Sirius Reports $90.8 Million Q4 Loss
By Jeff Malester -- TWICE, 4/7/2003
NEW YORK— Following its first full year of commercial operations, satellite radio broadcaster Sirius reported total revenue of $685,000 in the fourth quarter. There is no comparison to the fourth quarter of 2001.
The company recorded a loss from operations of $90.8 million in the three months, ended Dec. 31, compared with a loss of $51.8 million the same period the previous year. Net loss for the fourth quarter reached $122.1 million, up from a loss of $72.7 million in the year-ago three months.
For the full year, Sirius reported total revenue of $805,000, with no comparison to the previous 12 months.
Loss from operations for the 12 months hit $313.1 million, compared to a loss of $168.5 million for 2001. Net loss for the 12 months was $468.5 million, up from a net loss of $277.9 million a year earlier.
As of March 7, Sirius reported cash in excess of $300 million, and other resources that would cover its estimated funding needs into the second quarter of 2004. The company estimates it will need additional funding of about $100 million before it achieves cash flow break-even.
Sirius reported it had 29,947 subscribers at the end of 2002.
On March 7, Sirius closed a $1.2 billion re-capitalization that eliminated about 91 percent of the company's debt and 100 percent of its convertible preferred stock, raising $200 million in new equity.
