DISH Network(R) Reports First Quarter 2009 Financial Results

[Slamminc11]

DISH Network(R) Reports First Quarter 2009 Financial Results





ENGLEWOOD, Colo., May 11, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- DISH Network Corporation (Nasdaq: DISH) today reported total revenue of $2.91 billion for the quarter ended March 31, 2009, a 2.1 percent increase compared with $2.84 billion for the corresponding period in 2008.

Net income totaled $313 million for the quarter ended March 31, 2009, compared with $259 million during the corresponding period in 2008. Basic earnings per share were $0.70 for the quarter ended March 31, 2009, compared with basic earnings per share of $0.58 during the corresponding period in 2008.

DISH Network lost approximately 94,000 net subscribers during the quarter ended March 31, 2009, giving the company approximately 13.584 million subscribers as of that date.

Detailed financial data and other information are available in DISH Network's Form 10-Q for the quarterly period ended March 31, 2009, filed today with the Securities and Exchange Commission.

About DISH Network Corporation

DISH Network Corporation (Nasdaq: DISH), the nation's HD leader, provides approximately 13.584 million satellite TV customers as of March 31, 2009 with the highest quality programming and technology at the best value, including the lowest all-digital price nationwide. Customers have access to hundreds of video and audio channels, the most HD channels, the most international channels, state-of-the-art interactive TV applications, and award-winning HD and DVR technology including 1080p Video on Demand and the DuoDVR(TM) ViP(R) 722 DVR, a CNET and PC Magazine "Editors' Choice." DISH Network is included in the Nasdaq-100 Index (NDX) and is a Fortune 250 company. Visit Satellite Television - DISH Network - 1.888.825.2557.

DISH Network will host its First Quarter 2009 financial results conference call today at noon ET. The dial-in number is (800) 616-6729.

SOURCE DISH Network Corporation


Satellite Television - DISH Network - 1.888.825.2557

The sub loss is less than what was thought, so I guess that is a plus...

 

[tigerfan33]

Still losing subs.....surprise surprise. I guess until Chuck loses money. he will give a damn!!

 

[RandallA]

Net income grows and number of subs decreases. Hmmm!

 

[gadgtfreek]

Being that Dish has just about the same price as D*,san channels, cheaper if you count Turbo, and has good equipment, wonder what the issue is. My main complaint would be their disconnect from the customer, and non english CSR's.

Guess thats bad enough.

 

[DodgerKing]

Net income grows and number of subs decreases. Hmmm!

They are always inversely correlated.

To an extent of course. If they lose too many subs, then their profits will decrease simply due to the fact that they do not have enough costumers to generate a decent profit.

 

[d777jj]

EchoStar reports a loss.

ENGLEWOOD, CO--(Marketwire - May 11, 2009) - EchoStar Corporation (NASDAQ: SATS) today reported total revenue of $480 million for the quarter ended March 31, 2009, a 13.5 percent decrease compared with $555 million for the corresponding period in 2008.
EchoStar reported a net loss of $645,000 for the quarter ended March 31, 2009, compared with a net income of $6 million during the corresponding period in 2008. Basic loss per share was $0.01 for the quarter ended March 31, 2009, compared with basic earnings per share of $0.06 during the corresponding period in 2008.
Detailed financial data and other information are available in EchoStar's Form 10-Q for the quarterly period ended March 31, 2009, filed today with the Securities and Exchange Commission.
EchoStar will host its First Quarter 2009 financial results conference call today at 1 p.m. ET. The dial-in number is (877) 500-5931.
About EchoStar Corporation
EchoStar Corporation (NASDAQ: SATS) provides equipment sales, digital broadcast operations, and satellite services that enhance today's digital TV lifestyle, including products from Sling Media, Inc., a wholly owned subsidiary. Headquartered in Englewood, Colo., EchoStar has 25 years of experience designing, developing and distributing award-winning television set-top boxes and related products for pay television providers and is creating hardware and service solutions for cable, telco, IPTV and satellite TV companies. EchoStar includes a network of 10 digital broadcast centers and leased fiber optic capacity with points of presence in approximately 160 U.S. cities. EchoStar also delivers satellite services through eight satellites and related FCC licenses. Visit www.echostar.com.



