DISH Network Reports Year End 2012 Financial Results
2012 gross new pay-TV subscriber additions increase 6.3 percent
relative to 2011
Pay-TV churn decreases to 1.57 percent in 2012 from 1.63 percent in
Full-year net income of $637 million impacted by legal settlement,
increased programming costs
ENGLEWOOD, Colo.--(BUSINESS WIRE)--
DISH Network Corporation (NASDAQ: DISH) today reported 2012 total
revenue of $14.27 billion compared to $14.05 billion in 2011, an
increase of 1.6 percent. Net income attributable to DISH Network in 2012
was $637 million compared to $1.52 billion in 2011. Diluted earnings per
share were $1.41 in 2012, compared with $3.39 in 2011.
Total revenue for the fourth quarter 2012 was $3.59 billion, compared to
revenues of $3.63 billion in the year-ago quarter. Net income
attributable to the fourth quarter was $209 million compared to $313
million in the fourth quarter of 2011.
The decrease in the full-year net income was due to higher
subscriber-related expenses driven by programming costs, increased
subscriber acquisition costs from higher gross additions, as well as
certain one-time items, including the Voom litigation settlement
expense. Additionally, the decrease in year-over-year net income was
affected by the 2011 reversal of accrued expenses related to the
company's TiVo litigation.
"In addition to the landmark introductions of our Hopper Whole-Home HD
DVR, the successful launch of dishNET and the developments with our
wireless spectrum, one of our key stories of the year was the change in
our customer trajectory," said Joseph P. Clayton, DISH president and
CEO. "During 2012, DISH added about 89,000 net pay-TV subscribers after
having lost approximately 166,000 net pay-TV subscribers in 2011."
For the full year, DISH added about 2.739 million gross new pay-TV
subscriber activations compared to 2.576 million gross new pay-TV
subscriber activations in 2011. The company added about 14,000 net new
pay-TV subscribers in the fourth quarter of 2012. DISH ended 2012 with
14.056 million pay-TV subscribers compared to 13.967 million total
subscribers in 2011.
Pay-TV subscriber churn rate for 2012 decreased to 1.57 percent, an
improvement over the 1.63 percent rate in 2011.
DISH also added about 78,000 net broadband subscribers in 2012, compared
to a loss of approximately 5,000 subscribers in 2011.
Detailed financial data and other information are available in DISH
Network's Form 10-K for the year ended Dec. 31, 2012, filed today with
the Securities and Exchange Commission.
DISH Network will host its fourth quarter and full-year 2012 financial
results conference call today at noon ET. The dial-in number is (800)
DISH Network Corporation (NASDAQ: DISH), through its subsidiary DISH
Network L.L.C., provides approximately 14.056 million satellite TV
customers, as of Dec. 31, 2012, with the highest quality programming and
technology with the most choices at the best value, including HD Free
for Life. Subscribers enjoy the largest high definition line-up with
more than 200 national HD channels, the most international channels, and
award-winning HD and DVR technology. DISH Network Corporation's
subsidiary, Blockbuster L.L.C., delivers family entertainment to
millions of customers around the world. DISH Network Corporation is a
Fortune 200 company. Visit www.dish.com.
DISH Network Corporation
Bob Toevs, 303-723-2010
Source: DISH Network Corporation
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