spacetoday.net: XM increases revenue, losses

Posted: Fri, May 9, 2003, 2:11 PM ET (1811 GMT)
XM Satellite Radio recorded a strong increase in revenue and subscribers, but also an increased loss, in its fiscal first quarter, the company announced this week. XM recorded a net loss of $124 million on revenue of $13.1 million in the quarter ending March 31, compared to a $117.7 million loss on just $1.8 million in revenue in the same quarter of 2002. XM had 483,075 subscribers by the end of the quarter, and the company said it surpassed the 500,000-subscriber mark in April. The company said it remains on track to reach cash-flow breakeven in 2004, and has enough cash on hand to continue operations through that point. The company reported a number of new agreements to include its radios as options in new cars, as well as a deal to sell its radios to consumers at Wal-Mart department stores.