This may also be why we're doing well this week..
DOM
05:27 PM ET 09/08/97
EchoStarAug subscribers more than expected
NEW YORK, Sept 8 (Reuter) - Direct broadcast satellite
(DBS) company, EchoStar Communications Corp , added
75,000 new subscribers in the month of August, reported
SkyReport, a satellite industry newsletter, on Monday.
"This is well in excess in expectations," said G. Robert
Berzins, high-yield media and cable analyst at Lehman Brothers
Inc. "To add 75,000 subs during the August doldrums is quite an
achievement."
An EchoStar spokeswoman confirmed the number which was
first reported over SkyReport's Internet site.
After reporting sluggish numbers earlier this year,
EchoStar subscriber growth began accelerating in the last
quarter as the company took steps to make its system more
affordable.
The company added 50,000 new subscribers in July, a number
which analysts considered strong.
Traders said financial market reacted positively as word of
the company's August subscriber numbers leaked out.
EchoStar's 13 1/8 percent senior secured discount notes
were up 2 1/2 to 3 points, a trader said. He added the
company's more senior bonds were up approximately one point.
The company's stock was up 7/16, closing at 17-9/16.
Berzins said the prices of the company's high-yield bonds
could continue to rise tomorrow as the information circulates
more widely among investors.
-Douglas Brown, U.S. Corporate Bond Unit, 212-859-1662 |
