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NEW YORK, Nov. 9, 2006/Satnews Daily/ ― Sirius
Satellite Radio (NASDAQ:SIRI) reported on Wednesday that its total
revenue increased 150 percent year-over-year to $167.1 million for third
quarter 2006, reflecting nearly three million new subscribers added in
the last twelve months.
Reflecting the company's improving business model and rapidly growing
subscriber base, Sirius' third quarter adjusted loss from operations
decreased 21 percent year-over-year. Sirius said its net loss has
dropped to $162.9 million, or $0.12 per share, for the third quarter of
2006 compared with a net loss of $180.4 million last year, or $0.14 per
share, for the third quarter of 2005.
Sirius ended the third quarter with 5,119,308 subscribers, 135 percent
above third quarter 2005 ending subscribers of 2,173,920. During the
third quarter of 2006, Sirius added 441,101 net subscribers, a 23
percent increase over third quarter 2005 net subscriber additions of
359,294.
For the fourth consecutive quarter, Sirius led the satellite radio
industry in net subscriber additions, capturing a record 61 percent of
total satellite radio net additions in the third quarter. Sirius added
approximately 205,900 net subscribers from its retail channel and
approximately 236,500 net subscribers from its automotive OEM channel
during third quarter 2006.
Mel Karmazin, CEO of Sirius said, “Over the last year, we generated $100
million in new revenue, increased our share of satellite radio net
subscriber additions by 24 percentage points and reduced our SAC per
gross addition by 23 percent.”
He said Sirius is well prepared to meet fourth quarter demand and remain
focused on achieving positive free cash flow.
Total revenue for the third quarter of 2006 increased to $167.1 million,
up 150 percent from $66.8 million in the third quarter of 2005. Average
monthly revenue per subscriber (or ARPU) was $11.17 in the third quarter
of 2006 compared with $11.15 in the year-ago third quarter. ARPU for the
third quarter of 2006 included a $0.49 contribution from net advertising
revenue compared with a $0.26 contribution from net advertising revenue
in the year- ago third quarter.
Average monthly churn was 2 percent in the third quarter of 2006
compared with 1.8% in the year-ago period reflecting the impact of a 177
percent larger OEM subscriber base year-over-year. Full year 2006
monthly churn is expected to be 1.8 percent. Subscriber Acquisition Cost
(SAC) per gross subscriber addition also dropped to $114 for the third
quarter of 2006, a 23 percent improvement over SAC per gross subscriber
addition of $149 reported for third quarter 2005.
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