EchoStar Communications Corp. reported an earnings decline of 34 percent during second quarter of 2004 and announced that it had authorized its board of directors to initiate a repurchase of $1
billion of the company's Class-A Common Stock.
This news comes despite EchoStar's DISH Network satellite television service having added approximately 340,000 net new subscribers during the
second quarter, pushing the total number of subscribers beyond the 10-million mark.
Revenue was actually up 26 percent for the quarter, to $1.78 billion, yet net income for the company totaled
just $85 million versus $129 million during the same period in 2003.