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Earnings Roundup

Sirius Xm

Debt offsets higher sales

August 07, 2009|Times Wire Reports

Sirius XM Radio Inc., the satellite radio broadcaster, reported a wider second-quarter loss on costs to pay down debt.

The net loss expanded to $157.4 million, or 4 cents a share, from $83.9 million, or 6 cents, a year ago, the New York company said. Sales more than doubled to $590.8 million.

Sirius XM had a $108-million expense in the quarter to retire debt and wrote down the value of a satellite launch by $24 million.

The company, created when the only two U.S. satellite radio companies merged a year ago, lost 185,999 net subscribers, finishing the quarter with 18.4 million customers.

Sirius XM fell 1 cent to 53 cents.

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