EchoStar Reports Fourth Quarter 2003 Financial Results (1 Viewer)

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ENGLEWOOD, Colo.--(BUSINESS WIRE)--March 26, 2004--EchoStar Communications Corporation (Nasdaq:DISH) reported total revenue of $1.51 billion for the quarter ended Dec. 31, 2003, a 14 percent increase compared to $1.32 billion for the corresponding period in 2002.

Net income totaled $3 million for the quarter ended Dec. 31 2003, compared to a net loss of $716 million during the corresponding period in 2002. Basic earnings per share were $0.01 for the quarter ended Dec. 31, 2003, compared to a basic loss per share of $0.45 during the corresponding period in 2002. Net income for the quarter ended Dec. 31, 2003, includes the effects of $51 million in charges associated with bond redemptions which occurred during the quarter. Net income for the quarter also includes a $56 million cost reduction associated with a change in estimated royalty obligations. Net loss for the same period in 2002 includes charges of $690 million relating to the termination of the merger with Hughes Electronics.

For the year ended Dec. 31, 2003, EchoStar reported total revenue of $5.7 billion compared to $4.8 billion for the year ended 2002, an increase of 19 percent. EchoStar's net income for the year ended Dec. 31, 2003, totaled $225 million, compared to a net loss of $852 million for the year ended Dec. 31, 2002. Net income for the year ended Dec. 31, 2003, includes the effects of $97 million in charges associated with bond redemptions which occurred during the year. Net income for the year also includes the $56 million cost reduction related to the change in estimated royalty obligations and a $34 million cost reduction related to a litigation settlement which occurred during the second quarter of 2003. Net loss for the year ended Dec. 31, 2002, includes the $690 merger termination charges.

Earlier in the month, EchoStar's DISH Network(TM) satellite television service reported that it added approximately 340,000 net new subscribers during the fourth quarter of 2003. DISH Network had approximately 9.425 million subscribers as of Dec. 31, 2003, an increase of 1.245 million subscribers over Dec. 31, 2002. Also, EchoStar earlier reported that it had agreed to reverse an accrual of $30 million in expenses, on a pre-tax basis, in 2002 relating to the replacement of security cards in leased set-top boxes.

Detailed financial data and other information are available in EchoStar's Form 10-K for the annual period ended Dec. 31, 2003, filed with the Securities and Exchange Commission.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995:

Except for historical information contained herein, the matters set forth in this press release are forward-looking statements. The forward-looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including the risks and uncertainties discussed in EchoStar Communication Corporation's Disclosure Regarding Forward-Looking Statements included in its recent filings, including Forms 10-K, 10-Q, and 8-K with the Securities and Exchange Commission. The forward-looking statements speak only as of the date made, and EchoStar Communications Corporation undertakes no obligation to update these forward-looking statements.

About EchoStar Communications

EchoStar Communications Corporation (Nasdaq:DISH) serves over 9.4 million satellite TV customers through its DISH Network(TM), and is a leading U.S. provider of advanced digital television services. DISH Network's services include hundreds of video and audio channels, Interactive TV, HDTV, sports and international programming, together with professional installation and 24-hour customer service. DISH Network is the leader in the sale of digital video recorders (DVRs). EchoStar has been a leader for 23 years in satellite TV equipment sales and support worldwide. EchoStar is included in the Nasdaq-100 Index (NDX) and is a Fortune 500 company. Visit EchoStar's Web site at (www.echostar.com) or call 800-333-DISH (3474).


CONTACT: EchoStar Communications Corporation
Jason Kiser, 303-723-2210 (Investor Relations)
jason.kiser@echostar.com
or
Steve Caulk, 303-723-2010 (Media Relations)
steve.caulk@echostar.com

SOURCE: EchoStar Communications Corporation
 

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