Sirius Cuts Quarterly Loss

Sirius Satellite Radio said its quarterly loss narrowed as it saw increased revenue from new customers in the first quarter of this year.
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Sirius Satellite Radio said its quarterly loss narrowed as it saw increased revenue from new customers in the first quarter of this year.

The satcaster reported a net loss of $144.7 million, or 10 cents a share, compared to a loss of $458.5 million a year earlier.

Sirius revenue increased 61 percent to $204 million, from $126.7 million for Q1 2006.

Sirius said it was confident the planned merger with rival XM would be completed by the end of 2007. The deal needs to pass muster with the antirust division of the Justice Department and the FCC.

The satcaster expects full-year 2007 total revenue to approach $1 billion, and anticipates more than 8 million subscribers.

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