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Sirius Boosts Q4 Revenue, Subscriber Base

1/28/2004 12:54:00 PM Eastern

New York — Fueled by a growing number of subscribers and 'significant' gains in the retail after-market channel, satellite radio service provider Sirius Satellite Radio increased fourth quarter total revenue to $5 million, up from $685,000 in the year-ago period.

Even with the subscriber boom, Sirius had to deal with the cost of gaining additional listeners as well as the cost of services in the fourth quarter. The company recorded a loss of $125.1 million from operations, compared with a loss from operations of $90.8 million in the year-ago period.

Sirius reported a fourth quarter net loss of $147.8 million, compared with a loss of $122.1 million in the same three months in 2002. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) reached a negative $92.3 million in the fourth quarter, compared with a negative $67.5 million year-on-year.

At the end of 2003, Sirius reported 261,061 subscribers, a net addition of 111,449 during the fourth quarter, ended Dec. 31, and over eight times the number of ending subscribers at the close of 2002.

Sirius added more than 86,000 subscribers from the retail after-market channel in the fourth quarter, 162 percent more than were activated in the third quarter.

Average revenue per subscriber hit $11.99 in the fourth quarter, compared with $12.09 in the third quarter. Subtracting rebates, average revenue per subscriber reached $8.59 in the fourth quarter, compared with $11.20 in the third quarter.

For the 12 months, total revenue came in at $12.9 million, up from $805,000 year-on-year.

Loss from operations for the year climbed to $437.5 million, compared with a loss of $313.1 million in 2002. Net loss for the 12 months hit $226.2 million, down from a year-ago net loss of $422.5 million.

Adjusted EBITA for the 12 months came in at a negative $330.7 million, compared with a negative $238.2 million in 2002.

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