EchoStar Reports First Quarter 2009 Financial Results

 

[gadgtfreek]

Im still excited to see Echostar in the HW business. That area was severly lacking with limited use tivo's and weak cable dvr's.

 

[parp]

Dish has always had terrible marketing. DirecTV is a lot more recognizable to the general public than Dish. DirecTV's marketing is everywhere and is much more polished and professional than Dish's. Perception is reality. Just look at the sub numbers.

Scott said at team summit that Dish acknowledged this. Hopefully they will hire a good marketing firm, who can deliver a first class plan.

Instead of raising prices and losing customers, maybe try to gain more customers, while keeping prices "low". (Would their total revenue have exceeded Q1 2008 without the price increase?)

 

[gadgtfreek]

I agree, their marketing is not very professional. Same thing with Cust Serv, you get a much more prof feel when dealing with D* on the phone, at least I always did.

 

[digiblur]

Anyone have links to the 10-Q's for both companies?

 

[Laddyboy]

Anyone have links to the 10-Q's for both companies?

DISH: SEC Filings for DISH Network Corporation - Yahoo! Finance
DTV: SEC Filings for The DIRECTV Group, Inc. - Yahoo! Finance

 

[DodgerKing]

Dish:

RESULTS OF OPERATIONS
Three Months Ended March 31, 2009 Compared to the Three Months Ended March 31,
2008.

                                                   For the Three Months
                                                     Ended March 31,                        Variance
                                                 2009               2008             Amount             %
Statements of Operations Data                                         (In thousands)
Revenue:
Subscriber-related revenue                    $ 2,864,939        $ 2,810,426        $  54,513            1.9
Equipment sales and other revenue                  32,346             25,052            7,294           29.1
Equipment sales, transitional services
and other revenue - EchoStar                        8,036              8,916             (880 )         (9.9 )

Total revenue                                   2,905,321          2,844,394           60,927            2.1


Costs and Expenses:
Subscriber-related expenses                     1,550,078          1,444,641          105,437            7.3
% of Subscriber-related revenue                      54.1 %             51.4 %
Satellite and transmission expenses -
EchoStar                                           80,757             78,253            2,504            3.2
% of Subscriber-related revenue                       2.8 %              2.8 %
Satellite and transmission expenses -
Other                                               7,021              7,664             (643 )         (8.4 )
% of Subscriber-related revenue                       0.2 %              0.3 %
Equipment, transitional services and
other cost of sales                                40,499             31,814            8,685           27.3
Subscriber acquisition costs                      292,203            374,956          (82,753 )        (22.1 )
General and administrative expenses               136,907            129,530            7,377            5.7
% of Total revenue                                    4.7 %              4.6 %
Depreciation and amortization                     223,293            272,368          (49,075 )        (18.0 )

Total costs and expenses                        2,330,758          2,339,226           (8,468 )         (0.4 )


Operating income (loss)                           574,563            505,168           69,395           13.7


Other Income (Expense):
Interest income                                     4,784             14,101           (9,317 )        (66.1 )
Interest expense, net of amounts
capitalized                                       (83,937 )          (89,812 )          5,875            6.5
Other, net                                          4,177             (7,028 )         11,205          159.4

Total other income (expense)                      (74,976 )          (82,739 )          7,763            9.4


Income (loss) before income taxes                 499,587            422,429           77,158           18.3
Income tax (provision) benefit, net              (186,903 )         (163,846 )        (23,057 )        (14.1 )
Effective tax rate                                   37.4 %             38.8 %

Net income (loss)                             $   312,684        $   258,583        $  54,101           20.9


