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Dish Network's 1Q profit up 65 pct amid slowdown
posted 7:22 pm Mon May 12, 2008 - DENVER
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Dish Network reported a 65 percent increase in first-quarter net income even though new subscribers to its satellite TV service plunged.The Englewood-based company said Monday that its profit rose in the quarter ending March 31 because of higher revenue and a drop in expenses. It blamed the slow economy for an 88 percent drop in net new subscribers. Net income totaled $259 million, or 58 cents a share, compared with net income of $157 million, or 35 cents a share, in the previous quarter. Revenue totaled $2.84 billion, up 7.6 percent from $2.64 billion a year ago.
The results beat the estimates from analysts surveyed by Thomson Financial, who had predicted net income of 52 cents a share on revenue of $2.83 billion.
Dish Network was spun off in January from EchoStar Communications which retained equipment operations.
Written By SANDY SHORE
The results beat the estimates from analysts surveyed by Thomson Financial, who had predicted net income of 52 cents a share on revenue of $2.83 billion.
Dish Network was spun off in January from EchoStar Communications which retained equipment operations.Written By SANDY SHORE
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