DISH Network Announces Second Quarter 2011 Financial Results

DISH Network Corporation (NASDAQ: DISH) today reported its second quarter 2011 financial results.

Revenue totaled $3.59 billion for the quarter ended June 30, 2011, a 13.3 percent increase compared with $3.17 billion for the corresponding period in 2010. Net income attributable to common shareholders totaled $335 million for the quarter ended June 30, 2011, a 30.3 percent increase compared with $257 million during the same period last year.  Diluted earnings per share were $0.75 for the second quarter, compared with $0.57 during the same period in 2010. DISH Network’s net subscribers decreased by approximately 135,000 during the second quarter, and the company ended June 30, 2011, with approximately 14.056 million subscribers.

“DISH Network delivered another quarter of strong growth in revenue and net income,” said Joe Clayton, president and CEO of DISH Network. “The second quarter was also marked by several other achievements including our purchase of most of the Blockbuster assets, settlement of the Tivo litigation, and renewal of a multi-year partnership with Frontier Communications, offering DISH Network’s digital TV entertainment to Frontier’s nearly 4 million customers in 27 states. Our decrease in net subscribers was primarily due to increased competitive pressures, including higher levels of discounting.”

Clayton added, “As we look forward to the second half of the year, we will focus on commercializing our technology, re-energizing our distribution channels and strengthening our brand image. We continue to offer the best value to consumers with the lowest everyday prices, in part by freezing prices through January 2013.”