Sirius Loss Increases On Better Sales
By Jeff Malester -- TWICE, 4/21/2004
New York — Satellite entertainment provider Sirius Satellite Radio posted a total revenue of $9.3 million in the first quarter, up from $1.6 million in the year-ago period; however, the company’s operating loss climbed to $119.5 million, compared with a loss of $99.1 million in the same three months last year.
Net loss for the first quarter, ended March 31, totaled $146.4 million, compared with net income of $140.1 in the period last year. Included in net income for the first period in 2003 was a $256.5 million gain for debt restructuring.
Average monthly revenue per subscriber reached $9.92. Excluding the effects of mail-in rebate programs, average monthly revenue per subscriber was $11.06. These figures compare with $8.59 and $10.80, respectively, for the preceding quarter.
"On the heels of an excellent holiday selling season, we had a very strong first quarter at retail," said Joe Clayton, president/CEO, "increasing our share of satellite radio retail after-market sales to about 41 percent at the end of February, according to market information-company The NPD Group."
Sirius reported an adjusted loss from operations for the quarter of $78 million, compared with an adjusted loss from operations of $74.5 million in the same three months last year.
During the first quarter, the company raised $300 million of gross proceeds through an offering of convertible notes. Total long-term debt has risen to $425.9 million in the first three months, compared with $194.8 million as of December 31, 2003.
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