EchoStar Corp. today reported total revenue of $584 million for the quarter ended June 30, 2011, which is down 3.1 percent compared with $603 million for the same period in 2010.
On a slightly lighter note, the same quarter saw its wholly-owned subsidiary Hughes Communications grow its U.S. consumer broadband subscriber numbers to 626,000, an increase of 2 percent. Hughes sells satellite broadband to corporate networks, as well as building broadband and wireless communications equipment that use satellite links.
EchoStar, which sells satellite TV set-top boxes to Dish Network, said its satellite services backlog was $1.1 billion as of June 30 (both companies are owned by Charlie Ergen). While Dish Network’s satellite-television business is showing signs of creeping growth, EchoStar’s revenue from equipment sales to Dish has dropped sharply to $542.8 million for the first half of 2011, 29.4 percent down from the same half of 2010.
Hughes, meanwhile, had a backlog of $1.1 billion as of June 30 not including the company’s the consumer broadband business, according to EchoStar CEO Michael Dugan. “We closed on the Hughes transaction on June 8, 2011,” he said. “We continue to be very excited about this acquisition; this combination with Hughes improves our revenue diversity and strengthens our competitive position domestically as well and more importantly internationally.”
EchoStar reported net income attributable to common shareholders of $18 million for the quarter ended June 30, 2011, compared with a net loss of $41 million during the corresponding period in 2010. Diluted earnings per share were $0.21 for the quarter ended June 30, 2011, compared with a loss per share of $0.49 for the corresponding period in 2010.
EchoStar investor’s release – http://tinyurl.com/3sn3tg7
Seeking Alpha transcript – http://tinyurl.com/3awppc2
Photo by flickr user Rommy Ghali, used under Creative Commons license