Dish Network Profit Beats, Though Subscriptions Fell -- Update
April 20 2016 - 9:36AM
Dow Jones News
By Joshua Jamerson
Dish Network Corp. posted surprise profit growth in the first
quarter, helped by sharply lower interest expenses, even as revenue
grew less than expected and subscribership declined.
During the period ended March 31, Dish said it added roughly
657,000 paid subscribers, compared with about 723,000 in the
year-ago quarter. Net subscribers declined 23,000 in the first
quarter, compared with a 35,000 gain last year.
Over all, the company reported net income of $389.3 million, or
84 cents a share, up from $351.5 million, or 76 cents, a year ago.
Revenue increased to $3.79 billion from $3.72 billion in the
prior-year period.
Analysts polled by Thomson Reuters had anticipated 62 cents a
share on $3.8 billion in revenue.
The company closed the first quarter with roughly 13.9 million
pay-TV subscribers, compared with 14 million at the end of the 2015
first quarter. The company includes subscriptions to its Sling TV
streaming service in its total pay-tv metrics.
Dish added 5,000 net broadband subscribers in the first quarter,
bringing its total broadband base to about 628,000.
Dish reported its interest expense nearly evaporated in the
latest quarter, to $667,000 from $156.3 million in the year-earlier
quarter. Meanwhile, operating expenses edged down 0.4%.
The company's stock, up 2.3% so far this month but still down
32% from a year ago, was unchanged premarket.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
April 20, 2016 09:21 ET (13:21 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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