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Sirius: Another Losing Quarter, But New Cars Ahead

Sirius: Another Losing Quarter, But New Cars Ahead

For the first quarter of 2003, Sirius had total revenue of $1.6 million, compared to $33,000 for the first quarter of last year. The satcaster reported operating losses of $99.1 million, compared to a loss of $50.8 million a year ago.
Net income applicable to common Sirius stockholders was $51.9 million, or 16 cents per share, compared with a loss of $90.1 million, or $1.22 per share, last year.
For the quarter ended March 31, the average monthly revenue per subscriber was approximately $10.94, including the effect of mail-in rebates.
Meanwhile, the company will enjoy more penetration in the car market.
Beginning in September, Ford will offer customers Sirius as an option on more than 10 model lines. Sirius said the action cements its position in satellite digital radio by having commitments from all three of its OEM partners, Ford, Daimler Chrysler and BMW. Pricing plans are not yet made public.
These three exclusive relationships represent more than 45 percent of new cars sold, said the satcaster.
Ford will offer Sirius as a dealer-installed option on Ford, Lincoln and Mercury vehicles in the 2004 model year including:
* Ford: Thunderbird, Mustang, Explorer, Sport Trac and Expedition
* Lincoln: Navigator, Aviator, LS and Town Car
* Mercury: Mountaineer