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Business briefs: August 13
Posted: Wed, Aug 14, 2002, 7:32 AM ET (1132 GMT)
- Sirius Satellite Radio announced Tuesday a net loss of $124.6 million in its fiscal second quarter. The company said while it continues to lose money, it does have enough cash currently on hand to make it into the second quarter of 2003. The company has 6,510 subscribers for its satellite radio service as of August 11, up from 3,347 at the end of June but still far less than its competitor, XM Satellite Radio.
- Globalstar, the satellite phone company currently under bankruptcy protection, announced this week reduced losses and increased subscriber numbers for its fiscal second quarter. The company had a net loss of $21.4 million for the quarter, down 74 percent from the same quarter a year ago. The number of subscribers rose 9 percent from the previous quarter to 75,000. The company is currently reorganizing but did not indicate in a statement when that effort would be complete and allow the company to leave Chapter 11 bankruptcy protection.
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