Satellite television provider DISH Network Corp. (DISH) reported Wednesday a profit in its second quarter, compared to last year's loss, on the absence of prior year's significant impairment expenses. Earnings per share, meanwhile, missed analysts' estimates, despite higher revenues.
For the second quarter, net income attributable to the company was $213 million, compared to a loss of $11 million in the year-ago quarter. Earnings per share was $0.46 for the quarter, compared to loss of $0.02 a year ago.
On average, 20 analysts polled by Thomson Reuters expected earnings of $0.51 per share for the quarter. Analysts' estimates typically exclude special items.
The prior year's result was hurt by higher expense related to the impairment of the T2 and D1 satellites of $438 million, partially offset by higher unrealized gains on derivative financial instruments.
Revenues for the quarter improved to $3.69 billion from $3.49 billion in the same quarter last year. Analysts were looking for revenues of $3.69 billion. Subscriber-related revenue was up 5.6 percent year-over-year to $3.65 billion from $3.45 billion.
The company activated approximately 656,000 gross new pay-TV subscribers in the quarter, an increase of 5.1 percent from last year, driven primarily by increased advertising.
Meanwhile, net pay-TV subscribers declined approximately 44,000, compared to a loss of approximately 78,000 net Pay-TV subscribers last year, primarily resulted from higher gross new Pay-TV subscriber activations. The company closed the second quarter with 14.053 million pay-TV subscribers, compared to 14.014 million pay-TV subscribers a year ago.
"Although our gross new Pay-TV subscriber activations increased, our gross new Pay-TV subscriber activations continue to be negatively impacted by increased competitive pressures, including aggressive marketing, discounted promotional offers, and more aggressive retention efforts in a mature market," the company said.
The company added that its gross new Pay-TV subscriber activations continue to be adversely affected by sustained economic weakness and uncertainty.
Pay-TV ARPU for the quarter totaled $84.15, an improvement over $80.81 a year ago. Pay-TV subscriber churn rate was 1.66 percent, versus 1.67 percent for second quarter 2013.
DISH added nearly 36,000 net broadband subscribers in the second quarter, compared to last year's addition of approximately 61,000 net Broadband subscribers. The decrease primarily resulted from a higher number of customer disconnects driven by a larger Broadband subscriber base than last year.
During the latest quarter, DISH activated approximately 76,000 gross new Broadband subscribers, compared to 79,000 a year ago.
In pre-market activity, DISH shares are gaining $1.24 or 2 percent, and trading at $63.39.
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