Sirius Q2 Subs Rise 37%; Sales Up, But Loss Widens - Twice

Sirius Q2 Subs Rise 37%; Sales Up, But Loss Widens

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New York — Satellite radio provider Sirius added 128,678 subscribers in the second quarter, hitting a total of 480,341, a 37 percent increase over the first quarter and more than triple the additions of the second quarter in 2003. During the three months, Sirius added 81,185 subscribers from the retail channel, also more than triple the number added in the second quarter of 2003.

Second-quarter total revenue at Sirius jumped to $13.2 million, up from $2.1 in the year-ago period. However, the company recorded a larger loss from operations of $133 million, compared with $109.8 million year-on-year. Net loss for the quarter increased to $136.8 million, up from a net loss of $111.8 million in the same three months last year.

For the six months, total revenue climbed to $22.5 million from $3.7 million the previous year, while the net loss increased to $280.9 million, compared with net income of $28.3 million recorded during the first six months a year ago when the company recorded a $256.5 million credit for debt restructuring.

In the second quarter, Sirius recorded average monthly revenue per subscriber of $10.54, down from $11.20 in the second quarter of 2003, but up from $9.92 in the first quarter of 2004. Excluding the effects of a mail-in rebates program, average monthly revenue per subscriber in the second three months was $10.90, compared with $10.31 year-over-year and $11.06 in this year’s first quarter.

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