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Sirius Raises Subscriber Projection

Sirius Raises Subscriber Projection

Sirius thinks it will have access to 20,000 retail floors by Dec. 31. As a result, President/CEO Joe Clayton raised the company’s official projection of subscribers by the end of this year, from an earlier figure of 860,000 to 1 million. That would also be an increase of 250% over the previous year.
He increased the projection because of new sales and distribution alliances announced with EchoStar Communications and RadioShack. In mid-2004, RadioShack stores and dealers, and distributors that offer EchoStar’s Dish Network, will market Sirius products and service. These agreements are projected to increase Sirius’ product availability from about 6,000 retail floors today.
“Our goal is to generate over 2 million subscribers for Sirius over the term of these multi-year agreements, starting in the second half of this year. The positive impact expected from these alliances was not incorporated into our previous sales estimates,” said Sirius EVP/CFO David Frear.
The company also announced that it expects 2004 revenue to exceed $70 million, up from an estimate of around $60 million. The company continues to expect to reach the cash-flow breakeven point of 2 million subscribers by the end of 2005.