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8-K - 8-K - EchoStar CORP | a11-31128_48k.htm |
Exhibit 99.1
EchoStar Reports CERTAIN Fourth Quarter and
YEAR END 2011 Financial Results
ENGLEWOOD, Colo., Feb. 23, 2012 EchoStar Corporation (NASDAQ: SATS) today reported preliminary unaudited results. EchoStar had total revenue of $834 million for the quarter ended Dec. 31, 2011, a 62.6 percent increase compared with $513 million for the corresponding period in 2010.
Loss before income taxes totaled $22 million for the quarter ended Dec. 31, 2011, compared with income before income taxes of $186 million during the corresponding period in 2010.
For the year ended Dec. 31, 2011, EchoStar reported total revenue of $2.76 billion compared with $2.35 billion for the year ended Dec. 31, 2010, an increase of 17.5 percent. Income before income taxes for the year ended Dec. 31, 2011 totaled $26 million, compared with $289 million for the year ended Dec. 31, 2010.
EchoStar acquired Hughes Communications, Inc. and its subsidiaries (Hughes Communications) as of June 8, 2011. The financial results of Hughes Communications are included in EchoStars financial results effective June 9, 2011. Therefore, EchoStars financial results for the quarter and year ended Dec. 31, 2011 are not comparable to its financial results for the quarter and year ended Dec. 31, 2010.
Conference Call Information
EchoStar will host its fourth quarter and year end 2011 financial results conference call today at 11 a.m. ET. The dial-in number is (877) 500-5931.
About EchoStar
EchoStar Corporation (NASDAQ: SATS) is a premier global provider of satellite operations and digital TV solutions that enhance todays home entertainment lifestyle. Its wholly owned subsidiary, Hughes, is the worlds leading provider of satellite broadband for home and office, delivering innovative network technologies and managed network services for enterprises and governments in more than 100 countries. Among the many offerings of this combined powerhouse in broadband data and video are HughesNet®, the markets #1 high-speed satellite Internet service; Sling Medias award-winning SlingLoaded® technology; and Move Networks adaptive bit-rate streaming technology.
Headquartered in Englewood, Colo. with employees worldwide, EchoStar has more than 25 years of experience designing, developing and distributing award-winning television set-top boxes, services and related delivery products for television. EchoStar delivers satellite broadband and transport services for enterprises, governments, small businesses, and consumers using 11 satellites and related broadcast licenses around the globe. For more information, please visit www.EchoStar.com and www.Hughes.com.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when we describe what we believe, intend, plan, estimate, expect or anticipate will occur and other similar statements), you must remember that our expectations may not be achieved, even though we believe they are reasonable. We do not guarantee that any future transactions or events described herein will happen as described or that they will happen at all. You should read this press release completely and with the understanding that actual future results may be materially different from what we expect. Whether actual events or results will conform with our expectations and predictions is subject to a number of risks and uncertainties. For further information regarding risks and uncertainties associated with EchoStars business, please refer to the Managements Discussion and Analysis of Financial Condition and Results of Operations and Risk Factors sections of EchoStars SEC filings.
Contact Information Investor Relations Contact: Press Contact: |
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Attachments EchoStar Corporation
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ECHOSTAR CORPORATION
(In thousands)
(Unaudited)
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For the Years Ended December 31, |
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2011 |
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2010 |
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2009 |
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Revenue: |
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Equipment revenue - DISH Network |
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$ |
1,158,293 |
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$ |
1,470,173 |
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$ |
1,174,763 |
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Equipment revenue - other |
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513,504 |
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347,765 |
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302,787 |
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Services and other revenue - DISH Network |
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496,636 |
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468,399 |
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373,226 |
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Services and other revenue - other |
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592,998 |
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64,032 |
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52,783 |
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Total revenue |
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2,761,431 |
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2,350,369 |
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1,903,559 |
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Costs and Expenses: (exclusive of depreciation shown below) |
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Cost of sales - equipment |
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1,414,791 |
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1,553,129 |
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1,267,172 |
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Cost of sales - services and other |
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492,702 |
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236,356 |
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203,123 |
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Research and development expenses |
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50,966 |
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46,093 |
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44,009 |
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Selling, general and administrative expenses |
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288,575 |
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128,366 |
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116,737 |
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General and administrative expenses - DISH Network |
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14,701 |
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15,189 |
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23,497 |
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Depreciation and amortization |
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385,894 |
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228,911 |
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244,129 |
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Impairment of long-lived asset |
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32,964 |
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Total costs and expenses |
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2,680,593 |
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2,208,044 |
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1,898,667 |
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Operating income (loss) |
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80,838 |
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142,325 |
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4,892 |
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Other Income (Expense): |
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Interest income |
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10,821 |
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14,472 |
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26,441 |
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Interest expense, net of amounts capitalized |
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(82,593 |
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(14,560 |
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(32,315 |
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Unrealized and realized gains (losses) on marketable investment securities and other investments |
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13,666 |
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2,923 |
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119,461 |
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Unrealized gains (losses) on investments accounted for at fair value, net |
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15,871 |
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144,473 |
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313,000 |
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Other, net |
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(12,828 |
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(860 |
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(6,120 |
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Total other income (expense) |
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(55,063 |
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146,448 |
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420,467 |
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Income (loss) before income taxes |
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$ |
25,775 |
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$ |
288,773 |
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$ |
425,359 |
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ECHOSTAR CORPORATION
(In thousands)
(Unaudited)
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As of December 31, |
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2011 |
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2010 |
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Cash and cash equivalents |
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$ |
614,035 |
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$ |
141,814 |
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Marketable investment securities |
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1,082,407 |
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989,086 |
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For the Years Ended December 31, |
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2011 |
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2010 |
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2009 |
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Net cash flows from operating activities |
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$ |
447,018 |
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$ |
404,015 |
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$ |
196,276 |
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Net cash flows from investing activities |
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$ |
(1,888,045 |
) |
$ |
(238,558 |
) |
$ |
(114,278 |
) |
Net cash flows from financing activities |
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$ |
1,913,547 |
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$ |
(46,973 |
) |
$ |
(83,135 |
) |