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Sirius Records Loss in 4Q

3/28/2003 10:07:00 AM Eastern

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.

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