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Higher 'other expense' pares Dish Network PAT to less than half in Q3-2014

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BENGALURU:  US pay-TV player Dish Network Corporation (Dish Network) reported net income after taxes of $ 145.52 million ($ 14.552 crore) in Q3-2014, which was less than half the US$ 414.91 million reported during the year ago quarter. Year to date, for 9M-2014, the company's net income increased by 2.9 per cent to $ 534.76 million from $ 519.45 million in 9M-2013.

Dish Network reported 'other expense' of $ 185.39 million in Q3-2014 as compared to the $ 38.93 million in Q3-2013. For 9M-2014, the company reported more than double the other expense at $ 478.13 million as compared to the $ 226.18 million in 9M-2013.

Here are excerpts of the Dish Network's own review in its press release:



Dish Network reported revenue totalling $ 3.68 billion for the quarter ending 30 September 2014, compared to $ 3.51 billion for the corresponding period in 2013. Subscriber-related revenue increased 5.3 percent to $ 3.65 billion from $3.46 billion in the year-ago period.

Net income attributable to Dish Network totalled $ 146 million for the quarter ending 30 September 2014, compared to net income of $315 million from the year-ago quarter. Diluted earnings per share for the quarter were $0.31, compared with $0.68 during the same period in 2013.

Pay-TV ARPU for the third quarter totalled $ 84.39, compared to the year-ago period's pay-TV ARPU of $ 80.98. Pay-TV subscriber churn rate increased slightly to 1.67 percent versus 1.66 percent for third quarter 2013.

Total pay-TV customers decreased by approximately 12,000 in the quarter. Dish Network closed the third quarter with 14.041 million pay-TV subscribers, compared to 14.049 million pay-TV subscribers at the end of third quarter 2013. Dish Network activated approximately 691,000 gross new pay-TV subscribers, compared to approximately 734,000 gross new pay-TV subscribers in the prior year's third quarter.

Dish Network added approximately 28,000 net broadband subscribers in the third quarter, bringing its broadband subscriber base to approximately 553,000. Dish Network added approximately 75,000 net broadband subscribers in the third quarter 2013.

Year-to-Date Review

For the first nine months of 2014, Dish Network's revenue of $ 10.96 billion increased 5.7 percent, compared to $ 10.37 billion in revenue from the same period last year. Subscriber-related revenue increased 5.7 percent to $10.85 billion in the first nine months of 2014 from $ 10.26 billion from the year-ago period. Year to date, net income attributable to Dish Network totalled $ 535 million compared with $ 519 million during the same period last year. Diluted earnings per share were $ 1.16 for the first nine months of 2014, compared with $ 1.13 during the same period in 2013.

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