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Table of ContentsThe Basics...............................................................................................................................................................................1

Key Numbers.............................................................................................................................................................1Financial Overview....................................................................................................................................................1Officers & Employees................................................................................................................................................1Board Members..........................................................................................................................................................2Industry Information..................................................................................................................................................2SIC Codes...................................................................................................................................................................2NAICS Codes.............................................................................................................................................................3Top Competitors.........................................................................................................................................................3All Competitors..........................................................................................................................................................3Rankings.....................................................................................................................................................................3

Biographies............................................................................................................................................................................4 Charles W. (Charlie) Ergen.......................................................................................................................................4 James DeFranco, Age 50...........................................................................................................................................4 Michael R. McDonnell, Age 39................................................................................................................................4 David K. Moskowitz, Age 44...................................................................................................................................5 Michael T. Dugan, Age 54........................................................................................................................................5 Steven B. Schaver, Age 48........................................................................................................................................6 Soraya Hesabi−Cartwright, Age 42..........................................................................................................................6 Michael Kelly, Age 41..............................................................................................................................................7 Mark W. Jackson, Age 42.........................................................................................................................................7 O. Nolan Daines, Age 42..........................................................................................................................................7 Peter A. Dea, Age 49.................................................................................................................................................8 Raymond L. Friedloeb, Age 57.................................................................................................................................8 Stephen R. Goodbarn................................................................................................................................................8 Jean−Marie Messier, Age 48.....................................................................................................................................9 C. Michael Shroeder..................................................................................................................................................9

Overview..............................................................................................................................................................................10

History..................................................................................................................................................................................11

Products/Operations...........................................................................................................................................................12

Other Resources Available On Hoover's Online..............................................................................................................14Other Resources.......................................................................................................................................................14Related Products From Our Trusted Partners..........................................................................................................14

Annual Financials................................................................................................................................................................15Historical Auditors...................................................................................................................................................16

Quarterly Financials...........................................................................................................................................................18

Historical Financials & Employees....................................................................................................................................21Historical Auditors...................................................................................................................................................22

Report Builder − EchoStar Communications Corporation − Hoover's Online

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Table of ContentsMarket Data.........................................................................................................................................................................23

Comparison Data.................................................................................................................................................................24

Competitive Landscape.......................................................................................................................................................26

Report Builder − EchoStar Communications Corporation − Hoover's Online

ii

The Basics

5701 S. Santa Fe Dr.Littleton, CO 80120 (Map)http://www.dishnetwork.com

Phone: 303−723−1000Fax: 303−723−1399

EchoStar Communications serves up a dish that fits almost everyone's entertainment appetite. The #2 US direct broadcastsatellite (DBS) TV provider (behind DIRECTV), the company operates the DISH Network, providing programming to 9million subscribers in the continental US. Subsidiaries develop DBS hardware such as dishes and integrated receivers anddeliver video, audio, and data services. EchoStar has teamed up with Gilat Satellite Networks (a partner with Microsoft)and Colorado startup WildBlue to develop satellite−based two−way broadband Internet access. CEO Charles Ergencontrols the company, which was engaged in a contact dispute with Viacom over programming costs.

Key Numbers

Company Type Public (NASDAQ: DISH)

Fiscal Year−End December

2002 Sales (mil.) $4,820.8

1−Year Sales Growth 20.5%

2002 Net Income (mil.) ($881.7)

2002 Employees 15,000

1−Year Employee Growth 36.4%

Auditor KPMG LLP

Financial Overview

Last Close 16−Mar−2004 $34.56

52−Week High $41.00

52−Week Low $27.33

Basic EPS 0.00

Price/Earnings Ratio −−

Current Ratio 2.12

R&D Expenditures (mil.) 33.00

Ad Expenditures (mil.) −−

% Owned by Institutions 84.40%

Officers & Employees

Title Name Age Salary Bonus

Chairman and CEO Charles W. (Charlie) Ergen

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EVP and Director James DeFranco 50

SVP and CFO Michael R. McDonnell 39

SVP, General Counsel, Secretary,and Director

David K. Moskowitz 44

VP Human Resources Robert Fuchs

President, COO, and Director Michael T. Dugan 54

President, EchoStarInternational

Steven B. Schaver 48

EVP, DISH Network Soraya Hesabi−Cartwright 42

SVP, DISH Network Service Michael Kelly 41

SVP, EchoStar Technologies Mark W. Jackson 42

Director, CorporateCommunications

Judianne Atencio

Board Members

Title Name Age

Chairman and CEO Charles W. (Charlie) Ergen

President, COO, and Director Michael T. Dugan 54

EVP and Director James DeFranco 50

SVP, General Counsel, Secretary,and Director

David K. Moskowitz 44

Director O. Nolan Daines 42

Director Peter A. Dea 49

Director Raymond L. Friedloeb 57

Director Stephen R. Goodbarn

Director Jean−Marie Messier 48

Director C. Michael Shroeder

Industry Information

Telecommunications ServicesCable & Satellite Services

Direct Broadcast Services Providers (primary)◊ ♦

Data ServicesInternet & Online Services Providers◊

♦

•

SIC Codes

4841 Cable and other pay TV services

4899 Communication services, nec




















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7375 Information retrieval service

7379 Computer related services, necs

NAICS Codes

515210 Cable and Other Subscription Programming

517410 Satellite Telecommunications

517510 Cable and Other Program Distribution

517910 Other Telecommunications

518111 Internet Service Providers

518210 Data Processing, Hosting, and Related Services

519190 All Other Information Services

Top Competitors

Comcast• DIRECTV• Time Warner Cable•

All Competitors

Adelphia Communications• Cablevision Systems• Charter Communications• Comcast• Cox Communications• DIRECTV• Pegasus Communications• ReplayTV• Time Warner Cable• TiVo•

