2nd-qtr. earnings soar 125%
NEW YORK — Primestar, the direct broadcast satellite company, announced Friday that its net loss for the second quarter widened 59% to $87.4 million as revenues nearly tripled to $371.5 million.
Operating cash flow (earnings before interest, taxes, depreciation, amortization and nonrecurring items) increased 125% to $49.7 million.
Primestar also reported it continues to expand its customer base, despite having suffered regulatory setbacks in changing its ownership to a cable consortium.
The company, which is 37%-owned by publicly traded TCI Satellite Entertainment, added 44,400 net customers during the quarter ended June 30, bringing its total to 2.1 million.