EchoStar Collects $41 Million Insurance On Failed Bird
Proceeds Emanate From AMC-14's Launch Anomaly
By Linda Moss -- Multichannel News, 8/4/2008 11:22:00 AM
EchoStar Corp., Dish Network’s spin-off equipment company, collected $41 million in insurance proceeds in the second quarter stemming from the write-off of the failed satellite AMC-14, officials said Monday.
EchoStar, a set-top vendor and fixed-satellite company, made the disclosure in a 10-Q filing with the Securities and Exchange Commission.
In March, AMC-14 experienced a launch anomaly and failed to reach its intended orbit, prompting SES Americom to later declare the satellite a total loss.
“We did make up-front payments with respect to the satellite prior to launch and recorded capitalized interest and insurance costs related to the satellite,” EchoStar said in its 10-Q. “These amounts, net of insurance proceeds of $41 million, totaled $13 million and were written-off during the first quarter of 2008. The insurance proceeds were collected during the second quarter of 2008. “
For the second quarter, EchoStar reported revenue of $483 million, a 46.2% increase compared with $331 million for the year-ago period.
EchoStar reported net income of $48 million compared with net losses of $15 million during the corresponding period last year. Basic earnings per share were 53 cents for the second quarter, compared with a basic loss per share of 16 cents during the year-ago period.
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