Sirius Q2 Subs Rise, But Loss Widens
By Jeff Malester -- TWICE, 7/26/2004
New York— Satellite radio provider Sirius added 128,678 subscribers in the second quarter, hitting a total of 480,341, a 37 percent increase over the first quarter and more than triple the additions of the second quarter in 2003.
Second-quarter total revenue at Sirius jumped to $13.2 million, up from $2.1 million in the year-ago period. However, the company recorded a larger loss from operations of $133 million, compared with $109.8 million year-on-year. Net loss for the quarter increased to $136.8 million, up from a net loss of $111.8 million in the same three months last year.
For the six months, total revenue climbed to $22.5 million from $3.7 million the previous year, while the net loss increased to $280.9 million, compared with net income of $28.3 million recorded during the first six months a year ago when the company recorded a $256.5 million credit for debt restructuring.
In the second quarter, Sirius recorded average monthly revenue per subscriber of $10.54, down from $11.20 in the second quarter of 2003, but up from $9.92 in the first quarter of 2004.
