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The following is an excerpt from a S-4/A SEC Filing, filed by ECHOSTAR DBS CORP on 9/15/1997.
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DISH DBS CORP - S-4/A - 19970915 - FINANCIAL_DATA

SUMMARY FINANCIAL DATA

Prior to consummation of the Old Notes Offering, EchoStar contributed all of the outstanding capital stock of ESBC to the Issuer (the "Contribution"). Similarly, in January 1996, EchoStar contributed all of the outstanding capital stock of Dish to ESBC (the "Dish Contribution"). The Contribution and the Dish Contribution have been accounted for as reorganizations of entities under common control, in which Dish was treated as the predecessor to ESBC and ESBC was treated as the predecessor to the Issuer. The following summary financial data and the selected financial data presented elsewhere in this Prospectus for the five years ended December 31, 1996 are derived from the Consolidated Financial Statements of the Issuer and the Issuer's predecessor entities, audited by Arthur Andersen LLP, independent public accountants. The following summary financial data with respect to the six months ended June 30, 1996 and 1997 are unaudited; however, in the opinion of management, such data reflect all adjustments (consisting only of normal recurring adjustments) necessary to fairly present the data for such interim periods. Operating results for interim periods are not necessarily indicative of the results that may be expected for a full year. The data set forth in this table should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations," the Issuer's Consolidated Financial Statements and the Notes thereto, and other financial information included elsewhere in this Prospectus.

                                                                                                                SIX MONTHS ENDED
                                                                   YEARS ENDED DECEMBER 31,                         JUNE 30,
                                                    ------------------------------------------------------    ---------------------
                                                    1992(1)     1993(1)     1994       1995         1996        1996         1997
                                                       (IN THOUSANDS, EXCEPT RATIOS, SUBSCRIBERS AND SATELLITE RECEIVERS SOLD)
                                                                                                                   (UNAUDITED)
STATEMENT OF OPERATIONS DATA:
  Revenue.......................................    $165,088   $220,941   $190,983   $163,890    $ 209,731    $110,380    $ 171,437
  Operating income (loss).......................      11,286     18,204     13,216     (8,006)    (108,865)    (26,579)     (86,831)
  Net income (loss).............................       7,529     12,272         90    (12,361)    (101,676)    (28,921)    (126,425)

OTHER DATA:
  EBITDA (2)....................................    $ 12,329   $ 19,881   $ 15,459   $ (4,892)   $ (65,496)   $(16,823)   $    (243)
  Ratio of earnings to fixed charges (3)........       15.0x      18.4x       1.0x         --           --          --           --
  Deficiency of earnings to fixed charges (3)...          --         --         --   $(18,552)   $(156,529)   $(12,833)   $(126,469)
  DBS subscribers (end of period)...............          --         --         --         --      350,000      70,000      590,000
  Satellite receivers sold (in units):
    Domestic....................................     116,000    132,000    114,000    131,000      518,000     155,000      348,000
    International...............................      85,000    203,000    289,000    331,000      239,000     126,000       91,000
                                                    ------------------------------------------------------    ---------------------
       Total....................................     201,000    335,000    403,000    462,000      757,000     281,000      439,000
                                                    ------------------------------------------------------    ---------------------
                                                    ------------------------------------------------------    ---------------------

                                                                               AS OF MARCH 31, 1997
                                                                           -----------------------------       JUNE 30,
                                                                             ACTUAL       AS ADJUSTED(4)         1997
                                                                           ----------    ---------------    --------------
                                                                                           (UNAUDITED)

BALANCE SHEET DATA:
  Cash, cash equivalents and marketable investment securities (5)......    $   33,517      $  175,017       $  186,883(10)
  Total assets.........................................................     1,084,639       1,459,639        1,433,783
  Old Notes............................................................            --         375,000          375,000
  Total long-term obligations (less current portion)...................       910,604       1,285,604        1,323,762
  Total stockholder's equity...........................................       (68,626)        (68,626)        (133,100)

