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EchoStar Q1 Moves Into The Black

5/06/2003 08:21:00 AM Eastern

Littleton, Colo. - DISH Network satellite television provider EchoStar Communications moved into the black during the first quarter, posting net income of $58 million, compared with a net loss of $35 million in the year-ago period.

First quarter revenue climbed more than 23 percent, hitting $1.4 billion, up from $1.1 billion in the same three months in 2002.

EchoStar attributed its results primarily to strong subscriber growth during the first quarter, when it added about 350,000 net new subscribers. The company's subscriber list totaled 8.5 million as of the end of the quarter, or March 31.

In March, EchoStar had said it planned to add an additional 1 million subscribers in the full year 2003, down from the 1.35 subscribers expected for the full year, stated at the end of 2002.

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) improved by $100 million during the three months, rising to $276.9 million, compared with $176.8 million year over year.

Free cash flow from operations totaled $125 million for the first quarter, an improvement of $36 million, compared with the $89 million for the same quarter in 2002.

The company also reported a decrease in net cash flow from operating activities in the first quarter of $185 million, down from $191.8 million in the same quarter a year ago.