Satellite TV Giant EchoStar Reports Loss

Satellite TV company EchoStar Communications Corp. reported a $43 million loss for the first quarter of 2004, partly due to charges associated with the early redemption of bonds.

Satellite TV company EchoStar Communications Corp. reported a $43 million loss for the first quarter of 2004, partly due to charges associated with the early redemption of bonds.

The loss of 9 cents a share for the January-March period contrasted with a profit of $58 million, or 12 cents a share, for the first quarter of 2003.

EchoStar's revenue rose 16% to $1.58 billion from $1.36 billion a year ago.

The company said today (May 6) it added about 360,000 subscribers the first three months of this year. Its Dish Network, the nation's second-largest satellite TV service after DirecTV, reported a total of 9.78 million subscribers at the end of the first quarter.

In morning trading on the Nasdaq Stock Market, EchoStar shares were down $1.09, or 3.2%, to $33.20.


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