Dish Network 1Q net income drops 26 percent

[May 10, 2010]  NEW YORK (AP) -- Dish Network Corp. said Monday that its first-quarter net income fell 26 percent even as it gained new subscribers with promotions. The results managed to top Wall Street's expectations.

The nation's second-biggest satellite TV provider earned $230.9 million, or 52 cents per share, for the period ended March 31. That compares with $312.7 million, or 70 cents per share, a year ago.

Revenue rose 5 percent to $3.06 billion from $2.91 billion, but expenses rose to $2.6 billion from $2.33 billion, partly on higher subscriber acquisition costs and a TiVo lawsuit expense.

Analysts polled by Thomson Reuters, whose estimates normally exclude one-time items, forecast a smaller profit of 50 cents per share on revenue of $3.05 billion.

Dish Network Corp. added approximately 237,000 new net subscribers in the quarter. The company, based in Englewood, Colo., has now increased its customer count for four quarters in a row.

[Associated Press]

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