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SUMMARY SATELLITE DATA

                                            ECHOSTAR I    ECHOSTAR II       ECHOSTAR III           ECHOSTAR IV
Expected launch date.....................    Launched       Launched        October 1997         1st Quarter 1998
Orbital slot.............................   119DEG. WL     119DEG. WL       61.5DEG. WL           148DEG. WL (6)
Transponders.............................  16 @ 24 MHz    16 @ 24 MHz    16/32 @ 24 MHz (7)     16/32 @ 24 MHz (7)
Approximate channel capacity (8).........  100 channels   100 channels    100/200 channels       100/200 channels
Output power.............................   130 Watts      130 Watts       240/120 Watts          240/120 Watts
Expected end of commercial life (9)......      2011           2011              2012                   2013
Coverage area                              Continental U.S. and certain     Eastern and      Western and Central U.S.
                                           regions of Canada and Mexico     Central U.S.        Alaska and Hawaii


(1) Certain of the Issuer's subsidiaries operated under Subchapter S of the Internal Revenue Code of 1986, as amended (the "Code"), and comparable provisions of applicable state income tax laws, until December 31, 1993. The net income for 1992 and 1993 presented above is net of pro forma income taxes of $3,304 and $7,846, respectively, determined as if the Issuer had been subject to corporate Federal and state income taxes for those years. See Note 7 of Notes to the Issuer's Consolidated Financial Statements.

(2) EBITDA represents earnings before interest (net), taxes, depreciation and amortization (including amortization of subscriber acquisition costs of $16.0 million for the year ended December 31, 1996 and $61.3 million for the six months ended June 30, 1997). EBITDA is commonly used in the communications industry to analyze companies on the basis of operating performance, leverage and liquidity. EBITDA is not intended to represent cash flows for the period, nor has it been presented as an alternative to operating income as an indicator of operating performance and should not be considered in isolation or as a substitute for measures of performance determined in accordance with generally accepted accounting principles. See the Issuer's Consolidated Financial Statements contained elsewhere in this Prospectus.

(3) For purposes of computing the ratio of earnings to fixed charges and the deficiency of earnings to fixed charges, earnings consist of earnings from continuing operations before income taxes, plus fixed charges. Fixed charges consist of interest incurred on all indebtedness and the computed interest components of rental expense under noncancelable operating leases. For the years ended December 31, 1995 and 1996 and the six months ended June 30, 1996 and 1997, earnings were insufficient to cover fixed charges.

(4) Gives effect to the Old Notes Offering and the application of the net proceeds thereof.

(5) Excludes amounts held in escrow and other restricted cash of approximately $51.5 million as of March 31, 1997. The March 31, 1997, as adjusted, data also excludes $112.0 million placed in the Satellite Escrow Account and approximately $109.0 million placed in the Interest Escrow Account.

(6) EchoStar presently intends to launch EchoStar IV into the 148DEG. WL orbital slot during the first quarter of 1998. The Company may, however, subject in each case to applicable FCC approvals and other conditions in the Indenture, determine to launch or move EchoStar IV into the 61.5DEG. WL or the 119DEG. WL orbital slot. See "Description of Exchange Notes--Significant Transactions" and "--Certain Covenants--Asset Sales; Transfer of EchoStar IV."

(7) The transponders on each of these satellites can be independently switched to provide a range from 16 transponders operating at 240 Watts each to 32 transponders operating at 120 Watts each.

(8) EchoStar's DBS permits cover: (i) 11 of the 16 transponders (approximately 65 of 100 channels) on EchoStar I; (ii) 10 of the 16 transponders (approximately 60 of 100 channels) on EchoStar II; (iii) 11 of the 16 transponders (approximately 65 of 100 channels) on EchoStar III; and
(iv) 24 of the 32 transponders (approximately 150 of 200 channels) on EchoStar IV.

