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SCHEDULE I - Parent Company Information
12 Months Ended
Dec. 31, 2012
SCHEDULE I - Parent Company Information  
SCHEDULE I - Parent Company Information

 

 

ECHOSTAR CORPORATION

SCHEDULE I

 

Parent company only financials are provided only as of and for the years ended December 31, 2012 and 2011 because there were no restricted net assets of EchoStar that would require the filing of such parent company only financials prior to issuance of the Notes and acquisition of Hughes Communications, Inc. and its subsidiaries in June 2011.

 

CONDENSED BALANCE SHEETS

(Parent Company Information Only— See Notes to Consolidated Financial Statements)

(Dollars in thousands, except per share amounts)

 

 

 

As of December 31,

 

 

 

2012

 

2011

 

Assets

 

 

 

 

 

Current Assets:

 

 

 

 

 

Cash and cash equivalents

 

$

471,820

 

$

433,110

 

Marketable investment securities

 

773,529

 

821,325

 

Other current assets

 

16,678

 

 

Total current assets

 

1,262,027

 

1,254,435

 

 

 

 

 

 

 

Noncurrent Assets:

 

 

 

 

 

Investments in consolidated subsidiaries, including intercompany balances

 

1,819,699

 

1,720,591

 

Restricted cash and marketable investment securities

 

979

 

746

 

Deferred tax assets

 

112,619

 

7,206

 

Intangible assets, net

 

56,113

 

73,009

 

Other investment securities

 

54,324

 

24,257

 

Total noncurrent assets

 

2,043,734

 

1,825,809

 

Total assets

 

$

3,305,761

 

$

3,080,244

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

Trade accounts payable - DISH Network

 

$

70

 

$

 

Accrued expenses and other

 

159,177

 

37,728

 

Deferred tax liabilities

 

3,712

 

 

Total current liabilities

 

162,959

 

37,728

 

 

 

 

 

 

 

Noncurrent Liabilities:

 

 

 

 

 

Long-term deferred revenue and other long-term liabilities

 

1,912

 

 

Total noncurrent liabilities

 

1,912

 

 

Total liabilities

 

164,871

 

37,728

 

 

 

 

 

 

 

Commitments and Contingencies

 

 

 

 

 

 

 

 

 

Stockholders’ Equity:

 

 

 

 

 

Preferred Stock, $.001 par value, 20,000,000 shares authorized, none issued and outstanding

 

 

 

Class A common stock, $.001 par value, 1,600,000,000 shares authorized, 45,449,362 and 44,500,440 shares issued, and 39,917,044 and 38,968,122 shares outstanding, respectively

 

45

 

45

 

Class B common stock, $.001 par value, 800,000,000 shares authorized, 47,687,039 shares issued and outstanding

 

48

 

48

 

Class C common stock, $.001 par value, 800,000,000 shares authorized, none issued and outstanding

 

 

 

Class D common stock, $.001 par value, 800,000,000 shares authorized, none issued and outstanding

 

 

 

Additional paid-in capital

 

3,394,646

 

3,360,301

 

Accumulated other comprehensive income

 

18,752

 

165,771

 

Accumulated deficit

 

(174,439

)

(385,487

)

Treasury stock, at cost

 

(98,162

)

(98,162

)

Total stockholders’ equity

 

3,140,890

 

3,042,516

 

Total liabilities and stockholders’ equity

 

$

3,305,761

 

$

3,080,244

 

 

ECHOSTAR CORPORATION

CONDENSED STATEMENTS OF OPERATIONS

(Parent Company Information Only— See Notes to Consolidated Financial Statements)

(In thousands)

 

 

 

For the Years Ended December 31,

 

 

 

2012

 

2011

 

Costs and Expenses:

 

 

 

 

 

Selling, general and administrative expenses

 

$

1,083

 

$

1,762

 

Depreciation and amortization

 

16,965

 

15,982

 

Total costs and expenses

 

18,048

 

17,744

 

 

 

 

 

 

 

Operating loss

 

(18,048

)

(17,744

)

