Street Positively Reacts to XM Milestone

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Sep 8, 2003
Las Vegas, Nevada
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XM reported that it crossed the 1 million-customer mark, a milestone for the company and the satellite radio business.

Wall Street reacted favorably to the news, sending XM's stock up nearly 3.5 percent to $18.84.

The next goal for XM is to reach 1.2 million subscribers by the end of the year, guidance that analysts said was provided to the financial community by management. "We see ample consumer demand, and importantly, sufficient equipment supply - particularly SKYFi, Roady, and Commander aftermarket products - in time for holiday sales," said Merrill Lynch analyst Marc Nabi.

Nabi kept his "neutral" rating on the stock. "With strong subscriber growth underway, we believe management will now more actively shift investor focus toward how XM is positioned to achieve the next important milestone, free cash flow breakeven in second-half 2004," he said.

More on XM's accomplishments can be found at SkyRETAILER:
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