EchoStar, Charlie Ergen’s spin-off set-top and fixed-satellite unit, posted a net loss of $308 million in the third quarter, compared with a $7 million deficit a year ago, officials said Monday
“The $301 million increase in net loss primarily related to unrealized losses and impairments on marketable and non-marketable securities,” EchoStar said in a press release. “Basic loss per share was $3.43 for the quarter ended Sept. 30, 2008, compared with a basic loss per share of seven cents during the corresponding period in 2007.
EchoStar posted total revenue of $616 million in the third quarter, a 52.4% increase compared with $404 million for the year-ago period.
Dish Network, the satellite video provider, spun off its set-top and fixed satellite business at the start of this year, creating a new publicly trade company.
Earlier this morning, Dish Network reported that it had lost 10,000 subscribers in the third quarter, compared with a gain of 110,000 subscribers in the year-ago period.