EchoStar Reports $42.9 Million Loss
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LITTLETON, Colo. (AP) _ EchoStar Communications Corp., the nation’s second biggest satellite TV provider, reported a smaller loss for the fourth quarter than a year ago but it was a larger deficit than Wall Street expected.
EchoStar said Thursday it lost $42.9 million, or 9 cents a share, for the the last three months of 2001 versus a loss of $184.2 million, or 39 cents per share, during the same period in 2000.
Wall Street expected a loss of 2 cents a share for the quarter, according to a survey of analysts by Thompson Financial/First Call.
Revenue was $1.15 billion for the quarter, up from $805.4 million in 2000.
It signed up 400,000 net subscribers to its Dish Network in the quarter, and ended 2001 with 6.83 million Dish Network subscribers. This month it gained its 7 millionth subscriber.
EchoStar is seeking regulatory approval for its proposed merger with rival DirecTV satellite service parent Hughes Electronics in a deal that will create the largest U.S. satellite TV provider.
For the year, it lost $215.5 million, or 45 cents per share, compared with a loss of $651.5 million, or $1.38 per share, for 2000.
Revenue rose to $4 billion for the year, up from $2.72 billion for 2000.