spacetoday.net: XM reports bigger loss, more revenue

Posted: Fri, Mar 28, 2003, 7:52 AM ET (1252 GMT)
XM Satellite Radio reported Thursday that its loss in the fourth quarter of 2002 and the entire year was greater than the year before, but also reported sharply increased revenue and subscriber numbers. For the fourth quarter of 2002 the company had a net loss of $161 million on $9 million of revenue; compared to a $150 million loss on $0.5 million of revenue for the same quarter of 2001. For the full year 2002, XM recorded a net loss of $516 million on $20 million of revenue, compared to a $308 million loss on $0.5 million of revenue in 2001. The company added 145,605 subscribers in the fourth quarter, bringing its total to 347,159; the company plans on signing up another 130,000 in the first quarter of 2003. The company currently anticipates reaching cash flow breakeven in late 2004, and a $475 million financing package should give the company enough cash to continue operations through that point. XM shares closed Thursday at $6.77/share, up $0.86.