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Sirius narrows loss as revenue doubles

February 28, 2007|From the Associated Press

Sirius Satellite Radio Inc., which has agreed to acquire its rival XM Satellite Radio Holdings Inc., reported a narrower loss for the fourth quarter as revenue more than doubled.

Sirius had a net loss of $245.6 million, or 17 cents a share, in the last three months of 2006 versus a loss of $311.4 million, or 23 cents, in the same period a year earlier.

Revenue more than doubled to $193.4 million from $80 million a year earlier.

Analysts polled by Thomson Financial were expecting a loss of 19 cents a share on revenue of $173 million.

New York-based Sirius ended the year with just over 6 million subscribers, 82% higher than the 3.3 million it had last year.

Sirius has agreed to buy Washington-based rival XM in a combination that would create one large provider of satellite radio services. But the deal, which the companies announced last week, will face tough regulatory scrutiny in Washington.

Sirius said it expected to have more than 8 million subscribers by the end of 2007 and revenue approaching $1 billion.

Sirius shares fell 9 cents to $3.65.

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