Sirius posts narrower 4Q loss |
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Tue, 27 Feb 2007 13:49
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NEW YORK (AP) - Sirius Satellite Radio Inc., which has agreed to acquire its rival XM Satellite Radio Holdings Inc., reported a narrower loss for the fourth quarter Tuesday as revenues more than doubled.Sirius had a net loss of $245.6 million, or 17 cents a share, in the last three months of 2006 versus a loss of $311.4 million, or 23 cents per share, in the same period a year earlier.Revenues more than doubled to $193.4 million from $80 million a year earlier.Sirius, which is based in New York, ended the year with just over 6 million subscribers, 82 percent higher than the 3.3 million it had a year earlier.Last week Sirius said it had agreed to buy XM -- the companies called it a merger of equals -- in a combination that would create one large provider of satellite radio services, but the deal will face tough regulatory scrutiny in Washington.Sirius also said Tuesday it expects to have more than 8 million subscribers by the end of 2007 and revenues approaching $1 billion.For the full year 2006, Sirius posted a net loss of $1.1 billion, or 79 cents per share, versus a loss of $863 million, or 65 cents per share, a year earlier. Full-year revenues rose to $637.2 million from $242.2 million in 2005.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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XM Radio posts narrower 4Q loss 