Dish Reports 2013 Year-End Results, EchoStar Transaction
On Friday, Dish Network Corp. (NASDAQ: DISH) reported year-end 2013 financial results.
Dish saw $13.9 billion in total revenue in 2013, a 5.5 percent increase from the $13.2 billion in 2012. Net income was reported at $807 million, a 26.8 percent increase from 2012. EPS were $1.76.
The company activated 2.666 million gross new pay-TV subscribers, for a total of 14.057 million pay-TV subscribers. Dish had 14.056 million subscribers at the end of 2012. Dish added 235,000 net broadband subscribers in 2013 to a total of 436,000.
On Thursday, Dish Network announced it had entered into an agreement to implement a transaction with EchoStar Corporation and its subsidiaries.
That agreement, according to a press statement, "calls for DISH to transfer to EchoStar on March 1, 2014 five of its satellites (including related in-orbit incentives) and approximately $11 million in cash in exchange for shares of two series of preferred tracking stock, and for DISH to lease back certain satellite capacity on those five satellites. The tracking stock will represent an aggregate 80 percent economic interest in the residential retail satellite broadband business of EchoStar's subsidiary, Hughes Network Systems, LLC."
Shares of Dish Network closed at $57.07 on Thursday. Dish was up 1.49 percent in late Friday trading, at $57.92.
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