Rankings

#341 in FORTUNE 500 •















http://www.fortune.com/fortune/fortune500

Biographies

Charles W. (Charlie) Ergen

Chairman and CEO

Recent Work Highlights

EchoStar Communications Corporation2001: Chairman and CEO, $250,006 salary, $750,000 bonus♦

•

Biography

Charles Ergen started EchoStar Communications Corporation in 1980 under the name of EchoSphere, which sold C−bandsatellite TV dishes to rural homes in Colorado. Under his vision and leadership, EchoStar launched DISH Network in1996, which has become the fastest growing direct−to−home satellite television company in the United States. In 2001,Ergen was the first person to ever win the Rocky Mountain News' Business Person of the Year for a second time, beingrecognized for the same award in 1996. Ergen was recently named to the Forbes Magazine Top Ten CEO's list and as theFrost & Sullivan 2001 CEO of the Year for Satellite Industry. In 2000, Aviation Week Magazine named him SpaceIndustry Business Man of the Year. In June 1991, INC. Magazine named him Master Entrepreneur of the Year for theRocky Mountain region. In 1988, he received the Home Satellite TV Association Star Award. Ergen was instrumental infighting for consumer rights with the passage of the Satellite Home Viewer Improvement Act in 1999 which gaveAmerican consumers the right to watch local TV channels via satellite. He has also testified before Congress regardingother video competition issues on numerous occasions and was a co−founder of the Satellite BroadcastingCommunications Association. He received his B.S. in General Business and Accounting from the University of Tennesseeand his M.B.A from the Babcock Graduate School of Management at Wake Forest University.

Source: Company Web Site, 2004

James DeFranco, Age 50

EVP and Director

Biography

James DeFranco co−founded EchoStar along with Charles Ergen. As executive vice president, DeFranco oversees salesand distribution. DeFranco is also responsible for the strategic planning for DISH Network. He has held various positionswith EchoStar's subsidiaries, including president of Echo Acceptance Corporation, HTS and HT Ventures, Inc. DeFrancoattended Clarkson College of Technology in Postdam, N.Y., where his academic emphasis was industrial distribution.DeFranco is a member on EchoStar's Board of Directors.


Michael R. McDonnell, Age 39

SVP and CFO



EchoStar Communications Corporation2001: SVP and CFO, $200,000 salary, $93,750 bonus♦

•

Biography

Michael McDonnell is responsible for all accounting, and financial functions of the company. McDonnell joined EchoStarduring late August 2000 with more than 13 years experience in finance and accounting from PricewaterhouseCoopersLLP. Starting as an associate in 1986 in New York, he transferred to the company's high−tech group in Washington, D.C.,in 1989. In 1996, McDonnell became a PricewaterhouseCoopers Partner and transferred to Denver. McDonnell served asthe engagement partner for companies in the technology and information communications industries, including AT&TBroadband and FirstWorld Communications. McDonnell earned his undergraduate degree in accounting fromGeorgetown University in Washington, D.C.


David K. Moskowitz, Age 44

SVP, General Counsel, Secretary, and Director


EchoStar Communications Corporation2001: SVP, General Counsel, Secretary, and Director, $119,230 salary, $187,500 bonus♦

•

Biography

Joining EchoStar in March 1990, David Moskowitz is responsible for legal and business affairs for EchoStar and itssubsidiaries. From 1986 to 1990, he was Corporate Counsel for MDC Holdings, Inc., a national home building andmortgage banking company. Previously, he practiced in the general corporate and securities law areas with a prominentDenver law firm. Moskowitz received his J.D. with honors from the National Law Center at George WashingtonUniversity in 1983 and his B.A. summa cum laude from Western Maryland College in 1980. He is a member of theAmerican Corporate Counsel Association, the Denver and Colorado Bar associations and a variety of civic organizations.Moskowitz is a member on EchoStar's Board of Directors.


Michael T. Dugan, Age 54

President, COO, and Director


EchoStar Communications Corporation2001: President, COO, and Director, $250,000 salary♦

•


Biography

Michael Dugan is responsible for all operating aspects of the business including DISH Network and EchoStarTechnologies Corporation. He served as the president of EchoStar Technologies Corporation, which was responsible forthe design, distribution and overseeing of manufacturing of DBS satellite TV set−top boxes, antennas and other digitalequipment for DISH Network. Dugan was the chief architect behind the technical foundation on which the success ofDISH Network has been built. Previously, Dugan served as vice president of Engineering for Tandon Corporation, as wellas director of Product Marketing and director of Engineering. He also served at Xerox Corporation for 15 years holding avariety of positions. He graduated from the Rochester Institute of Technology with a B.S. in electrical engineering.


Steven B. Schaver, Age 48

President, EchoStar International

Biography

Since being named president of EchoStar International in 2000, Mr. Schaver concentrates on expanding EchoStar'sworldwide set−top box distribution. He served as chief financial officer and chief operating officer from 1996 until he wasnamed president. From November 1993 to February 1996, he was the vice president of EchoStar's European and Africandistribution and sales offices. From July 1992 to November 1993, he served as the director of Sales and Marketing forEchoStar's largest Spanish customer in Madrid. Since joining EchoStar in 1984, he has held various positions withsubsidiaries of EchoStar, including vice president of European Operations. Prior to joining EchoStar, Schaver was abanking officer with Continental Illinois National Bank.


