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XM Reports $62.1M Loss In Q2

11/12/2001 02:00:00 AM Eastern

XM Satellite Radio more than doubled its consolidated operating loss (EBIT) for its fiscal second quarter, reaching $62.1 million, up from $28.1 million in the same three months last year.

The company's consolidated net loss for the second quarter, ended Sept. 30, more than tripled, to $65 million, compared with $20.1 million in the year-ago period.

Bolstered by a recent infusion of $66 million in financing, XM said this money, along with tight management of its cash, will allow the company to execute its business plan as it has in the past, the firm said.

For the six months, XM reported an operating loss of $146.3 million, compared with $58.9 million in the same six months last year. Net loss for the six months totaled $140.4 million, up from $37.9 million in the year-ago period.

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