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EchoStar reverses loss with investment gains

EchoStar reverses 3rd-quarter loss with investment gains, falling expenses

  • On 11:49 am EST, Monday November 9, 2009

ENGLEWOOD, Colo. (AP) -- EchoStar Corp. booked a profit for the third quarter on Monday, reversing a year-earlier loss with gains on investments and falling expenses.

The company, which provides set-top boxes and satellite services to its sister company, Dish Network Corp., earned $294 million, or $3.45 per share. That compares with a loss of $308 million, or $3.43 per share, a year ago.

Investment gains in the most recent quarter, which ended Sept. 30, came to $232.4 million, compared with losses of $150.3 million the year before.

Revenue fell 22 percent to $483 million compared with 616 million a rear ago. But expenses fell 26 percent to $486.8 million from $657.3 million.

EchoStar shares rose 62 cents, or 3.1 percent, to $20.50 in midday trading.

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