Sirius Reports Q2 Loss

Sirius Satellite Radio reported a second quarter 2001 operating loss of $46.7 million, a net loss of $62.1 million and a net loss applicable to common stockholders of $72.5 million, or $1.35 per share.
The company’s 2001 Q2 operating loss included an $11.6 million non-cash charge resulting principally from the previously announced re-pricing of certain employee stock options. In comparison, for Q2 2000, Sirius reported an operating loss of $28.9 million, a net loss of $34.8 million and a net loss applicable to common stockholders of $45.0 million, or $1.11 per share.
“We continue to execute our business plan, and have maintained a strong financial position with more than $400 million cash on hand, enough to fund operations through third quarter ’02,” said John Scelfo, Sirius Chief Financial Officer.
Sirius expects to begin offering its subscription service nationwide in the fourth
quarter.