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XM Q1 Revenue Jumps, EBITDA Loss Narrows

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

XM Satellite Radio Holdings increased first quarter revenue to $13.1 million for the period ended March 31, compared with the same three months in 2002, when the company notched $1.8 million in revenue.

XM also reduced its Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) loss in the first quarter, to $63.3 million, compared with an EBITDA loss of $75.4 million in the first quarter a year ago.

However, the company's operating loss in the first quarter grew to $106.8 million, up from an operating loss of $98.4 million in the first three months in 2002.

Net loss also increased in the first quarter, coming in at $126.3 million, compared with a net loss of $112.3 million year-on-year.

XM said it continues to make progress toward breaking even in cash flow, while increasing the number of subscribers and reducing costs.

At the end of the first quarter, XM had cash on hand of $193.5 million, compared with $32.8 million after the first quarter in 2002.

XM reported 483,075 subscribers as of March 31, 2003, representing a net subscriber addition of 135,916 for the first quarter, a 36 percent increase from the preceding three months and six times the 76,242 subscribers on board a year earlier.

Subscriber cost per gross addition for the first quarter was $156, driven, in part, by seasonably lower marketing expenses. This compares with $875 in the first three months last year.