Sirius Exceeds 8.3M Subs
By Amy Gilroy -- TWICE, 1/3/2008
New York — Sirius Satellite Radio today announced that it ended 2007 with 38 percent more subscribers than last year, at a total of 8,321,785, up from 6,024,555 subscribers at the end of 2006.
The company added 2.3 million net subscribers for the year, slightly exceeding analyst expectations.
Sirius CEO Mel Karmazin said, “Our gross subscriber additions in 2007 were the highest in the history of satellite radio. Our full year monthly subscriber self-pay churn rate was 1.6 percent and all-in churn was 2.2 percent, consistent with the low end of our guidance. Based upon preliminary financial data, we expect to report significantly greater positive free cash flow in the fourth quarter of 2007 than the company reported in the fourth quarter of 2006."
XM Satellite Radio is expected to close the year with 9 million subscribers but has not yet announced a specific year end total.
Both companies continue to await approval of their proposed merger by the Dept. of Justice and the Federal Communications Commission.
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