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Dish Network 2Q Net Rose 30%; Echostar Swings To 2Q Profit

DOW JONES NEWSWIRES Dish Network Corp. (DISH) second-quarter earnings rose 30% on a double-digit increase in revenue despite a drop in net subscribers, while its former unit EchoStar Corp. (SATS) swung to a profit. The satellite-television provider is attempting to attract more affluent customers who are willing to spend more each month on video and less likely cancel their service, a reversal of its prior strategy to sign up lower-end customers, who were hit during the economic downturn. Dish also acquired the assets of Blockbuster out of bankruptcy in April, and the video-rental chain has been slashing its prices amid fierce competition from Netflix Inc. (NFLX) and vending-machine operator Redbox, a unit of Coinstar Inc. (CSTR). Dish reported a profit of $335 million, or 75 cents a share, up from $257 million, or 57 cents, a year earlier. Revenue jumped 13% to $3.59 billion. Analysts polled by Thomson Reuters had most recently forecast earnings of 79 cents on revenue of $3.41 billion. The company lost a net 135,000 subscribers during the second quarter, cutting its customer base to 14.1 million. Dish attributed the decrease to increased competitive pressures, including higher levels of discounting, and said it is freezing prices through January 2013. Meanwhile, EchoStar--the maker of set-top boxes that was spun off from Dish at the beginning of 2008--posted a profit of $18 million, or 21 cents a share, compared with a loss of $41 million, or 49 cents, a year earlier. Revenue dropped 3.1% to $584 million. Shares of Dish and EchoStar closed Monday at $22.64 and $25.26, respectively. Both were inactive premarket. -By Melodie Warner, Dow Jones Newswires; 212-416-2283; melodie.warner@dowjones.com

Stock News for Dish Network (DISH)
DateTimeHeadline
01/30/201519:06:10DISH Surprise Winner in Wireless Spectrum Auction -- 2nd Update
01/20/201518:07:14Correction to Netflix Earnings Article
01/20/201517:06:49Netflix Adds More Users Than Expected -- 2nd Update
01/20/201517:01:11Netflix Adds More Users Than Expected -- Update
01/20/201516:45:36Netflix Adds More Users Than Expected
01/20/201512:39:48Judge Sends LightSquared Bankruptcy Plan for Creditor Vote
01/09/201516:47:25Correction to LightSquared Week Ahead Story
01/09/201516:43:57LightSquared Seeks $200 Million for Restructuring Backers...
01/05/201519:30:11Wireless Carriers Navigate Uncertain Course -- Corporate Outlook
01/05/201515:40:11Dish Network Unveils Web Video Service Sling TV
01/05/201515:31:28Dish Network Unveils Web Video Service Sling TV--Update
12/23/201418:30:10DirecTV, Disney in Distribution Pact
12/22/201400:03:37Why Bitcoin's Volatile Price Doesn't Matter
12/18/201411:16:22LightSquared Files Restructuring Plan Including Phil Falcone--Update
12/18/201410:39:04LightSquared Files Restructuring Plan That Includes Phil Falcone
12/16/201414:02:10LightSquared Has Now Lost $1.8 Billion Since 2012 Chapter 11...
11/24/201421:10:32Carriers Issue Debt as Spectrum Auction Bids Top $36 Billion
11/24/201420:53:52Carriers Issue Billions in Debt As Spectrum Auction Bids Top...
11/21/201422:00:51Wireless Carriers Bid Up US Airwaves To Record
11/18/201414:01:34Harbinger Urges Judge Not to Dismiss Suit Against Dish, Ergen

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