XM Satellite Radio Extends Q3 Loss
Staff -- TWICE, 11/6/2000
WASHINGTON, D.C. -Following the opening of its $65 million headquarters and broadcast center here, XM Satellite Radio Holdings Inc. announced it has extended its operating loss to $28.1 million in the third quarter, compared to $9.4 million in the same three months last year.
With the launch of its first satellite scheduled for December, XM reported a third-quarter net loss of $20.1 million, compared to $17.4 million in the year-ago quarter.
"We are pleased with the operational results for this quarter," said president/ CEO Hugh Panero, "and expect to continuing managing XM's operational expenses conservatively in line with our expectations as we build toward commercial operations in 2001."
XM Radio, which is developing a new band of radio, said the service will be uplinked to its two satellites and transmitted directly to auto, home and portable radios. Consumer service for a monthly subscription fee of $9.95 is slated to begin during the second quarter of 2001.
The company's 150,000-square-foot digital broadcast center will include 82 all-digital interconnected studios, making it one of the largest in the United States, the company said. XM will create and package up to 100 national channels of digital-quality music, news, sports and children's programming from its broadcast center.
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