EchoStar posts Q3 loss
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.