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XM Radio Q2 Nearly Doubles Subscribers

7/23/2002 09:13:00 AM Eastern

Washington - XM Satellite Radio Holdings nearly doubled its number of subscribers in the second quarter, adding 60,476 for a total of 136,718, a 79 percent increase, compared with the first quarter of 2002.

XM reported consolidated revenue of $3.8 million in the second quarter and $5.6 million for the six months, compared to no consolidated revenue in the second quarter of 2001 and in the six months.

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) in the second quarter, ended June 30, climbed to a loss of $79.3 million, up from $36.1 million in the year-ago period. Net loss reached $117.2 million in the second quarter, compared with $38.5 million in the same three months last year.

The variance between the financial results for the second three months in 2002 and the same period last year primarily reflect XM's transition from building out its infrastructure to commercial operations, including sales and marketing activities.

For the six months, EBITDA expanded to a negative $155.2 million, compared with $76.1 million in the same period in 2001. The net loss climbed to $229.5 million in the six months, up from $75.4 million in the same six months last year.

XM debuted a new second-generation radio, called SkyFi. The multi-use plug and play product, which will be available in the fourth quarter, can adapt to any car or home stereo to receive XM programming.

At the same time, XM said it would add significant programming enhancements to its 100-channel lineup, including audio books, drama and classics channels and its first premium channel - Playboy Radio, offered to subscribers at $2.99 per months beginning Sept. 3.

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