EchoStar Reports Record Results for First Quarter
DISH Network Sets Record for Subscriber Growth
biz.yahoo.com
LITTLETON, Colo.--(BUSINESS WIRE)--April 27, 2000--EchoStar Communications Corporation (NASDAQ:DISH - news; NASDAQ:DISHP - news) announced today that it continued to experience record-setting customer growth for its DISH Network(TM) satellite television service during the first quarter of 2000, adding approximately 455,000 net subscribers and ending the quarter with approximately 3.865 million subscribers as of March 31, 2000.
DISH Network has now currently grown to over 4 million customers, less than seven months after reaching 3 million subscribers, maintaining DISH Network's position as the fastest growing direct broadcast satellite (DBS) television provider in the United States. DISH Network's first quarter subscriber growth was 40 percent greater than the number of net new customers added in the first three months of 1999.
EchoStar reported total revenue of $566 million for the quarter ended March 31, 2000, compared to $310 million for the corresponding period in 1999. Pre-marketing cash flow grew to $186 million during the first quarter ended March 31, 2000, compared to $109 million during the first quarter ended March 31, 1999. With record customer growth, EchoStar experienced increased upfront acquisition costs, resulting in increased operating and net losses compared to the corresponding period in 1999. Consequently, EchoStar's operating loss for the quarter ended March 31, 2000, totaled $142 million compared to $56 million reported during the corresponding period in 1999. The Company's net losses totaled $185 million for the first quarter of 2000 compared to a net loss of $372 million during the corresponding period in 1999. (Note: The net loss for the first quarter in 1999 included a one-time extraordinary charge of approximately $269 million related to the early retirement of debt.) Earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter ended March 31, 2000, totaled negative $88 million, compared to EBITDA of negative $31 million for the corresponding period in 1999. The increased losses principally resulted from EchoStar's rapid subscriber growth, together with EchoStar's continuing strategy to subsidize rapid subscriber acquisitions.
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