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Sirius XM Sales Up, But Subscriber Growth Slows
Net subscriber additions during Q4 fell from 1.1 million to 82,900 and the churn rate increased from 1.7 percent to 1.8 percent.
Sirius XM beat expectations for its Q4 sales but still lost nearly $250 million, according to the Associated Press.
The satellite radio service's sales on a pro forma basis hit $644 million, up from $577 million last year.
"In the fourth quarter 2008, the company's first full quarter of combined operations, SIRIUS XM made remarkable financial progress," says Mel Karmazin, CEO of Sirius in a press release.
"For the first time in company history, we reached positive pro forma adjusted income from operations of $32 million, as compared with a loss of $224 million one year ago. Fourth quarter 2008 revenue of $644 million grew 16% over the year ago quarter while total cash operating expenses declined by 22%, a clear demonstration of our focus on improving profitability."
Net subscriber additions during Q4 fell from 1.1 million to 82,900 and the churn rate increased from 1.7 percent to 1.8 percent.
Revenue per subscriber increased to $10.60 from $10.42 in 2007.
In February, The New York Times reported that the company was preparing for bankruptcy. Less than a week later, Liberty Media Corp. invested $530 million in the company.
Read the press release for all the financial information.
The satellite radio service's sales on a pro forma basis hit $644 million, up from $577 million last year.
"In the fourth quarter 2008, the company's first full quarter of combined operations, SIRIUS XM made remarkable financial progress," says Mel Karmazin, CEO of Sirius in a press release.
"For the first time in company history, we reached positive pro forma adjusted income from operations of $32 million, as compared with a loss of $224 million one year ago. Fourth quarter 2008 revenue of $644 million grew 16% over the year ago quarter while total cash operating expenses declined by 22%, a clear demonstration of our focus on improving profitability."
Net subscriber additions during Q4 fell from 1.1 million to 82,900 and the churn rate increased from 1.7 percent to 1.8 percent.
Revenue per subscriber increased to $10.60 from $10.42 in 2007.
In February, The New York Times reported that the company was preparing for bankruptcy. Less than a week later, Liberty Media Corp. invested $530 million in the company.
Read the press release for all the financial information.
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