EchoStar Announces Financial Results for Three and Nine Months Ended September 30, 2020

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[{"type":"text","content":"ENGLEWOOD, Colo., Nov. 5, 2020 /PRNewswire/ -- EchoStar Corporation (NASDAQ: SATS) today announced its financial results for the three and nine months ended September 30, 2020.\n\n \n \n \n \n \n \n\n \nThree Months Ended September 30, 2020 Financial Highlights:\nConsolidated revenues of $473.5 million. Net income from continuing operations of $23.3 million, consolidated net income attributable to EchoStar common stock of $25.4 million, and diluted earnings per share of $0.26. Consolidated Adjusted EBITDA of $166.7 million (see discussion and the reconciliation of GAAP to this non-GAAP measure below).Nine Months Ended September 30, 2020 Financial Highlights:\nConsolidated revenues of $1,398.6 million. Net loss from continuing operations of $49.3 million, consolidated net loss attributable to EchoStar common stock of $40.3 million, and diluted loss per share of $(0.41). Consolidated Adjusted EBITDA of $476.2 million (see discussion and the reconciliation of GAAP to this non-GAAP measure below).\"We had another outstanding quarter,\" commented Michael Dugan, CEO and President of EchoStar. \"We increased our consumer subscriber base by approximately 38,000, driven by our international markets, and grew our Net income and Adjusted EBITDA from the same period last year. The continued growth in demand for our service demonstrates the importance of our networks and services for businesses and families everywhere. We will continue to focus on the needs of our customers as connectivity becomes a more vital part of business, entertainment, and communications.\"\nThree Months Ended September 30, 2020 - Additional Information:\nConsolidated revenue was up $1.2 million year over year including an estimated negative foreign exchange impact of $10.9 million. Adjusted EBITDA increased 9% or $14.3 million year over year. Hughes segment Adjusted EBITDA increased $13.2 million year over year. The increase was driven primarily by the higher margin associated with the growth in our consumer broadband service. ESS segment Adjusted EBITDA increased by $0.5 million year over year. Corporate and Other segment Adjusted EBITDA increased by $0.7 million. The increase was primarily driven by lower equity losses in unconsolidated affiliates of $1.3 million compared to the same period last year.Net income from continuing operations was $23.3 million, an incre...

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