Monday, satellite services provider EchoStar Corp. (SATS) reported an increase in net earnings for the second quarter that mainly reflected unrealized gains on investments accounted for at fair value, despite a nearly 21% decline in revenues.
The Englewood, Colorado-based company reported net income attributable to common shareholders of $102 million, or $1.18 per share, higher than $48 million, or $0.53 per share, in the year-ago period.
EchoStar's total revenue for the quarter declined 20.7% year-over-year to $383 million from $483 million for the corresponding period in 2008.
Equipment revenue from DISH Network declined to $204 million from $301 million last year, while services and other revenue from DISH Network grew to $99.48 million from $93,02 million last year.
Total other income for the quarter surged to $101.6 million from $56.01 million last year, primarily reflecting unrealized gains on investments accounted for at fair value of $101 million in this year's second quarter compared to unrealized losses of $7.69 million last year.
On a year-to-date basis, net income attributable to common shareholders increased to $101.17 million, or $1.17 per share, from $53.53 million, or $0.59 per share, last year. Revenues for the period were $862.69 million compared with $1.04 billion in the comparable period a year ago.
In the pre market session, SATS is trading up 8.11% at $16 on the Nasdaq.
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