Soraya Hesabi−Cartwright, Age 42

EVP, DISH Network


EchoStar Communications Corporation2001: EVP, DISH Network, $225,000 salary♦

•

Biography

Soraya Hesabi−Cartwright is responsible for Customer Service Operations, Programming, Marketing and HumanResources for DISH Network. Cartwright started with EchoStar in 1996 and she has been responsible for the design,construction, staffing and operations of six DISH Network Customer Service Centers, as well as the Human Resourcesdepartment, which handles thousands of EchoStar employees nationwide. Cartwright has extensive experience in theoperations, sales, marketing and customer service areas and held positions in the corporate human resources field whereshe managed major organizational initiatives to drive employee performance. Cartwright graduated from the University ofColorado in Denver with B.S. degrees in chemistry and math.

Source: Company Web Site,


Michael Kelly, Age 41

SVP, DISH Network Service

Biography

Michael Kelly serves as senior vice president at EchoStar and oversees the operations of DISH Network Service, L.L.C. anational installation network, and DISH Network's nine customer service centers. In 1991, Kelly founded KellyBroadcasting Systems (KBS), a leader in distributing international radio and television programming in the United States.KBS was acquired by EchoStar in 2000. Kelly was also a DISH Network programmer and retailer for many years. Prior toKBS, Kelly served as executive vice president of Hamilton Communications Consultants, Inc., a professional consultingfirm that specialized in the design and construction of broadcast and telecommunications systems in the United States.Hamilton Communications was later acquired by Kelly.


Mark W. Jackson, Age 42

SVP, EchoStar Technologies

Biography

Mark Jackson is responsible for EchoStar Technologies Corporation, as well as the six coupled business units that addressmarkets that fall outside of the current DISH Network residential market: Product Marketing and Architecture, BusinessTelevision Operations, Broadcast and Interactive Data Services, New Business Ventures, Educational Services,Transmission and Satellite Services. Starting in 1993, Jackson served as vice president of Engineering at EchoStar. Priorto joining EchoStar, Jackson was director of Engineering at Tandon Corporation, Inc., where he was responsible forproduct development, strategic planning and new product conception and definition. Jackson earned his degree inelectrical engineering from Texas Tech University.


O. Nolan Daines, Age 42

Director

Biography

Mr. Daines is currently consulting for various privately−held companies. In 1993, Mr. Daines founded DiviCom, Inc.("DiviCom"), where he held various executive officer positions from the formation of DiviCom until October 1999.DiviCom is a global provider of standards−based MPEG−2 encoding product systems for digital video broadcasting.DiviCom's product lines include audio/video/data encoding and networking systems, as well as integration consulting andimplementation services. Mr. Daines was appointed to EchoStar's Board of Directors in March 1998, and has served as amember of the Corporation's Audit Committee and Executive Compensation Committee since such date.

Source: Proxy, April 5, 2002


Peter A. Dea, Age 49

Director

Other Company Affiliations

Company Title Salary Bonus

Western Gas Resources, Inc. President, CEO, and Director $486,418 $267,530Recent Work Highlights

Barrett Resources CorporationLast position held, Chairman and CEO♦

•

Western Gas Resources, Inc.2001: President, CEO, and Director, $76,731 salary, $44,000 bonus♦

•

Biography

Since June 2001, Mr. Dea has served on EchoStar's Board of Directors and as a member of the Audit Committee. Mr. Deahas served as President, Chief Executive Officer and a director of Western Gas Resources since November 1 2001. Hepreviously served as Chairman of the Board of Directors of Barrett Resources Corporation from April 2000 to August2001 and as Chief Executive Officer from November 1999 to August 2001. In addition, Mr. Dea served as Vice Chairmanof Barrett Resources from November 1999 until April 1 2000, as Executive Vice President−Exploration from December1998 until November 1999 and as Senior Vice President−Exploration of Barrett Resources from June 1996 untilDecember 1998.


Raymond L. Friedloeb, Age 57

Director

Biography

Mr. Friedlob has been a Director of EchoStar and a member of its Audit and Executive Compensation Committees sinceOctober 1995. Mr. Friedlob has been a member of the law firm of Friedlob Sanderson Paulson & Tourttillott, LLC since1995, where he specializes in federal securities law, corporate law, transportation and taxation.


Stephen R. Goodbarn

Director




Biography

Mr. Goodbarn was Chief Financial Officer of Janus Capital Corporation from 1992 until late 2000. During that time, hewas a member of the Executive Committee and served on the board of directors of many Janus corporate and investmententities. Mr. Goodbarn is a CPA and spent 13 years at Price Waterhouse prior to joining Janus.

Source: Company Press Release, December 31, 2002

Jean−Marie Messier, Age 48

Director


Vivendi Universal S.A.2001: EVP Finance, CFO, and Administration and Secretary, $4,649,508 salary♦

•

Vizzavi Europe Ltd.Last position held, Chairman♦

•

Biography

Jean−Marie Messier is Chairman and Chief Executive Officer of Vivendi Universal. Previously, Mr. Messier wasChairman and Chief Executive Officer of Vivendi (June 1996 to December 2000). Mr. Messier joined CompagnieGénérale des Eaux (renamed Vivendi in 1998) in November 1994, as Chief Executive Officer and Chairman of theExecutive Committee. Prior to his appointment at Vivendi, Mr. Messier was General Partner of the investment bankLazard Frères et Cie (1989−1994). Mr. Messier started his career as Inspecteur des Finances for the French Ministry ofEconomy and Finance (1982−1986). He then became Head of the cabinet of Camille Cabana, Deputy Minister in chargeof the privatization program. From 1986 to 1988, Mr. Messier was Advisor to Edouard Balladur, Minister of Economy,Finance and Privatization at the time. Mr. Messier graduated from France's Ecole Polytechnique (1976−1979) andattended Ecole Nationale d'Administration (1980−1982). Mr. Messier is member of the Board of Directors of Alcatel,BNP−Paribas, Cegetel, Compagnie de Saint−Gobain, LVMH−Moët Hennessy Louis Vuitton, New York Stock Exchange,UGC, USA Networks and is Chairman of the Supervisory Board of Canal+.

