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XM, Sirius report large losses
Posted: Sat, Nov 16, 2002, 11:16 AM ET (1616 GMT)
XM Satellite Radio and Sirius Satellite Radio, the two companies offering satellite radio services in the US, reported significant quarterly losses this week. XM reported a net loss of $117.4 million in its fiscal third quarter on revenues of $5.6 million, while Sirius reported a net loss of $119.7 million on revenues of just $17,000. Both losses were slightly larger than had been predicted by analysts. Sirius cautioned that even with a recapitalization plan announced last month, the company will need $75 million in additional investment to reach cash-flow breakeven in the second quarter of 2004. If the recapitalization pla falls through, though, Sirius estimates that it will need up to $600 million in additional investment. Sirius is working on a prepackaged bankruptcy plan in the event the recapitalization plan fails to win approval. XM, meanwhile, reported that it is negotiating with General Motors to defer up to $200 million in debt payments to the automaker, while looking for $200 million in additional financing. XM believes it can reach breakeven by mid-to-late 2004 with a "much lower" number of subscribers than previously forecast. To reduce costs, the company laid off 80 employees earlier in the week. XM currently has just over 200,000 subscribers, while Sirius has approximately 16,000.
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