Despite struggling with a failed satellite launch, Dish Network’s first-quarter net income increased by 65 percent.
For the quarter that ended March 31, Dish Network, which was spun off from EchoStar earlier this year, reported net income of $259 million, compared with $157 million during the same quarter a year ago. Basic earnings per share for the recent first quarter were 58 cents, compared with earnings of 35 cents per share a year ago.
Dish Network’s revenue was $2.84 billion, which was a 7.6 percent increase from $2.64 billion a year ago.
Thomson Financial analysts had forecast a net income of 52 cents per share on revenue of $2.83 billion.
Dish Network, the nation’s second-largest satellite provider behind DirecTV, added approximately 35,000 net subscribers in the first quarter, for a total of 13.8 million customers. Englewood, Colo.-based Dish Network’s net subscriber growth dropped 88.7 percent compared with the first quarter a year ago.
Dish Network’s efforts to increase its high-definition (HD) channels suffered a blow earlier this year when a satellite failed to launch.
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