Advertisement
News
Advertisement

EchoStar posts Q3 loss

Mon, 11/07/2011 - 3:41pm
The Associated Press

EchoStar, which sells set-top boxes and also provides satellite services to Dish Network, on Monday posted a loss for the third quarter as increased interest expenses related to an acquisition gobbled up its thin operating margin.

The Englewood, Colo., company lost $19 million, or 22 cents per share, in the third quarter. That compared with a profit of $5.2 million, or 6 cents per share, a year ago.

Revenue rose 42 percent to $863 million from $607 million in the same period last year. EchoStar bought satellite broadband provider Hughes Communications on June 8. It borrowed $2 billion to finance the acquisition, adding to its interest costs.

Revenue fell 1 percent from last year's combined revenue for both businesses.

EchoStar was spun off from Dish in January 2008. Both companies are controlled by the same chairman, Charles Ergen.

Topics

Advertisement

Share This Story

X
You may login with either your assigned username or your e-mail address.
The password field is case sensitive.
Loading