 

 

 

 

 

 

Other Income (Expense):

 

 

 

 

 

Interest income

 

8,874

 

7,105

 

Realized gains on marketable investment securities and other investments

 

162,257

 

6,518

 

Gains on investments accounted for at fair value, net

 

 

15,871

 

Equity in earnings (losses) of unconsolidated affiliates

 

(7,224

)

3,325

 

Other, net

 

46,026

 

 

Total other income (expense), net

 

209,933

 

32,819

 

 

 

 

 

 

 

Income before income taxes and equity in earnings of consolidated subsidiaries, net

 

191,885

 

15,075

 

Equity in earnings (losses) of consolidated subsidiaries, net

 

16,033

 

(2,010

)

Income tax benefit (provision), net

 

3,130

 

(9,426

)

Net income

 

$

211,048

 

$

3,639

 

 

 

 

 

 

 

Comprehensive Income (Loss):

 

 

 

 

 

Net income

 

$

211,048

 

$

3,639

 

Other comprehensive loss, net of tax:

 

 

 

 

 

Foreign currency translation adjustments

 

(2,595

)

(14,095

)

Unrealized holding gains (losses) on available-for-sale securities and other

 

30,799

 

(1,276

)

Recognition of previously unrealized gains on available-for-sale securities in net income

 

(175,223

)

(6,637

)

Total other comprehensive loss, net of tax

 

(147,019

)

(22,008

)

Comprehensive income (loss)

 

$

64,029

 

$

(18,369

)

 

ECHOSTAR CORPORATION

CONDENSED STATEMENTS OF CASH FLOWS

(Parent Company Information Only— See Notes to Consolidated Financial Statements)

(In thousands)

 

 

 

For the Years Ended December 31,

 

 

 

2012

 

2011

 

Cash Flows From Operating Activities:

 

 

 

 

 

Net income (loss)

 

$

211,048

 

$

3,639

 

Adjustments to reconcile net income (loss) to net cash flows from operating activities:

 

 

 

 

 

Depreciation and amortization

 

16,965

 

15,982

 

Equity in losses (earnings) of unconsolidated affiliates

 

7,224

 

(3,325

)

Equity in losses (earnings) of consolidated subsidiaries, net

 

(16,033

)

2,010

 

Realized gains on marketable investment securities and other investments

 

(162,257

)

(6,518

)

Gains on investments accounted for at fair value, net

 

 

(15,871

)

Deferred tax benefit

 

(95,982

)

(49,353

)

Other, net

 

16,893

 

10,173

 

Changes in noncurrent assets and noncurrent liabilities, net

 

1,912

 

 

Changes in current assets and current liabilities, net

 

101,434

 

119,472

 

Net cash flows from operating activities

 

81,204

 

76,209

 

 

 

 

 

 

 

Cash Flows From Investing Activities:

 

 

 

 

 

Purchases of marketable investment securities

 

(878,427

)

(1,746,577

)

Sales and maturities of marketable investment securities

 

931,317

 

1,470,904

 

Contributions to subsidiaries and affiliates, net

 

(118,049

)

(135,060

)

Distribution received from investments in affiliates

 

7,500

 

 

Change in restricted cash and marketable investment securities

 

(233

)

105

 

Purchase of strategic investments securities

 

 

(59,475

)

Proceeds from sale of strategic investments

 

 

697,498

 

Other, net

 

 

(1,596

)

Net cash flows from investing activities

 

(57,892

)

225,799

 

 

 

 

 

 

 

Cash Flows From Financing Activities:

 

 

 

 

 

Net proceeds from Class A common stock options exercised and issued under the Employee Stock Purchase Plan

 

15,398

 

28,718

 

Other

 

 

1,882

 

Net cash flows from financing activities

 

15,398

 

30,600

 

 

 

 

 

 

 

Net increase in cash and cash equivalents

 

38,710

 

332,608

 

Cash and cash equivalents, beginning of period

 

433,110

 

100,502

 

Cash and cash equivalents, end of period

 

$

471,820

 

$

433,110