Sirius Q3 Revenue Rises, Loss Narrows - Twice

Sirius Q3 Revenue Rises, Loss Narrows

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New York — During a seasonally slow third quarter, satellite radio service provider Sirius 'showed strong signs of consumer acceptance,' according to the company, which notched $4.3 million in total revenue for the third quarter, compared with $17,000 in the year-ago period.

Sirius reduced its net loss in the third quarter, ended Sept. 30, down to $106.7 million, from $108.2 million in the same three months in 2002. Loss from operations in the three months climbed to $103.5 million, from $81.7 million year on year.

In adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the third quarter, Sirius recorded a loss of $79.8 million, up from a $58.7 loss million year over year.

In the third quarter, the company reported $11.20 in average revenue per subscriber. Excluding the effects of a mail-in rebate, this figure hit $10.31.

Sirius claimed 149,612 subscribers at the end of the third quarter, compared with 105,186 at the end of the second quarter, a 42 percent increase. The current figure is over 12 times the number of ending subscribers reported for the third quarter in 2002.

'Based on data from NPD Group, our retail unit share increased by 48 percent over the previous quarter, which reflects both better products, more brands and increased consumer awareness,' said Joe Clayton, president/CEO.

For the nine months, Sirius recorded revenue of $7.9 million, up from $120,000 in the same period a year earlier. Net loss for the nine months dropped to $78.4 million, down from a loss of $300.1 million in the same time frame in 2002.

Adjusted EBITDA loss for the nine months reached $241.2 million, down from a loss of $162.7 million year on year. The operating loss for the nine months climbed to $312.4 million, from a loss of $222.3 million year over year.

Average revenue per subscriber for the nine months was $10.01. Excluding the effects of mail-in rebates, this figure reached $10.56.

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