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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
04/14/201414:45:09LightSquared Says It Was Right to Shut Dish's Ergen Out of Restructuring...
03/31/201417:41:19Falcone Tried to Shut Dish Chairman Ergen Out of LightSquared...
03/26/201417:19:33Dish's Ergen Says LightSquared Proposal Treats Him Unfairly
03/26/201414:39:01Dish's Ergen Approached DirecTV CEO About Merger -Bloomberg
03/12/201415:02:58LightSquared Drops Regulatory Hurdles From Proposed Bonuses
03/11/201420:37:47Disney Media Networks Co-Chairman to Resign
03/05/201410:45:31Dish Expands Remote-Viewing App to Amazon's Kindle Fire
03/04/201418:00:20CBS CEO Says Dish Deal 'Great Start' But Not Enough
03/04/201412:50:17LightSquared Seeks Not to Count Ergen's Vote
03/04/201412:36:55LightSquared Seeks Not to Count Ergen's Vote Against Restructuring
02/28/201417:10:12Judge Says Dish, Ergen Must Turn Over Certain Documents
02/28/201416:51:09Judge Says Dish and Ergen Must Turn Over Certain Documents
02/26/201417:15:13TiVo Swings to Profit, Adds Subscribers
02/21/201420:37:48Dish Reports Higher Profit, Unease with Comcast Deal--3rd Update
02/21/201415:58:47Dish Reports Higher Profit, Unease with Comcast Deal--2nd Update
02/21/201409:01:48Dish Profit Rises as Subscriber Rolls Grow; EchoStar Profit Falls...
02/21/201408:00:40Dish Profit Rises; EchoStar Profit Falls
02/21/201407:34:52Dish Profit Rises as Subscriber Rolls Grow; EchoStar Profit Falls
02/20/201416:10:14DirecTV CEO Voices Opposition to Comcast-TWC Deal
02/15/201411:48:08LightSquared Files New $2.65 Billion Reorganization Plan

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