Subscription television business Dish Network Corp. (DISH) Monday reported a lower third-quarter profit, as revenues declined 1.5%.
The company's third-quarter net income attributable to common shareholders was $81 million compared with $92 million last year. Earnings per share declined to $0.18 from $0.20 in the prior-year quarter.
On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $0.44 per share for the quarter. Analysts' estimates typically exclude special items.
Dish Network's total revenue was $2.892 billion, down from $2.937 billion in the previous year. Analysts had a consensus revenue estimate of $2.93 billion.
The company said that it gained approximately 241,000 net subscribers during the quarter ended on September 30, 2009, ending the quarter with approximately 13.851 million subscribers.
The company also stated that on November 6, its Board of Directors declared a one-time dividend of $2.00 per share on outstanding Class A and Class B common stock. The dividend will be payable in cash on December 2 to shareholders of record on November 20.
Among others in the sector, Comcast Corp. (CMCSA,CMCSK) has reported a 22% increase in its third-quarter profit, helped by an increase in revenues and lower capital spending during the quarter. However, the company reported slower customer growth in the latest quarter compared to the same period last year, although results were an improvement over the preceding second quarter. The Philadelphia, Pennsylvania-based company reported net income attributable to the company of $944 million, or $0.33 per share, compared with $771 million, or $0.26 per share, in the year-ago quarter. Revenues for the quarter increased 3% to $8.80 billion from $8.55 billion in the prior-year quarter.
Another peer, DirecTV Group, Inc. (DTV) reported a marginally higher profit for the third quarter, helped by lower net income attributable to non-controlling interest, even as higher income tax expenses offset an increase in revenue and operating profitability. The company also witnessed subscriber gains being offset by higher customer cancellations.
The El Segundo, California-based company's third-quarter net income attributable to the DirecTV Group was $366 million or $0.37 per share, compared with $363 million or $0.33 per share a year ago. Revenues increased 10% to $5.47 billion from $4.98 billion for the third quarter of 2008.
DISH closed Friday's trading at $19.15, up $0.69, on a volume of 6.73 million shares.
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