EchoStar Announces Financial Results for Three Months Ended March 31, 2020

About this update from Echostar Corporation

[{"type":"text","content":"ENGLEWOOD, Colo., May 7, 2020 /PRNewswire/ -- EchoStar Corporation (NASDAQ: SATS) today announced its financial results for the three months ended March 31, 2020.\n\n \n \n \n \n \n \n\n \nThree Months Ended March 31, 2020 Financial Highlights:\nConsolidated revenues of $465.7 million. Net loss from continuing operations of $57.7 million, consolidated net loss attributable to EchoStar common stock of $54.3 million, and diluted loss per share of $0.56. Consolidated Adjusted EBITDA of $148.6 million (see discussion and the reconciliation of GAAP to this non-GAAP measure below).\"As businesses and families everywhere contend with the impact of COVID-19, EchoStar has focused on keeping our customers connected,\" commented Michael Dugan, CEO and President of EchoStar. \"The pandemic has demonstrated that staying connected is a necessity, not a luxury, and our solid performance in the first quarter of 2020, despite the global crisis, reflects this reality. We grew our revenue and Adjusted EBITDA from the same period in 2019. Operationally, we increased our consumer subscriber base by approximately 39,000 in the first quarter, driven by both our domestic and international markets, bringing our broadband subscriber total to approximately 1.516 million. We continuously evaluate the changing economic conditions and associated effect on our customers and vendors and are managing the business appropriately. Although these are extremely challenging times, the pandemic has made even more evident the worldwide demand for connectivity.\"\nThree Months Ended March 31, 2020 - Additional Information:\nConsolidated revenue increased 2% or $11.3 million year over year despite negative foreign exchange impact. Adjusted EBITDA increased 6% or $8.8 million year over year. Hughes segment Adjusted EBITDA was up $0.6 million year over year. The margin driven by the higher revenue was offset by increased sales, marketing, and operating expense associated primarily with our growing Latin American consumer markets. ESS segment Adjusted EBITDA was higher by $0.3 million year over year. Corporate and Other segment Adjusted EBITDA increased by $7.9 million. The segment had equity earnings in unconsolidated affiliates during the quarter of $4.5 million compared to equity losses of $4.8 million in the same period a year ago. This increase was partially offset by ...

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