EchoStar Announces Financial Results for Three and Six Months Ended June 30, 2020

About this update from Echostar Corporation

[{"type":"text","content":"ENGLEWOOD, Colo., Aug. 6, 2020 /PRNewswire/ -- EchoStar Corporation (NASDAQ: SATS) today announced its financial results for the three and six months ended June 30, 2020.\n\n \n \n \n \n \n \n\n \nThree Months Ended June 30, 2020 Financial Highlights:\nConsolidated revenues of $459.5 million. Net loss from continuing operations of $14.8 million, consolidated net loss attributable to EchoStar common stock of $11.4 million, and diluted loss per share of $(0.12). Consolidated Adjusted EBITDA of $160.9 million (see discussion and the reconciliation of GAAP to this non-GAAP measure below).Six Months Ended June 30, 2020 Financial Highlights:\nConsolidated revenues of $925.1 million. Net loss from continuing operations of $72.6 million, consolidated net loss attributable to EchoStar common stock of $65.7 million, and diluted loss per share of $(0.67). Consolidated Adjusted EBITDA of $309.5 million (see discussion and the reconciliation of GAAP to this non-GAAP measure below).\"The second quarter of 2020 continued to demonstrate that we are in extraordinary times, and despite the ongoing challenges of COVID-19, I am proud of our second quarter performance,\" commented Michael Dugan, CEO and President of EchoStar. \"Whether our current environment is a 'new normal' or a temporary state, EchoStar remains focused on delivering the connectivity our customers need today and into the future. Operationally, we increased our consumer subscriber base by approximately 26,000, driven by our international markets, bringing our broadband subscriber total to approximately 1.542 million. We continue to monitor economic conditions and are prudently managing the business. We are also excited to be joining the consortium selected to acquire OneWeb out of bankruptcy and to continue as a trusted technology and distribution partner for OneWeb as it emerges from bankruptcy\"\nThree Months Ended June 30, 2020 - Additional Information:\nConsolidated revenue was down $0.9 million year over year including an estimated negative foreign exchange impact of $12 million. Adjusted EBITDA increased 19% or $26.2 million year over year. Hughes segment Adjusted EBITDA increased $31.1 million year over year. The increase was driven by higher margin primarily associated with our consumer service as well as lower sales, marketing, and other operating expenses. ESS segment Ad...

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