EchoStar Announces Financial Results for Three and Twelve Months Ended December 31, 2020

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[{"type":"text","content":"ENGLEWOOD, Colo., Feb. 23, 2021 /PRNewswire/ -- EchoStar Corporation (NASDAQ: SATS) today announced its financial results for the three and twelve months ended December 31, 2020.\n\n \n \n \n \n \n \n\n \nThree Months Ended December 31, 2020 Financial Highlights:\nConsolidated revenues of $489.3 million. Net loss from continuing operations of $2.6 million, consolidated net income attributable to EchoStar common stock of $0.1 million, and diluted earnings per share of $0.01. Consolidated Adjusted EBITDA of $166.7 million (see discussion and the reconciliation of GAAP to this non-GAAP measure below).Twelve Months Ended December 31, 2020 Financial Highlights:\nConsolidated revenues of $1,887.9 million. Net loss from continuing operations of $51.9 million, consolidated net loss attributable to EchoStar common stock of $40.2 million, and diluted loss per share of $(0.41). Consolidated Adjusted EBITDA of $642.9 million (see discussion and the reconciliation of GAAP to this non-GAAP measure below).\"2020 will go down in the history books as one of the most challenging on record, but it demonstrated the value of our service to businesses and families and brought out the very best of the EchoStar team,\" commented Michael Dugan, CEO and President of EchoStar. \"Thanks to their efforts and accomplishments in every market sector, we delivered solid financial results and grew revenue, net income, and Adjusted EBITDA over 2019. We remain excited about our position in the industry and our ability to grow as the demand for connectivity continues to increase.\"\nThree Months Ended December 31, 2020 - Additional Information:\nConsolidated revenue was down $9.7 million year over year primarily driven by lower equipment sales as well as an estimated negative foreign exchange impact of $10.3 million. Adjusted EBITDA increased 7.0% or $10.8 million year over year. Hughes segment Adjusted EBITDA increased $11.7 million year over year. The increase was driven primarily by the higher margin associated with the growth in our consumer broadband service and lower sales and marketing spend. ESS segment Adjusted EBITDA was flat year over year. Corporate and Other segment Adjusted EBITDA decreased by $0.9 million year over year. The decrease was primarily due to higher spend on corporate development projects.Net loss from continuing operations was $2.6 milli...

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