Other Data:
DISH Network subscribers, as of period
end (in millions)                                  13.584             13.815           (0.231 )         (1.7 )
DISH Network subscriber additions, gross
(in millions)                                       0.653              0.730           (0.077 )        (10.5 )
DISH Network subscriber additions, net
(in millions)                                      (0.094 )            0.035           (0.129 )         NM
Average monthly subscriber churn rate                1.83 %             1.68 %           0.15 %          8.9
Average monthly revenue per subscriber
("ARPU")                                      $     70.03        $     67.93        $    2.10            3.1
Average subscriber acquisition cost per
subscriber ("SAC")                            $       659        $       709        $     (50 )         (7.1 )
EBITDA                                        $   802,033        $   770,508        $  31,525            4.1

Direct:

  THE DIRECTV GROUP, INC.
                                  SUMMARY DATA
                                  (Unaudited)

                                                           Three Months Ended
                                                               March 31,
                                                          2009             2008
                                                         (Dollars in Millions,
                                                       Except Per Share Amounts)
   Consolidated Statements of Operations Data:
   Revenues                                            $      4,901       $   4,591
   Total operating costs and expenses                         4,477           3,934

   Operating profit                                             424             657
   Interest income                                               10              16
   Interest expense                                            (101 )           (63 )
   Other, net                                                     3               3

   Income before income taxes                                   336             613
   Income tax expense                                          (124 )          (230 )

   Net income                                                   212             383
   Less: Net income attributable to noncontrolling              (11 )           (12 )
   interest

   Net income attributable to The DIRECTV              $        201       $     371
   Group, Inc.

   Basic and diluted earnings per common share         $       0.20       $    0.32
   Weighted average number of common shares
   outstanding (in millions)
       Basic                                                  1,018           1,148
       Diluted                                                1,021           1,152




                                                March 31,     December 31,
                                                  2009            2008
                                                  (Dollars in Millions)
          Consolidated Balance Sheet Data:
          Cash and cash equivalents             $    2,105    $       2,005
          Total current assets                       4,035            4,044
          Total assets                              16,406           16,539
          Total current liabilities                  3,562            3,585
          Long-term debt                             5,696            5,725
          Redeemable noncontrolling interest           325              325
          Total stockholders' equity                 4,518            4,631

 

[gadgtfreek]

Well, $2 more monthly rev per sub and less to acquire each sub, so thats good.

 

[Roxor]

"To address our operational inefficiency, we continue to make significant investments in staffing, training, information systems, and other initiatives, primarily in our call center and in-home service businesses." Duh!!!

 

[gadgtfreek]

English classes would be nice.......

 

[nlk10010]

Assigning profits between two divisions of one company is always problematic.

Granted, Dish and Echostar are two different companies but I wonder how many of their operations were still mixed over the period these results refer to.

 

[RandallA]

They are always inversely correlated.

To an extent of course. If they lose too many subs, then their profits will decrease simply due to the fact that they do not have enough costumers to generate a decent profit.

That's correct. Their acquisition cost dropped by 22% compared to 2008 when they had more customers. Still, losing 94,000 net subscribers is pretty high to me.

Subscriber acquisition costs 292,203 374,956 (82,753 ) (22.1 )

 

[Roxor]

So what is the average Dish customer getting for $70.03/mo.?

 

[dmendenjr]

So what is the average Dish customer getting for $70.03/mo.?

Well, Classic Silver, DVR, locals, and HD access would be around $69 a month.
or Classic Silver, dvr, locals and a (non-HBO) premium pack would be $72/month.

I would bet that would be the average (Joe 6-packs) customer.

 

[VinceT3]

funny.. I just checked dish's stock and it's UP 15% (WTH??)

DISH: We've lost subscribers for the last what 4 quarters..
Stock Buyer: Sound like a good investment to me!

!?!?! stock market is so odd sometimes...