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XM reports positive cash flow
Posted: Mon, Jan 8, 2007, 7:55 AM ET (1255 GMT)
On the heels of its major rival, XM Satellite Radio reported Friday that the company has achieved cash flow breakeven despite subscriber numbers that failed to meet predictions. XM reported that the company had a positive cash flow from operations in the fourth quarter of 2006, three days after rival Sirius Satellite Radio made a similar announcement. XM finished the year with more than 7.625 million subscribers, an increase of nearly 1.7 million from the end of 2005 but falling short of previous forecasts of 7.7 to 7.9 million. XM still has more subscribers than Sirius, although Sirius has closed the gap in the last year. Despite the forecast shortfall XM stock rose in trading on Friday, primarily on speculation of a potential merger between XM and Sirius.
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