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ATLANTA - EchoStar Corp., which sells set-top boxes and provides satellite television services to Dish Network, reported Monday that it swung to a profit in the second quarter on a 46 percent rise in sales.
In a Securities and Exchange Commission filing, EchoStar said it earned $47.8 million, or 53 cents a share, in the three months ending June 30, compared to a loss of $14.8 million, or 16 cents a share, for the same period a year earlier.
Revenue rose to $483.3 million from $330.59 million.
Dish continues to battle with DirecTV for customers amid a challenging sluggish economy and difficult housing market. The No. 2 satellite broadcaster, formerly known as EchoStar Communications Corp., changed its name to Dish Network Corp. at the beginning of the year and spun off its equipment-making arm into a separate company, EchoStar Corp.
EchoStar said in its SEC filing on Monday that it still relies on Dish for substantially all of its revenue.
Shares of EchoStar rose 90 cents, or 2.8 percent, to $32.90 in morning trading.
U.S. stocks were mixed on Thursday after retailers reported mostly disappointing sales while other big-name companies announced layoffs and Europ...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
The markets have spoken: risk aversion is still the name of the game and that was obvious since the beginning of the week.
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