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EchoStar Announces Financial Results for Three and Six Months Ending June 30, 2016

Englewood, Colo.—EchoStar Corporation (NASDAQ: SATS) today announced its financial results for the three and six months ending June 30, 2016.

Three Months Ending June 30, 2016 Financial Highlights:

  • Consolidated revenues of $758 million.
  • Consolidated net income of $56 million.
  • Consolidated net income attributable to EchoStar common stock of $56 million and diluted earnings per share of $0.60.
  • Consolidated EBITDA of $221 million (see reconciliation of this non-GAAP measure below).
  • Approximately 1,030,000 Hughes consumer broadband subscribers as of June 30, 2016.

Six Months Ended June 30, 2016 Financial Highlights:

  • Consolidated revenue of $1.57 billion.
  • Consolidated net income of $104 million.
  • Consolidated net income attributable to EchoStar common stock of $107 million and diluted earnings per share of $1.14.
  • Consolidated EBITDA of $443 million (see reconciliation of this non-GAAP measure below).
  • Strong liquidity with cash, cash equivalents and current marketable investment securities of $1.51 billion as of June 30, 2016.

Set forth below is a table highlighting certain of EchoStar’s segment results for the three and six months ended June 30, 2016 and 2015:

Note on Use of Non-GAAP Financial Measures

EBITDA is defined as “Net income” excluding “Interest expense, net of amounts capitalized,” “Interest income”, “Income tax provision” and “Depreciation and amortization.”  EBITDA is not a measure determined in accordance with US GAAP. This non-GAAP measure is reconciled to net income in the table above. EBITDA should not be considered in isolation or as a substitute for operating income, net income or any other measure determined in accordance with GAAP. EBITDA is used by our management as a measure of operating efficiency and overall financial performance for benchmarking against our peers and competitors. Management believes EBITDA provides meaningful supplemental information regarding the underlying operating performance of our business. Management also believes that EBITDA is useful to investors because it is frequently used by securities analysts, investors, and other interested parties to evaluate the performance of companies in our industry.

The consolidated financial statements of EchoStar for the periods ended June 30, 2016 and 2015 are attached to this press release. Detailed financial data and other information are available in EchoStar’s Quarterly Report on Form 10-Q for the three months ended June 30, 2016 filed today with the Securities and Exchange Commission.

EchoStar will host its earnings conference call on Tuesday, August 9, 2016 at 11:00 a.m. Eastern Time. The call-in numbers are (877) 815-1625 (toll-free) and (716) 247-5178 (international), Conference ID # 56393075.

About EchoStar Corporation

EchoStar Corporation (NASDAQ: SATS) is a premier global provider of satellite and video delivery solutions.  Headquartered in Englewood, Colo., and conducting business around the globe, EchoStar is a pioneer in secure communications technologies through its EchoStar Satellite Services, EchoStar Technologies and Hughes Network Systems business segments. For more information, visit echostar.com. Follow @EchoStar on Twitter.

Safe Harbor Statement under the US Private Securities Litigation Reform Act of 1995

This press release may contain statements that are forward looking, as that term is defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this release, the words “believe,” “anticipate,” “estimate,” “expect,” “intend,” “project,” “plans,” and similar expressions and the use of future dates are intended to identify forward‑looking statements. Although management believes that the expectations reflected in these forward‑looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made. We assume no responsibility for the accuracy of forward-looking statements or information or for updating forward-looking information or statements. These statements are subject to certain risks, uncertainties, and assumptions. See “Risk Factors” in EchoStar’s Quarterly Report on Form 10-Q for the three months ended June 30, 2016, filed today with the Securities and Exchange Commission and in the other documents EchoStar files with the Securities and Exchange Commission from time to time.