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XM Reports Sales Of $532M In Q4, $144M Net Loss

1/28/2002 02:00:00 AM Eastern

XM Satellite Radio Holdings reported consolidated revenue of $532 million in the fourth quarter, compared with no revenue in the year-ago fourth quarter.

At the same time, the company increased its consolidated operating loss (EBIT) in the fourth quarter, to $135.3 million, up from $20.6 million in the year-ago period. Its consolidated net loss of $144 million in the fourth quarter, compares with $14 million in the same three months in 2000.

XM, which completed the nationwide launch of its digital satellite radio service in mid-November, claims the signing of more than 30,000 customers in its first eight weeks of nationwide operation, including 27,733 subscribers through the end of December.

Losses before interest, taxes, depreciation and amortization (EBITDA) in the fourth quarter ended Dec. 31 totaled $113.3 million, compared with $19.3 million in the same three months in 2000. The fourth quarter figures for 2001 include one-time costs of $26.3 million.

For the year, XM revenue totaled $533 million, compared with no revenue in 2000. The company's operating loss increased to $281.6 million in the 12 months, up from $79.5 million the previous year. Net loss for the year rose to $284.4 million, compared with $51.9 million in 2000.

EBITDA for the 12 months was $238.9 million, up from $75.9 million the previous year.

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