SIRIUS QUARTERLY LOSS NARROWS Franklin Paul – Reuters Sirius Satellite Radio Inc., which plans to merge with rival XM Satellite Radio, said its quarterly loss narrowed as it reaped increased revenue from new subscribers to its pay radio service.
The New York-based company, No. 2 in the nascent pay-radio market to XM Satellite, said its net loss was $144.7 million, or 10 cents a share, from a loss of $458.5 million, or 33 cents a share, a year earlier.
Revenue at Sirius, the satellite radio home of shock jock Howard Stern and the National Football League, climbed 61 percent to $204 million from $126.7 million.
Analysts on average expected a loss of 11 cents a share on revenue of $213.4 million, according to Reuters Estimates, which it said was consistent with previous guidance.
Sirius said it was "confident" that the transaction would be completed by the end of 2007.
Sirius plans to buy XM in an all-stock deal worth about $4 billion when it was first announced, but the merger has been criticized by some U.S. lawmakers and consumer groups as anti-competitive.
Sirius and XM must win approval from the U.S. Justice Department's antitrust division, as well as from the Federal Communications Commission, for their deal to be completed.
Looking ahead, Sirius reiterated that it expects full-year 2007 total revenue to be "approaching $1 billion," and anticipates more than 8 million subscribers. |