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Sirius Reports Q1 Revenue Climbs, As Subs Increase

5/19/2003 02:00:00 AM Eastern

Total first quarter revenue at satellite radio service provider Sirius jumped to $1.6 million, from $33,000 in the year-ago period.

First quarter subscribers more than doubled, to about 68,000. This represents a 127 percent increase over the year-end 2002 figure. Sirius said it still expects to exceed 100,000 subscribers in the current quarter, and reach its goal of over 300,000 subscribers by the end of 2003.

The company's loss from operations widened to $99.1 million in the first three months, ended March 31, up from a loss of $50.7 million in the year-ago three months.

A loss attributed to adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) also widened in the first quarter, reaching a negative $75 million, compared with a loss of $36.2 million in the first quarter of 2003.

However, Sirius posted net income of $140.1 million in the first three months, compared with a $78.9 million net loss year-on-year. Included in the first quarter 2003 net income was a $296.5 million gain related to the elimination of about 91 percent of the company's debt and a dividend of $79.5 million associated with the elimination of 100 percent of its convertible preferred stock.

In the first quarter, average monthly revenue per subscriber was about $10.94, including the effect of mail-in rebates.

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