With Sirius Satellite Radio's satellite radio broadcasting set to launch in February 2002, the company has yet to enjoy any revenue. In reporting its third-quarter financial highlights, Sirius beamed in on ongoing operating and net loss figures for the three months.
The company was able to reduce its operating loss for the third quarter ending Sept. 30, to $30.7 million, down from an operating loss of $31.8 million in the same quarter last year. This was due to a $9.2 million non-cash benefit, resulting mainly from the previously announced repricing of certain employee stock options.
Net loss for the third quarter moved up to $46.9 million, compared with $31.2 in the year-ago three months.
For the nine months, Sirius reported an operating loss of $116.6 million, up from $87.5 million in the same period in 2000. Net loss for the nine months was $163.1 million, compared with $90.8 million in the same period last year.