Source: Vivendi Universal S.A., 2001

C. Michael Shroeder

Director

Biography

Mr. Schroeder, a long time veteran of the satellite industry, brings a wealth of knowledge and experience to the board. Afounder of Consumer Satellite Systems, Inc. (CSS) in 1981, he grew his company to encompass a 10 state distributionsystem operating in a region ranging from Wisconsin to Florida. CSS served retailers selling satellite systems, televisionsand a range of consumer electronics products. Mr. Schroeder also founded a programming division that grew to serve over400,000 subscribers. Mr. Schroeder is now retired.

Source: Company Press Release, November 17, 2003



Overview

EchoStar Communications serves up a dish that fits almost everyone's entertainment appetite. The #2 US direct broadcastsatellite (DBS) TV provider (behind DIRECTV), the company operates the DISH Network, providing programming to 9million subscribers in the continental US. Subsidiaries develop DBS hardware such as dishes and integrated receivers anddeliver video, audio, and data services. EchoStar has teamed up with Gilat Satellite Networks (a partner with Microsoft)and Colorado startup WildBlue to develop satellite−based two−way broadband Internet access. CEO Charles Ergencontrols the company, which was engaged in a contact dispute with Viacom over programming costs.

The company had reached an agreement to buy Hughes Electronics, the parent company of rival DIRECTV, from GeneralMotors. However, the FCC rejected the deal, which would have created one of the largest multichannel TV providers inthe US, and the two companies abandoned their merger plans.

EchoStar's DISH Network provides a wide range of programming (more than 500 digital TV and audio channels) and hassix operational satellites in orbit and maintains sales and service locations throughout the continental US. It operatesdigital broadcast operations centers in Arizona and Wyoming.

The company's engineering division −− EchoStar Technologies −− designs the set−top boxes used for the DISHNetwork's satellite reception (outsourcing the manufacturing activities). The unit also serves other satellite TV operators,supplying similar receiver systems and providing design and construction supervision of uplink centers in Canada andEurope.

EchoStar's Satellite Services unit leases satellite capacity for audio, data, and video services. The company is developinginteractive TV services through a partnership with OpenTV. To thrwart increased competition from regional cablecompanies, DISH Network has been working to provide customers with local TV channels.

Co−founder and CEO Charlie Ergen owns about 51% of EchoStar's stock (and controls more than 91% of the vote).Minority shareholders include Rupert Murdoch's News Corp. (11%). To help in the effort to purchase DIRECTV, VivendiUniversal acquired a 10% stake in EchoStar in a $1.5 billion deal that included a distribution alliance, but it plans to sellback its stake to EchoStar as a result of the failed merger.















History

Charlie Ergen, a former financial analyst for Frito−Lay, founded a Denver company called Echosphere, a retailer oflarge−dish, C−band satellite TV equipment, with his wife, Candy, and James DeFranco (currently an EVP) in 1980.Echosphere evolved into a national manufacturer and distributor, which in 1987 began its move toward the new directbroadcast satellite (DBS) delivery system. It filed for a DBS license and set up subsidiary EchoStar CommunicationsCorporation to build, launch, and operate DBS satellites. In 1992 the FCC granted the company an orbital slot.

By 1994 Echosphere was the US's largest distributor of conventional home satellite equipment, but the future clearlyrested with DBS and EchoStar. A 1995 reorganization renamed the firm EchoStar Communications; the Echospheredistributor business became a subsidiary. EchoStar also created the DISH (Digital Sky Highway) Network brand, aimingfor an easier−to−remember name than its rivals' "DSS" and "USSB."

The company launched the EchoStar I satellite in 1995, followed a year later by EchoStar II. Commencing DISH Networkservice in 1996, EchoStar competed against other DBS providers, including DIRECTV, to win 350,000 subscribers byyear's end.

In 1997 Rupert Murdoch scrubbed a deal that called for News Corp. to buy half of EchoStar for $1 billion; Ergen sued for$5 billion in damages. EchoStar also went public in 1997 and signed up its one−millionth customer.

The next year EchoStar tangled again with Murdoch, winning FCC approval to access programming from FX Networks(owned by News Corp. and the former TCI, now ATcable unit), despite FX Networks' claims that it was locked up inexclusive programming agreements with cable companies. That issue and the 1997 lawsuit were put to rest in 1999 whenNews Corp. and MCI WorldCom (now WorldCom) traded DBS assets, including an orbital slot, for a combined 15%stake in EchoStar.

That year EchoStar and DIRECTV joined forces to successfully lobby for federal legislation allowing local TV signals tobe delivered by satellites nationwide. The company entered the Internet business, providing WebTV Internet access viasatellite to customers through an agreement with US software giant Microsoft. EchoStar also bought Media4 (nowEchoStar Data Networks), which specializes in providing Internet and data transmission over satellite networks.

