EchoStar Profit Rises; Accounting Error Found
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EchoStar Communications Corp., the second-largest U.S. satellite-TV broadcaster, said fourth-quarter earnings jumped 26-fold and its audit committee found that record-keeping in earlier years was “deficient.”
Net income rose to $70.1 million, or 15 cents a share, from $2.68 million, or 1 cent, a year earlier. Revenue increased 28% to $1.93 billion, the Englewood, Colo.-based company said.
EchoStar’s audit committee is examining the company’s accounting, and the SEC has opened an inquiry into Chairman and Chief Executive Charles Ergen’s role, people familiar with the matter said.
EchoStar shares rose 39 cents to $28.83 on Nasdaq before the company’s filing was disclosed.
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