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Sirius Reports More Losses in Q3

Sirius Reports More Losses in Q3

Sirius reported an EBITDA loss of $60 million and a net loss applicable to common stockholders of $120 million, or $1.56 per share.
That compared to losses of $37.5 million and $57.4 million or $1.06 per share, respectively, for the same quarter last year.
Its revenue was $17,000 for the quarter, which included “negative subscriber revenue” of $51,000 and advertising revenue of $62,000. Its subscriber revenue, it said, was offset by a mail-in rebate program.
Sirius said it has sufficient cash and resources to cover its money needs through the second quarter of 2003; with a planned $1.2 billion recapitalization, Sirius said it has cash into the second quarter of 2004.
With the recapitalization, Sirius said it would still need $75 million more to reach “cash flow breakeven” with
2 million subscribers. If the recap is not successful, it said, it will need $600 million more until it can become self-sustaining with 3 million listeners.