In 2000 EchoStar formed a joint venture with OpenTV to offer interactive TV services using digital receivers withbuilt−in hard disk drives. Also that year the company reached an agreement to distribute two−way broadband Internetaccess using technology developed by the Israel−based Gilat Satellite Networks and Microsoft in a joint venture calledStarBand Communications. In addition, EchoStar paid $50 million for a 13% stake in startup WildBlue Communications,which has planned to launch two geostationary satellites used to offer the two−way data services.

When Hughes Electronics, the parent of DIRECTV, was put up for sale in 2001, EchoStar expressed interest. Aftermonths of negotiations, EchoStar appeared to have given up but instead made an unsolicited offer. Hughes' parent,General Motors, agreed to sell the company to EchoStar after News Corp. dropped out of the bidding. Regulators rejectedthe deal in 2002, and the companies abandoned their merger plans.

As part of its attempt to compete with regioal cable companies that have the capability to provide regional TV channels,DISH Network began offering local channels to towns in California, Idaho, Maryland, Montana, North Carolina, SouthCarolina, Virginia, and Wisconsin in 2003.

















Products/Operations

2002 Sales $ mil. % of totalUS 4,751 98Europe 70 2Total 4,821 100

2002 Sales $ mil. % of totalDISH Network 4,430 92DTH equipment sales 288 6Other services 103 2

Total 4,821 100

Selected Subsidiaries and Affiliations

EchoStar Broadband Corporation• EchoStar Orbital Corporation• EchoStar DBS Corporation• E−Sat, Inc. (80%)• Echosphere Corporation• EchoStar International Corporation• EchoStar Satellite Corporation• EchoStar Technologies Corporation• EchoStar Data Networks Corporation• Eldon Technology Limited (UK)• NagraStar LLC (50%, smart card encryption service)• StarBand Communications Inc. (32%, residential two−way, broadband Internet access via satellite)• VisionStar, Inc. (90%, Ka−band satellite operations)• WildBlue Communications Inc. (13%, Ka−band satellite broadband data services)•

Archived Charts

2001 Sales $ mil. % of totalDISH Network Subscription TV services 3,588 90 Other revenues 17 −DTH equipment sales & integration services 271 7Other services 125 3

Total 4,001 100

2001 Sales $ mil. % of totalDISH Network 3,683 92EchoStar Technologies 189 5Other business units 133 3Adjustments (4) −

Total 4,001 100

2001 Sales $ mil. % of totalUS 3,904 98


Europe 97 2

Total 4,001 100


Other Resources Available On Hoover's Online

News for EchoStar Communications (last 90 days)

Company Press Release Archive

Other Resources

Headquarters Map• SEC Filings

10−K Filings♦ •

Stock Quote• Stock Chart• Earnings Estimates• ValuEngine Analysis• Annual Report • Investor Relations • Financial Data Definitions• Market Data Definitions• Comparison Data Definitions• Historical Financials & Employees Definitions•

Related Products From Our Trusted Partners

Buy Reports and Books

D&B Business/Credit Reports: EchoStar Communications Corporation(D&B, Feb 1, 2004, Business Reports)

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EchoStar Communications Corporation: Company Profile(Datamonitor, Feb 1, 2004, Business Reports)

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SGA Lists − Individual Company Contact List for DISH(Sheila Greco and Associates, Nov 24, 2003, Business Reports)

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Tomorrow's Telephone Technology: The VoIP Revolution(Hoover's, Inc., Feb 1, 2004, Business Reports)

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IT Services: Identifying the Addressable Markets for Telecom Operators(Gartner, Inc., Mar 31, 2003, Business Reports)

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Direct Broadcast Services Providers: Financial Analysis Profiles(BizMiner, Dec 23, 2003, Business Reports)

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North American IP Contact Center Market(Frost & Sullivan, Jun 9, 2003, Business Reports)

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Delivering the Promise of Broadband Networks(IDC, May 1, 2002, Business Reports)

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Additional 3rd Party Libraries

Additional Research On EchoStar Communications

Manufacturing Branches • Corporate Hierarchy •


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Annual Financials

All amounts in millions of US Dollars

Income Statement Dec 02 Dec 01 Dec 00

Revenue 4,820.8 4,001.1 2,715.2

Cost of Goods Sold 2,879.9 2,018.6 221.4

Gross Profit 1,940.9 1,982.5 2,493.8

Gross Profit Margin 40.3% 49.5% 91.8%

SG&A Expense 1,134.8 1,482.4 2,674.5

Depreciation & Amortization 384.9 287.8 191.9

Operating Income 421.2 212.3 (372.6)

Operating Margin 8.7% 5.3% −−

Nonoperating Income (57.8) (55.0) 19.9

Nonoperating Expenses 482.9 371.4 268.0

Income Before Taxes (809.3) (214.1) (620.7)

Income Taxes 72.5 1.5 0.6

Net Income After Taxes (881.8) (215.6) (621.3)

Continuing Operations (881.7) (215.5) (621.2)

Discontinued Operations 0.0 0.0 0.0

Total Operations (881.7) (215.5) (621.2)

Total Net Income (881.7) (215.5) (621.2)

Net Profit Margin −− −− −−

Diluted EPS from Continuing Operations ($) (0.92) (0.45) (1.32)

Diluted EPS from Discontinued Operations ($) 0.00 0.00 0.00

Diluted EPS from Total Operations ($) (0.92) (0.45) (1.32)

Diluted EPS from Total Net Income ($)

