Earnings: DISH Q1 Revs Up 7.5 Percent; Sub Growth Slows On Competition, Economy Hurts Churn

Satellite operator DISH Network reported Q1 revenue of $2.84 billion, a 7.5 percent increase from $2.64 billion in the year-ago quarter. Net income was up 64 percent to $258 million ($.57 per share) from $157 million ($.35 per share). While the numbers are going up, subscriber growth is slowing considerably: “Slower subscriber growth rates continued in the first quarter of 2008, during which we added 35,000 net new DISH Network subscribers. This rate of growth was substantially lower than we have historically experienced on a quarterly basis….” The reasons: “We believe that this declining subscriber growth has been driven in part by competitive factors including the expansion of fiber-based pay TV providers, the effectiveness of certain competitors

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