Sirius Reports Higher Sales, Reduced Loss

By TWICE Staff -- TWICE, 7/28/2008

New York — Sirius Satellite Radio reported higher sales and a reduced loss in a preliminary second-quarter earnings report.

The second quarter, which ended June 30, had total revenue for the quarter of $283 million, an increase of 25 percent from the same quarter last year.

The second-quarter adjusted loss is expected to be approximately $24 million, an improvement of 70 percent from the adjusted loss from operations of $79 million in the second quarter of last year.

Sirius also reported that as of the end of the quarter it had 8.924 million subscribers, an increase of 25 percent from June 30, 2007, subscribers of 7.143 million. Retail subscribers increased 7 percent in the second quarter of 2008 to 4.677 million, from 4.365 million in the second quarter of 2007.

OEM subscribers increased 53 percent in the second quarter of 2008 to 4.247 million, from 2.778 million in the second quarter of 2007. Total gross subscriber additions for the quarter ending June 30, 2008, were 1.029 million, compared with 1.002 million for the quarter ending June 30, 2007, and 1.003 million for the quarter ending March 31, 2008.

During the second quarter Sirius added 279,820 new net subscribers, consisting of 246,221 from the OEM channel and 33,599 from the retail channel.

Second-quarter 2008 average monthly self-pay customer churn rate was 1.6 percent, down from 2.1 percent in first quarter 2008.

Sirius, along with merger partner XM has had no public statement as of this posting about the reported approval of the deal by the Federal Communications Commission.