Sirius Adds Subs, Has Cash on Hand

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From our friends at SkyReport.com

Some good news was reported by Sirius Wednesday, with subscribers enrolling with the satellite radio service at a faster clip and the financial situation appearing to be stronger for the company.

For the third quarter, Sirius reported 149,612 subscribers, representing a net subscriber addition of 44,426 for the three-month period. The additions represent a 42 percent increase from the company's total subscriber base at the end of the second quarter, the company said.

Sirius also said it's maintaining a strong cash position, ending the quarter with $479 million in cash, cash equivalents and marketable securities. "With a solid cash position and very little debt, our balance sheet remains the strongest in satellite radio. We have the working capital necessary to continue to execute our business plan and grow our subscriber base," said CFO David Frear.

For third quarter, Sirius recognized total revenue of $4.3 million, compared to $17,000 for third quarter 2002 and $2.1 million for second quarter 2003. The company reported a loss from operations of $103.5 million for the quarter, compared to a loss from operations of $81.7 million for third quarter 2002.
 
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