Dividends per Share 0.00 0.00 0.00

Balance Sheet Dec 02 Dec 01 Dec 00

Assets

Current Assets

Cash 1,483.1 1,677.9 856.8

Net Receivables 435.0 424.1 384.6

Inventories 150.3 190.7 161.2


Other Current Assets 1,251.1 1,219.2 658.2

Total Current Assets 3,319.5 3,512.0 2,060.8

Net Fixed Assets 1,974.5 1,904.0 1,511.3

Other Noncurrent Assets 966.6 1,103.7 1,093.9

Total Assets 6,260.6 6,519.7 4,666.0

Liabilities and Shareholders' Equity Dec 02 Dec 01 Dec 00

Current Liabilities

Accounts Payable 264.8 254.9 226.6

Short−Term Debt 13.4 14.8 21.1

Other Current Liabilities 1,367.0 1,218.7 975.4

Total Current Liabilities 1,645.2 1,488.4 1,223.1

Long−Term Debt 5,733.6 5,706.5 4,014.8

Other Noncurrent Liabilities 87.4 102.6 56.3

Total Liabilities 7,466.2 7,297.5 5,294.2

Shareholders' Equity

Preferred Stock Equity 0.0 0.0 10.9

Common Stock Equity (1,205.6) (777.8) (639.2)

Total Equity (1,205.6) (777.8) (628.3)

Shares Outstanding (mil.) 481.0 479.4 474.2

Cash Flow Statement Dec 02 Dec 01 Dec 00

Net Operating Cash Flow 66.7 489.5 (118.7)

Net Investing Cash Flow (682.4) (1,279.1) (912.0)

Net Financing Cash Flow 420.8 1,610.7 982.2

Net Change in Cash (194.8) 821.1 (48.5)

Depreciation & Amortization 384.9 287.8 191.9

Capital Expenditures (435.8) (637.5) (331.4)

Cash Dividends Paid 0.0 0.0 0.0

Historical Auditors

Auditor Name Year

PricewaterhouseCoopers LLP 2002

Arthur Andersen LLP 2001


Data Definitions

Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia


http://www.mgfs.com

Quarterly Financials

All amounts in millions of US Dollars except per share amounts.

Income StatementQuarter Ending

Sep 03Quarter Ending

Jun 03Quarter Ending

Mar 03Quarter Ending

Dec 02

QuarterEndingSep 02

Revenue 1,436.2 1,393.8 1,333.9 1,324.8 1,222.8

Cost of Goods Sold 1,058.5 959.7 808.3 399.9 876.4

Gross Profit 377.7 434.1 525.6 924.9 346.4

Gross Profit Margin 26.3% 31.1% 39.4% 69.8% 28.3%

SG&A Expense 127.3 128.8 268.6 732.4 149.8

Depreciation & Amortization 106.0 103.1 103.4 108.7 100.8

Operating Income 144.4 202.2 153.6 83.8 95.8

Operating Margin 10.1% 14.5% 11.5% 6.3% 7.8%

Nonoperating Income 28.1 37.5 40.0 (66.9) (12.4)

Nonoperating Expenses 133.9 107.7 130.5 119.8 117.6

Income Before Taxes 38.6 132.0 63.1 (652.8) (168.7)

Income Taxes 3.4 3.2 5.2 62.7 (0.6)

Net Income After Taxes 35.2 128.8 57.9 (715.5) (168.1)

Continuing Operations 35.1 128.8 57.9 (715.6) (167.9)

Discontinued Operations 0.0 0.0 0.0 0.0 0.0

Total Operations 35.1 128.8 57.9 (715.6) (167.9)

Total Net Income 35.1 128.8 57.9 (715.6) (167.9)

Net Profit Margin 2.4% 9.2% 4.3% −− −−

Diluted EPS from ContinuingOperations ($)

0.07 0.26 0.12 (0.45) (0.35)

Diluted EPS fromDiscontinued Operations ($)

0.00 0.00 0.00 0.00 0.00

Diluted EPS from TotalOperations ($)

0.07 0.26 0.12 (0.45) (0.35)

Diluted EPS from Total NetIncome ($)

Dividends per Share 0.00 0.00 0.00 0.00 0.00

Balance SheetQuarter Ending

Sep 03Quarter Ending

Jun 03Quarter Ending

Mar 03Quarter Ending

Dec 02

QuarterEndingSep 02


Assets

Current Assets

Cash 908.4 1,152.0 1,058.2 1,483.1 3,428.5

Net Receivables 445.8 431.1 425.6 435.0 433.3

Inventories 148.7 151.8 174.8 150.3 156.4

Other Current Assets 2,213.3 1,581.0 1,464.4 1,251.1 887.0

Total Current Assets 3,716.2 3,315.9 3,123.0 3,319.5 4,905.2

Net Fixed Assets 1,914.5 1,924.4 1,931.5 1,974.5 2,027.2

Other Noncurrent Assets 975.6 992.8 953.3 966.6 1,098.1

Total Assets 6,606.3 6,233.0 6,007.9 6,260.6 8,030.6

Liabilities and Shareholders'Equity

Quarter EndingSep 03

Quarter EndingJun 03

Quarter EndingMar 03

Quarter EndingDec 02

QuarterEndingSep 02

Current Liabilities

Accounts Payable 338.0 321.5 278.5 264.8 280.4

Short−Term Debt 14.0 13.5 13.5 13.4 14.9

Other Current Liabilities 1,404.5 1,371.8 1,380.8 1,367.0 1,280.1

Total Current Liabilities 1,756.4 1,706.8 1,672.7 1,645.2 1,575.4

Long−Term Debt 5,622.7 5,359.0 5,358.4 5,733.6 5,905.6

Other Noncurrent Liabilities 136.8 96.7 96.9 87.4 91.1

Total Liabilities 7,516.0 7,162.5 7,128.1 7,466.2 7,572.1

Shareholders' Equity

Preferred Stock Equity 0.0 0.0 0.0 0.0 1,452.8

Common Stock Equity (909.6) (929.5) (1,120.2) (1,205.6) (994.3)

