Dish Network 1997 Annual Report Download - page 68

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ECHOSTAR COMMUNICATIONS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – Continued
5. Long-Term Debt – Continued
F–21
Future maturities of amounts outstanding under EchoStar’s long-term debt facilities as of December 31,
1997 are summarized as follows (in thousands):
1994
Notes
1996
Notes
1997
Notes
Mortgages
and Other
Notes
Payable Total
Year Ending December 31,
1998............................ $ – $ – $ – $17,885 $ 17,885
1999............................ – – – 17,791 17,791
2000............................ – – – 17,828 17,828
2001............................ – – – 10,861 10,861
2002............................ 156,000 –375,000 2,927 533,927
Thereafter .................... 468,000 580,000 –2,439 1,050,439
Unamortized discount ... (124,137) (141,488) – – ( 265,625)
Total ............................... $ 499,863 $ 438,512 $375,000 $69,731 $1,383,106
Satellite Vendor Financing
The purchase price for satellites is required to be paid in progress payments, some of which are non-contingent payments
deferred until after the respective satellites are in orbit (satellite vendor financing). EchoStar utilized $36 million, $28 million and
$14 million of satellite vendor financing for EchoStar I, EchoStar II and EchoStar III, respectively. The satellite vendor financing
with respect to EchoStar I and EchoStar II is secured by substantially all assets of Dish, Ltd. and its subsidiaries (subject to certain
restrictions) and a corporate guarantee of ECC. The satellite vendor financing for EchoStar III is secured by an ECC corporate
guarantee. EchoStar also expects to use $13 million of satellite vendor financing, at a rate of 8.25%, for EchoStar IV. The EchoStar
IV satellite vendor financing will be due over a period of five years and will be secured by an ECC corporate guarantee.
6. Income Taxes
The components of the (provision for) benefit from income taxes are as follows (in thousands):
Years Ended December 31,
1995 1996 1997
Current (provision) benefit:
Federal ................................ ................................ .... $ 1,350 $ 4,586 $( 373)
State... ................................ ................................ ..... ( 67) ( 49) ( 9)
Foreign ................................ ................................ .... ( 301) ( 209) ( 137)
982 4,328 ( 519)
Deferred benefit:
Federal ................................ ................................ .... 4,383 47,902 104,992
State................................ ................................ ........ 380 2,463 7,860
Increase in valuation allowance ................................ . – – (112,479)
4,763 50,365 373
Total benefit (provision) ................................ ........ $ 5,745 $ 54,693 $( 146)