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Sirius Q1 Loss Widens to $458.5-M; Revenue Rises to $126.7-M |
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NEW YORK, May 4, 2006/Satnews Daily/ — Sirius Satellite Radio (NASDAQ: SIRI) announced on Tuesday its first quarter losses more than doubled to $458.5 million, or $0.33 per share, compared to a net loss of $193.6 million, or $0.15 per share, in the year-ago quarter.
Sirius said it ended the first quarter with 4,077,747 subscribers, reflecting net subscriber additions of 761,187, a 149 percent increase in net additions from the year-ago quarter.
Earlier this week, its rival, XM Satellite Radio Holdings Inc. (Nasdaq: XMSR) reported a net loss of $149.2 million for the first quarter of 2006 and an almost 100 percent rise in revenue to $208 million. XM also recorded net subscriber additions of 568,902 for the first quarter of 2006, finishing first quarter 2006 with a total of 6,501,859 subscribers.
Sirius said first quarter 2006 revenue grew to $126.7 million, up 193 percent from $43.2 million in the year-ago quarter. Advertising revenue increased to a record $7.3 million, representing 53 percent of total satellite radio industry advertising revenue in the first quarter. Average monthly churn was 1.8 percent while subscriber acquisition costs (SAC) per gross addition were $113 for the first quarter, a 41 percent improvement over the year-ago quarter.
“Based upon our growth we are pleased to be raising our subscriber guidance for 2006 to over 6.2 million and we continue to believe we could be free cash flow positive as early as the fourth quarter of 2006 and for the full year 2007,” said Mel Karmazin, CEO of Sirius.
During the first quarter, Sirius said it added 534,958 net subscribers from the company's retail channel, a 169 percent increase from 198,558 net retail subscriber additions in the year-ago quarter. The company also added 225,343 net subscribers from its automotive OEM channel, 109 percent more than the 107,855 net automotive OEM subscriber additions in the year-ago quarter.
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