Total Equity (909.6) (929.5) (1,120.2) (1,205.6) 458.5

Shares Outstanding (mil.) 484.6 484.2 481.2 481.0 480.8

Cumulative Cash FlowStatement

Quarter EndingSep 03

Quarter EndingJun 03

Quarter EndingMar 03

Quarter EndingDec 02

QuarterEndingSep 02

Net Operating Cash Flow 651.9 433.3 185.0 66.7 463.3

Net Investing Cash Flow (1,123.7) (403.5) (236.4) (682.4) (201.1)

Net Financing Cash Flow (102.8) (360.9) (373.5) 420.8 1,488.4

Net Change in Cash (574.7) (331.1) (424.9) (194.8) 1,750.6


Depreciation & Amortization 106.0 103.1 103.4 108.7 100.8

Capital Expenditures (241.7) (157.3) (59.6) (435.8) (356.1)

Cash Dividends Paid 0.0 0.0 0.0 0.0 0.0

Data Definitions



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Historical Financials & Employees

Income Statement

YearRevenue

($ mil.)Net Income

($ mil.)Net Profit

MarginEmployees

Dec 02 4,820.8 (881.7) −− 15,000

Dec 01 4,001.1 (215.5) −− 11,000

Dec 00 2,715.2 (621.2) −− 11,000

Dec 99 1,602.8 (792.8) −− 6,048

Dec 98 982.7 (260.9) −− 3,815

Dec 97 477.4 (312.8) −− 1,930

Dec 96 211.4 (101.0) −− 1,200

Dec 95 163.9 (11.5) −− −−

Dec 94 191.0 0.1 0.1% −−

Dec 93 220.9 12.3 5.6% −−

Stock History

YearStock Price ($) P/E Per Share ($)

FYHigh

FYLow

FYClose

High Low Earns. Div.BookValue

Dec 02 30.0 13.4 22.3 −− −− (0.9) 0.0 (2.5)

Dec 01 39.0 19.5 27.5 −− −− (0.4) 0.0 (1.6)

Dec 00 81.2 21.6 22.8 −− −− (1.3) 0.0 (1.3)

Dec 99 49.4 5.4 48.8 −− −− (1.9) 0.0 (0.1)

Dec 98 6.1 2.0 6.1 −− −− (0.8) 0.0 (1.0)

Dec 97 3.5 1.4 2.1 −− −− (1.0) 0.0 (0.2)

Dec 96 5.1 2.5 2.8 −− −− (0.3) 0.0 0.2

Dec 95 3.2 1.5 3.0 −− −− (0.1) 0.0 0.5

Dec 94 −− −− −− −− −− (0.0) 0.0 0.3

Dec 93 −− −− −− −− −− −− −− −−

2002 Year−End Financials

Debt ratio −−

Cash ($ mil.) 1,483.1

Current ratio 2.02

Long−term debt ($ mil.) 5,733.6

Shares Outstanding (mil.) 481.0


Dividend yield 0.0%

Dividend payout −−

Market value ($ mil.) 10,706.5

Historical Auditors

Auditor Name Year

PricewaterhouseCoopers LLP 2002










Data Definitions



http://www.mgfs.com

Market Data

Current Information

Last Close 16−Mar−2004 $34.56 Price/Sales Ratio 3.05

52−Week High $41.00 Price/Book Ratio −−

52−Week Low $27.33 Price/Earnings Ratio −−

60−Month Beta 2.1 Price/Cash Flow Ratio (37.57)

Market Value (mil.) $16,747.2Return on Assets (7.5%)

Shares Outstanding (mil.) 484.6 Return on Equity −−

Dividend Rate 0.00 Current Ratio 2.12

Dividend Yield 0.0% Long−Term Debt/Equity (6.18)

