DISH Network Revenues Grow by 12.3 Percent to $3.60 Billion and Net Income Increases 30.3 Percent to $319 Million; DISH Declares Non-Recurring Dividend
ENGLEWOOD, CO, Nov 07, 2011 (MARKETWIRE via COMTEX) -- DISH Network Corporation DISH +2.35% today reported its third quarter 2011 financial results.
Revenue totaled $3.60 billion for the quarter ended Sept. 30, 2011, a 12.3 percent increase compared with $3.21 billion for the corresponding period in 2010. Net income attributable to common shareholders totaled $319 million for the quarter ended Sept. 30, 2011, a 30.3 percent increase compared with $245 million during the same period last year. Diluted earnings per share were $0.71 for the third quarter, compared with $0.55 during the same period in 2010. DISH Network's net subscribers decreased by approximately 111,000 during the third quarter, and the company ended Sept. 30, 2011, with approximately 13.945 million subscribers.
"DISH delivered another quarter of strong growth in net income compared to the same period last year," said Joe Clayton, president and CEO of DISH Network. "Our net subscriber loss improved over the second quarter of this year but continued to be affected by increased competitive pressures, including aggressive competitive promotional offers, discounting and a weak housing market. Going forward, we plan to build on the momentum of our introduction of the Blockbuster-branded programming service which allows DISH customers to stream movies and TV shows as well as receive DVDs by mail."
Detailed financial data and other information are available in DISH Network's Form 10-Q for the quarterly period ended Sept. 30, 2011, filed today with the Securities and Exchange Commission.
DISH Network will host its third quarter 2011 financial results conference call today at noon ET. The dial-in number is (800) 616-6729.
Non-Recurring Dividend On Nov. 1, 2011, DISH Network Corporation's Board of Directors declared a non-recurring dividend of $2.00 per share on outstanding Class A and Class B common stock. The dividend will be payable in cash on Dec. 1, 2011, to shareholders of record on Nov. 17, 2011.