Sirius Satellite Radio reports strong first quarter 2007 results
Tuesday, May 1st, 2007
Sirius Satellite Radio today announced strong first quarter 2007 results, including a 61% increase in revenue to a record $204 million from the year ago quarter, strong first quarter subscriber growth of 556,490 driving ending subscribers to approximately 6.6 million and accounting for 66% of satellite radio segment share.
“2007 is off to a great start,” said Mel Karmazin, CEO of Sirius. “Sirius once again led the satellite radio segment in net subscriber additions marking the sixth straight quarter of leadership. At the same time, we increased revenue by 61% and reduced our net loss by 68% from last year’s first quarter. We are very pleased with our strong operating results and we are on track to meet our 2007 guidance.”
“Sirius is excited about the pending merger with XM. The audio entertainment market has changed dramatically since we received our licenses in 1997 and consumers now have a dizzying and ever-expanding array of options to choose from. We believe the merger makes sense for consumers and stockholders and we are confident that the transaction will be completed by the end of 2007.”
Sirius ended first quarter of 2007 with 6,581,045 subscribers, up 61% from 4,077,747 subscribers a year ago. During first quarter of 2007, Sirius added 556,490 net subscribers consisting of 192,978 from the retail channel and 364,674 from the OEM channel. In first quarter of 2007, SIRIUS captured 66% of satellite radio segment share, marking the sixth consecutive quarter for leadership.
(Source: Sirius Satellite Radio)
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