Englewood – EchoStar Communications Corp.’s third-quarter earnings more than doubled, driven by double-digit revenue growth and the addition of 255,000 net new subscribers during the quarter.
In a press release today, the satellite-television broadcaster said net income for the period increased to $208.9 million, or 46 cents a share, from $102.3 million, or 22 cents a share, a year earlier.
After accounting for stock options, the company earned $205.6 million, or 45 cents per share.
The results fell below Wall Street analysts’ mean estimate of 47 cents a share.
Revenue for the period rose 14 percent to $2.13 billion from $1.86 billion last year, with particular strength in subscriber-related revenue. EchoStar ended the quarter with 11.71 million subscribers, up from 10.48 million a year earlier.
Street analysts had expected the company to post revenue of $2.15 billion for the period, according to Thomson Financial.
Third-quarter subscriber-acquisitions costs were up 6.8 percent.
Also today, EchoStar disclosed that the Federal Communications Commission approved its $200 million purchase of certain satellite assets from Rainbow DBS Co., a unit of Cablevision Systems Corp.
The satellite television operator said in its quarterly report filed with the Securities and Exchange Commission it agreed to buy a direct-broadcast satellite, rights to frequencies at that location, and ground facilities and related assets in Black Hawk, S.D.
The deal is expected to close during the fourth quarter.
EchoStar shares fell 26 cents, or 1 percent, to $26.66 in morning trading on the Nasdaq Stock Market.
