Dish Network profits increased 24 percent to $313 million in the fourth quarter as the company reversed subscriber losses to pick up a net 22,000 subscribers thanks in part to its new Blockbuster-branded services.
The company reported total revenue of $3.63 billion for the quarter, a 13 percent increase over the $3.21 billion for the fourth quarter of 2010. Its $313 million in net income compared to $252 million in the 2010 fourth quarter. Diluted earnings per share were $0.70, compared with $0.56. Analysts had forecast earnings of 61 cents on revenue of $3.62 billion.
The company lost 166,000 net subscribers in 2011, but the gain in the fourth quarter brought its total subscribers to about 13.97 million. The gain was largely attributable to its acquisition of Blockbuster last spring.
"By introducing new Blockbuster-branded services, we've begun to turn the tide in subscriber losses while continuing to face increased competitive pressures," said president and CEO Joe Clayton.
As of 10:35 a.m. ET Thursday, shares of the company's stock were up 1.03 percent to $29.46.
For the year, Dish reported total revenue of $14.05 billion compared with $12.64 billion for 2010, an increase of 11 percent. Net income for 2011 totaled $1.52 billion, compared with $985 million for 2010. Diluted earnings per share were $3.39 for 2011 compared with $2.20.
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