EchoStar Posts Profit After Year-Earlier Loss
Satellite TV giant EchoStar Communications Corp. posted a small fourth-quarter profit, a year after a big loss pegged to the failed merger with Hughes Electronics Corp.
It also announced it was restating 2002 results, lowering its reported net loss to $852 million for the year.
The company disclosed this month that the Securities and Exchange Commission said EchoStar accrued $30.2 million too much over 2000, 2001 and 2002 in reserves for the replacement of smart cards, which unscramble its Dish Network signals. The earnings restatement reflected that finding.
EchoStar said its profit was $3 million, or 1 cent a share, for the period ended Dec. 31, in contrast to a loss of $716 million, or 45 cents, in 2002. Revenue rose 14% to $1.51 billion.
EchoStar shares fell 94 cents to $33.70 on Nasdaq.
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