DISH Network Announces Second Quarter 2011 Financial Results

DISH Network Revenues Grow by 13.3 Percent to $3.59 Billion and Net Income Increases 30.3 Percent to $335 Million

News provided by

Aug 09, 2011, 06:00 ET

ENGLEWOOD, Colo., Aug. 9, 2011 /PRNewswire/ -- DISH Network Corporation (NASDAQ: DISH) today reported its second quarter 2011 financial results.

(Logo: http://photos.prnewswire.com/prnh/20100611/LA19624LOGO)

Revenue totaled $3.59 billion for the quarter ended June 30, 2011, a 13.3 percent increase compared with $3.17 billion for the corresponding period in 2010. Net income attributable to common shareholders totaled $335 million for the quarter ended June 30, 2011, a 30.3 percent increase compared with $257 million during the same period last year. Diluted earnings per share were $0.75 for the second quarter, compared with $0.57 during the same period in 2010. DISH Network's net subscribers decreased by approximately 135,000 during the second quarter, and the company ended June 30, 2011, with approximately 14.056 million subscribers.

"DISH Network delivered another quarter of strong growth in revenue and net income," said Joe Clayton, president and CEO of DISH Network. "The second quarter was also marked by several other achievements including our purchase of most of the Blockbuster assets, settlement of the Tivo litigation, and renewal of a multi-year partnership with Frontier Communications, offering DISH Network's digital TV entertainment to Frontier's nearly 4 million customers in 27 states. Our decrease in net subscribers was primarily due to increased competitive pressures, including higher levels of discounting."

Clayton added, "As we look forward to the second half of the year, we will focus on commercializing our technology, re-energizing our distribution channels and strengthening our brand image. We continue to offer the best value to consumers with the lowest everyday prices, in part by freezing prices through January 2013."

Year-to-Date Review

DISH Network's first half revenues of $6.81 billion increased 9.4 percent over the same period last year primarily due to programming package price increases in early 2011. In the first six months of 2011, net income attributable to DISH Network increased 81.2 percent to $884 million, diluted earnings per share nearly doubled to $1.98 due to the higher net income, and ARPU of $76.72 increased 6.4 percent.

Detailed financial data and other information are available in DISH Network's Form 10-Q for the quarterly period ended June 30, 2011, filed today with the Securities and Exchange Commission.

DISH Network will host its second quarter 2011 financial results conference call today at noon ET. The dial-in number is (800) 616-6729.

About DISH Network

DISH Network Corporation (NASDAQ: DISH), through its subsidiary DISH Network L.L.C., provides approximately 14.056 million satellite TV customers, as of June 30, 2011, with the highest quality programming and technology with the most choices at the best value, including HD Free for Life. Subscribers enjoy the largest high definition line-up with more than 200 national HD channels, the most international channels, and award-winning HD and DVR technology. DISH Network's subsidiary, Blockbuster L.L.C., delivers family entertainment to millions of customers around the world. DISH Network Corporation is a Fortune 200 company. Visit www.dish.com.

SOURCE DISH Network Corporation