# of Institutional Holders 939 % Owned by Institutions 84.4%

Latest Short Interest Ratio 3.80 Latest Net Insider Transactions 0.00

Growth Rates 12 Month 36 Month 60 Month

Revenue Growth 18.1% 25.8% 42.4%

EPS Growth −− −− −−

Dividend Growth −− −− −−

Data Definitions



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Comparison Data

Profitability Company Industry 1 Market 2

Gross Profit Margin 41.22% 32.72% 48.19%

Pre−Tax Profit Margin (7.64%) 0.99% 6.72%

Net Profit Margin (8.99%) 0.23% 3.78%

Return on Equity −− 0.7% 7.4%

Return on Assets (7.5%) 0.2% 1.2%

Return on Invested Capital (10.5%) 0.5% 3.7%

Valuation Company Industry 1 Market 2

Price/Sales Ratio 3.05 0.63 1.39

Price/Earnings Ratio −− 181.00 36.25

Price/Book Ratio −− 1.95 2.71

Price/Cash Flow Ratio (37.57) 9.98 13.91

Operations Company Industry 1 Market 2

Days of Sales Outstanding 29.24 69.43 59.16

Inventory Turnover 21.1 6.1 7.6

Days Cost of Goods Sold in Inventory 17 59 48

Asset Turnover 0.7 1.0 0.3

Net Receivables Turnover Flow 12.5 5.4 6.2

Effective Tax Rate −− −− 42.4%

Financial Company Industry 1 Market 2

Current Ratio 2.12 1.34 1.41

Quick Ratio 2.0 0.9 1.0

Leverage Ratio −− 3.45 5.95

Total Debt/Equity −− 0.82 1.40

Interest Coverage 0.10 2.20 2.20

Per Share Data ($) Company Industry 1 Market 2

Revenue Per Share 11.33 40.36 19.86

Fully Diluted Earnings Per Sharefrom Total Operations

0.00 0.14 0.76

Dividends Per Share 0.00 0.07 0.43

Cash Flow Per Share (0.92) 2.54 1.98

Working Capital Per Share 4.04 5.23 2.22

Long−Term Debt Per Share 11.60 6.30 10.29

Book Value Per Share (1.88) 13.00 10.15


Total Assets Per Share 13.63 44.87 60.41

Growth Company Industry 1 Market 2

12−Month Revenue Growth 18.1% 13.3% 6.1%

12−Month Net Income Growth −− −− 129.0%

12−Month EPS Growth −− −− 137.5%

12−Month Dividend Growth −− (56.3%) 4.9%

36−Month Revenue Growth 25.8% (3.1%) 2.3%

36−Month Net Income Growth −− −− (11.4%)

36−Month EPS Growth −− −− (12.0%)

36−Month Dividend Growth −− (42.3%) 2.2%1Industry: Electronic EquipmentIndustry classifications are from Media General Financial Services, Inc. .

2 Public companies trading on the New York Stock Exchange, the American Stock Exchange, and the NASDAQ National Market.

Data Definitions



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Competitive Landscape

KEY: Best of Group. Companies listed are Top Competitors.

Key NumbersEchoStar

CommunicationsComcast DIRECTV 1 Time Warner

Cable 1

Annual Sales ($mil.) 4,820.8 18,348.0 7,193.3 7,035.0

Employees 15,000 68,000 −− 30,000

Market Value ($mil.) 16,747.2 63,116.1 −− −−

ProfitabilityEchoStar


Cable 1Industry 2 Market 3

Gross Profit Margin 41.22% 50.11% −− −− 32.72% 48.19%

Pre−Tax Profit Margin (7.64%) (1.41%) −− −− 0.99% 6.72%

Net Profit Margin (8.99%) 17.66% −− −− 0.23% 3.78%

Return on Equity −− 7.9% −− −− 0.7% 7.4%

Return on Assets (7.5%) 3.0% −− −− 0.2% 1.2%

Return on Invested Capital (10.5%) 4.7% −− −− 0.5% 3.7%

ValuationEchoStar



Price/Sales Ratio 3.05 3.44 −− −− 0.63 1.39

Price/Earnings Ratio −− 19.47 −− −− 181.00 36.25

Price/Book Ratio −− 1.53 −− −− 1.95 2.71

Price/Cash Flow Ratio (37.57) 8.85 −− −− 9.98 13.91

OperationsEchoStar



Days of Sales Outstanding 29.24 16.68 −− −− 69.43 59.16

Inventory Turnover 21.1 37.9 −− −− 6.1 7.6

Days Cost of Goods Soldin Inventory

17 9 −− −− 59 48

Asset Turnover 0.7 0.3 −− −− 1.0 0.3

Net Receivables TurnoverFlow

12.5 20.6 −− −− 5.4 6.2

Effective Tax Rate −− −− −− −− −− 42.4%

FinancialEchoStar



Current Ratio 2.12 0.75 −− −− 1.34 1.41

Quick Ratio 2.0 0.7 −− −− 0.9 1.0

Leverage Ratio −− 2.66 −− −− 3.45 5.95

Total Debt/Equity −− 0.74 −− −− 0.82 1.40






















Interest Coverage 0.10 0.70 −− −− 2.20 2.20

Per Share Data ($)EchoStar



Revenue Per Share 11.33 8.15 −− −− 40.36 19.86

Fully Diluted Earnings PerSharefrom Total Operations

0.00 1.44 −− −− 0.14 0.76

Dividends Per Share 0.00 0.00 −− −− 0.07 0.43

Cash Flow Per Share (0.92) 3.17 −− −− 2.54 1.98

Working Capital Per Share 4.04 (1.11) −− −− 5.23 2.22

Long−Term Debt PerShare

11.60 12.14 −− −− 6.30 10.29

Book Value Per Share (1.88) 18.32 −− −− 13.00 10.15

Total Assets Per Share 13.63 48.79 −− −− 44.87 60.41

GrowthEchoStar



12−Month RevenueGrowth

18.1% 47.3% −− −− 13.3% 6.1%

12−Month Net IncomeGrowth

−− −− −− −− −− 129.0%

12−Month EPS Growth −− −− −− −− −− 137.5%

12−Month DividendGrowth

−− −− −− −− (56.3%) 4.9%

36−Month RevenueGrowth

25.8% 30.5% −− −− (3.1%) 2.3%

36−Month Net IncomeGrowth

−− −− −− −− −− (11.4%)

36−Month EPS Growth −− −− −− −− −− (12.0%)

36−Month DividendGrowth

−− −− −− −− (42.3%) 2.2%

1 Data unavailable.2 Industry: Electronic EquipmentIndustry classifications are from Media General Financial Services, Inc. .3 Public companies trading on the New York Stock Exchange, the American Stock Exchange, and the NASDAQ National Market.

Data Definitions











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