EchoStar Communications Corp.
The nation’s No. 2 satellite-television company said Thursday that subscriber growth and a one-time gain from an insurance settlement helped it swing to a profit for the first quarter. A partnership with regional phone company SBC Communications Inc. boosted new subscriptions, but Echo- Star warned that phone companies’ plans to start offering their own video services could hurt subscriber growth in the future. The Douglas County- based company reported net income of $318 million, or 70 cents a share, for the three months ended March 31 compared with a loss of $43 million, or 9 cents a share, a year earlier. Results for the latest quarter included a gain of $134 million related to the settlement of an insurance claim over a malfunctioning satellite, while the year-ago results reflect a charge of $78 million from debt redemption. Revenue rose 28 percent to $2.02 billion from $1.58 billion.
Western Gas Resources Inc.
The Denver-based gas producer reported Thursday that first-quarter earnings gained 12 percent on increased production and higher prices. Net income for the period ended March 31 was $32.6 million, or 43 cents a share, compared with $29.1 million, or 39 cents a share, for the same period in 2004. Revenues increased nearly 11 percent to $854.3 million in the quarter from $771.2 million last year.
Forest Oil Corp.
The Denver-based oil producer late Wednesday reported first-quarter earnings of $38.9 million, or 65 cents a share, compared with a profit of $19.7 million, or 37 cents a share, in the corresponding 2004 period. Revenues were $260.3 million compared with $194.3 million last year. The company said sales volumes were 44.9 billion cubic feet of natural-gas equivalent, an increase of 15 percent.
Bill Barrett Corp.
The oil and gas producer reported Thursday that production for the first quarter that ended March 31 was 8.5 billion cubic feet of natural-gas equivalent, a 15 percent increase over the same period in 2004. The company’s net income for the quarter was $3.1 million, or 7 cents a share, on revenues of $51.9 million, compared with earnings of $4.7 million, or 1 cent a share, on revenues of $36.4 million in the first quarter of 2004.
MCI Communications
The long-distance giant, which recently agreed to be acquired by Verizon and rejected a higher offer from Qwest Communications, reported much smaller first-quarter losses because of lower operating costs. MCI also backed its earlier revenue guidance for 2005, projecting an annual decrease of 10 percent to 14 percent. Shares rose 21 cents to close at $25.50 on the Nasdaq Stock Market, below the price of at least $26 Verizon has agreed to pay. The company reported it lost $2 million, or 1 cent a share, for the three months ended March 31 versus a loss of $388 million, or $1.19 per share, in the year-earlier quarter. Losses from continuing operations totaled $91 million, or 28 cents a share, compared with $386 million, or $1.18 a share, in the 2004 period. Revenue fell 12 percent to $4.79 billion from $5.42 billion last year.
