UPDATE 2-Dish Networks profit falls; special dividend set - News

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UPDATE 2-Dish Networks profit falls; special dividend set

By: AFX | 09 Nov 2009 | 08:46 AM ET

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NEW YORK, Nov 9 (Reuters) - Dish Network Corp, the No. 2 U.S. satellite TV provider, posted a 13 percent decline in third-quarter profit, hurt by higher costs, including legal expenses from its patent fight with TiVo Inc. Dish, which gained 241,000 subscribers to end the period with 13.9 million, also said it would pay shareholders a special dividend of $2 a share.

It did not provide a reason for the dividend. The Englewood, Colorado-based company, which faces stiff competition from cable companies and larger satellite TV rival DirecTV Group, said net income fell to $80.5 million, or 18 cents a share, from $92 million, or 20 cents per share, a year earlier. Excluding special items, including $132 million for TiVo litigation, the profit was 41 cents a share. That fell short of the analysts' average estimate of 43 cents, according to Thomson Reuters I/B/E/S. Revenue fell 1.5 percent to $2.89 billion, missing the analysts' view of $2.93 billion. In a long-standing legal battle, TiVo is suing Dish and sister company EchoStar Corp for patent infringement of its DVR technology. In September, a U.S. district court awarded TiVo nearly $200 million in damages, bringing the total it has received so far in the patent technology dispute to $400 million. Dish has appealed the case, although the judge warned that the company, run by founder Charlie Ergen, could face enhanced sanctions. Shares of Dish rose 6 percent to $20.30 in premarket trading on Monday. (Reporting by Franklin Paul; Editing by Derek Caney and Lisa Von Ahn) (To read more about our Media news, visit out MediaFile blog online at http://blogs.reuters.com/mediafile) Keywords: DISH/ (Email: Franklin.Paul@thomsonreuters.com; +1 646 223 6195; Reuters Messaging: Franklin.Paul.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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