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Sirius Reports $45 Million Q1 Loss

Sirius Reports $45 Million Q1 Loss

For the first quarter of this year, Sirius Satellite Radio reported its earnings before interest, taxes, depreciation, amortization and non-cash stock compensation at a loss of $45.3 million and a net loss applicable to common stockholders of $90.1 million, or $1.22 per share.
The company’s 2002 first quarter net loss applicable to common stockholders included a $9 million non-cash benefit resulting principally from the previously announced re-pricing of certain employee stock options. In comparison, for the first quarter of 2001, Sirius reported an EBITDA loss of $36.3 million and a net loss applicable to common stockholders of $64.4 million, or $1.34 per share.
On March 31, Sirius had $423 million in cash. Executives predict Sirius will have roughly 150,000 subscribers by the end of the year.

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