Satellite : DISH, STARZ/ENCORE All Gain Subs

Another round of quarterly reports were released today. Here's the latest:

• DISH reported positive Q4 results with a sub gain of 22K and a 13% y/y increase in total revenue of $3.63B. The company nabbed 39% of category gross adds v. 36.9% a year ago, and as the satcaster continues to focus on retention rather than growth, quarterly churn strengthen to 1.55%. Bernstein Research's Craig Moffett said the market share pendulum has swung back towards balance between DISH and DIRECTV, possibly reflecting a satellite industry that has reached its prime. "This is either the end of the growth phase (glass half full) or the beginning of the decline phase (glass half empty)," the analyst quipped. "The satellite operators are faced with the unappetizing choice of accepting the declining video margins of the cable TV operators, but without cable's higher margin broadband offset, or, alternatively, of holding the line on margins by raising prices and in the process becoming less and less competitive." CEO Joe Clayton told investors the Blockbuster brand is helping to curb sub losses... but Moffett called the former-DVD retailer "little more than a sideshow."

• EchoStar reported total revenue of $834M for its Q1 (ending Dec. 31, 2011), an impressive 62% y/y increase. Revs hit $2.76B for FY11, a 17.5% increase from FY10. During its quarterly conference call Thursday, General Counsel Dean Manson said the company is on track for its planned launch of EchoStar 17 this summer. He said the satellite will deliver HughesNet G4 broadband internet service and allow the company to expand its consumer satellite business. Manson also said the DBS-specific satellite EchoStar 16 is under construction and should launch sometime in late 2012.
: Fta Files - FTA-GODS.COM Satellite : DISH, STARZ/ENCORE All Gain Subs
: Fta Files - FTA-GODS.COM Satellite : DISH, STARZ/ENCORE All Gain Subs

• Liberty Global posted a Q411 net loss of $435M, compared to net earnings of $57.5M in Q410. The company reported a y/y revenue gain of $2.4B during the period. Germany is now the company's largest single market (after acquiring KBW last last year), and ended Q4 with ~4.77M analog/~2M digital TV subs.
: Fta Files - FTA-GODS.COM Satellite : DISH, STARZ/ENCORE All Gain Subs

• Liberty Media's STARZ and ENCORE services saw 4Q11 subscriptions grow by 8% and 1% respectively y/y. Revenue increased by 96% to B while Q311 revenues were up 48% to B.

• Liberty Interactive's Q4 results saw revenues up by 7% to $3.1B and annual revenues up 8% to $9.6B. Liberty also announced that Liberty Interactive (as asset-backed security) will be split into two pieces: Interactive (QVC, e-commerce, 34% stake in HSNI and $500M cash) and Ventures ($1.25B in cash, passive equity stakes other than HSNI and exchangeable debentures).

• Kudelski reported a FY11 operating income loss of €83.2M ($111M) in its digital TV business, with net income down €14.7M ($19.6M) to €40.6M ($54.27M). On the positive side, Nagra continued its success in IP-video with DISH/EchoStar, Canal+, PrisaTV and others. •