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Sirius Satellite Radio posts narrower loss on 33 per cent revenue rise |
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Written by THE ASSOCIATED PRESS
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Monday, 12 May 2008 |
NEW YORK - Sirius Satellite Radio Inc. reported a narrower first-quarter loss Monday as revenue rose 33 per cent.
Sirius lost US$104.1 million, or seven cents per share, in line with analysts' estimates. The results compared with a loss of $144.7 million, or 10 cents per share, in the same period a year earlier. Revenue rose 33 per cent to $270.4 million in the latest quarter.
Sirius said it ended the first quarter with 8.6 million subscribers, compared with 6.6 million in the same period a year earlier.
Sirius is still waiting for approval from the U.S. Federal Communications Commission for its acquisition of XM Satellite Radio Holdings Inc., and said it would wait for word on that before issuing financial forecasts for 2008.
The deal has already received antitrust clearance from the U.S. Department of Justice.
Sirius reported that its costs for acquiring each subscriber - a figure closely watched by investors - fell to $91, an improvement over $101 in the same period last year.
Earlier Monday, XM reported that its own first-quarter loss widened to $129.3 million, or 42 cents per share, compared with $122.4 million, or 40 cents per share.
XM's revenue rose 17 per cent to $308 million.
XM finished March with 9.33 million subscribers, up from 7.9 million a year earlier.
XM Canada is affiliated with XM Satellite Radio Holdings and Canadian Satellite Radio Holdings Inc. (TSX:XSR), a publicly traded company based in Toronto.
Sirius Canada Inc. is a partnership of the government-owned CBC, privately held Standard Radio and U.S.-based Sirius Satellite Radio. The two Canadian partners each own 40 per cent and the U.S. company owns the remaining 20 per cent.
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Last Updated ( Monday, 12 May 2008 )
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