(9) The expected end of commercial life of each satellite has been estimated by EchoStar based on each satellite's actual or expected launch date and the terms of the construction and launch contracts. The minimum design life is 12 years. The licenses are issued for ten year periods, and would, unless renewed by the FCC, expire prior to the end of the minimum design life.

(10) Excludes amounts held in escrow and other restricted cash of approximately $8.4 million as of June 30, 1997. The June 30, 1997 data also excludes $112.1 million held in the Satellite Escrow Account and approximately $109.1 million held in the Interest Escrow Account.

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THE ECHOSTAR ORGANIZATION

The following chart illustrates where significant EchoStar assets and rights are, or are expected to be, held following the Contribution:

                                                        ECHOSTAR
                                                     COMMUNICATIONS
                                                       CORPORATION

                                                      NASDAQ: DISH

                        DIRECT BROADCASTING            ECHOSTAR DBS            ECHOSTAR                      DISH NETWORK
                             SATELLITE                 CORPORATION         SPACE CORPORATION              CREDIT CORPORATION
                            CORPORATION

                     - ECHOSTAR III SATELLITE         ISSUER OF THE      - LAUNCH CONTRACTS FOR          - CONSUMMER FINANCING OF
                                                          NOTES            ECHOSTAR III AND               ECHOSTAR RECEIVER
                     - 11 FREQUENCIES 61.5DEG. WL                          ECHOSTAR IV                    SYSTEMS

                     - 11 FREQUENCIES 175DEG. WL

                                                - ECHOSTAR IV SATELLITE

                                                - 24 FREQUENCIES 148DEG. WL

                                                    ECHOSTAR SATELLITE
                                                       BROADCASTING
                                                       CORPORATION

                                                       ISSUER OF THE
                                                        1996 NOTES

                                                        DISH, LTD.

                                                      ISSUER OF THE
                                                       1994 NOTES

    HOUSTON TRACKER          ECHOSPHERE                 ECHOSTAR                  ECHOSTAR                  DIRECTSAT
     SYSTEMS, INC.           CORPORATION                SATELLITE               INTERNATIONAL              CORPORATION
                                                       CORPORATION               CORPORATION

- U.S. DISTRIBUTION OF  - U.S. DISTRIBUTION OF  - ECHOSTAR I SATELLITE   - INTERNATIONAL DISTRIBUTION - ECHOSTAR II SATELLITE
  DTH PRODUCTS AND        DTH PRODUCTS AND      - 11 FREQUENCIES           OF DTH PRODUCTS            - 10 FREQUENCIES 119DEG. WL
  ECHOSTAR RECEIVER       ECHOSTAR RECEIVER       119DEG. WL                                          - 11 FREQUENCIES 175DEG. WL
  SYSTEMS TO ECHOSHPERE   SYSTEMS TO            - 10 FREQUENCIES EXPECTED                             - 1 FREQUENCIES 110DEG. WL
  AND OTHER DISTRIBUTORS  SATELLITE RETAILERS     AT 175DEG. WL
                                                - 1 FREQUENCY EXPECTED AT
- DBS RESEARCH AND                                166DEG. WL
  DEVELOPMENT                                   - DBS PROGRAMMING CONTRACTS
                                                - DIGITAL BROADCAST
                                                  CENTER
                                                - UPLINK EARTH STATIONS

The Notes are initially secured by:

(i) A pledge of the capital stock of the Issuer.
(ii) A first priority security interest in the proceeds of any sale upon foreclosure of the Issuer's permit from the FCC for the 148DEG. WL orbital slot frequency assignments.
(iii) A first priority security interest, when launched, in EchoStar IV.
(iv) A collateral assignment of certain construction, launch and insurance contracts relating to EchoStar IV (in the case of such collateral assignments, the Issuer has agreed to use its best efforts to obtain any required consents (none of which required consents had been obtained as of the date of the Prospectus)).
(v) A first priority security interest in each of the Satellite Escrow Account and the Interest Escrow Account.

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