Those who follow Dish Network have their work cut out for them this morning as they try to make sense of the company’s year end report. It offers a full report for 2013, but just selected results for Q4 — and describes a new deal Dish made to transfer five of its satellites plus $11M to a sister company, Echostar, in return for shares of a tracking stock, and a leaseback agreement. Dish reported $3.54B in revenue for the last three months of 2013, which would appear to have missed the Street’s expectation for $3.59B. Net income came in at $288M, translating to 63 cents a share. That would be a significant beat over the consensus forecast for 41 cents, but it’s not immediately clear what the bottom line figure includes. Dish says that it recast its financial results to account for the closing of Blockbuster. The subscriber numbers appear to be a miss, though: Dish added 8,000 subscribers to end the year with 14.057M. Brean Capital’s Todd Mitchell, for one, expected to see 25,000 additions. The average monthly revenue per subscriber, at $81.24, was up 26 cents from the previous quarter, but average subscriber acquisition costs rose 2.5% over the three month period to $863.
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