Hopper Whole-Home HD DVR has improved subscriber quality by adding more DVR and broadband-connected customers to our base."
DISH Network's first half revenues of $7.15 billion increased 5 percent over the same period last year. In the first six months of 2012, net income attributable to DISH Network totaled $586 million compared with $884 million during the same period last year. Diluted earnings per share were $1.30 for first six months of 2012, compared with $1.98 during the same period in 2011.
Detailed financial data and other information are available in DISH Network's Form 10-Q for the quarterly period ended June 30, 2012, filed today with the Securities and Exchange Commission.
DISH Network will host its second quarter 2012 financial results conference call today at noon ET. The dial-in number is (800) 616-6729.Scott
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08-08-2012 10:08 AM #2Go Wings!
It'll be interesting what they'll tell the analysts in their conference call today. Obviously if they didn't lose 148, net income (profit) would've been higher. BTW, Dish is suppose to be ringing the opening bell at the NASDAQ tomorrow.
DISH Network Corporation [DISH] to Ring The NASDAQ Stock Market Opening Bell (Nasdaq:NDAQ)
08-08-2012 10:20 AM #3
08-08-2012 10:24 AM #4
08-08-2012 11:30 AM #5Supporting Founder
AT&T U-Verse +155,000
Verizon FiOS TV +120,000
Suddenlink (11th largest) -20,100
Time Warner -169,000
08-08-2012 11:53 AM #6Pub Member / Supporter
Originally Posted by riffjim4069
EDIT to add: I think all the providers should be thrilled that Fios stopped expanding its geographic footprint. Can you imagine what cable and sat providers churn wold be if Fios had ever become more than a regional player? Too bad really, extra competition would benefit consumers of paid TV service.**Dish: One step forward, a half dozen steps back...