Sirius XM Shrinks Loss in Q3

Karmazin expects to grow subscribers, revenue next year
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Sirius XM reported a third quarter net loss of $149 million; that compares to $4.9 billion in the third quarter of last year.

In the quarter, the satcaster reported positive adjusted income from operations of $106 million as compared to an adjusted loss from operations of $37 million in the third quarter 2008.

President/CEO Mel Karmazin was pleased with the performance, “considering the macroeconomic issues affecting consumers and the auto industry. We look forward to continuing this performance. We expect to grow subscribers, revenue and cash flow next year regardless of the magnitude of any recovery.”

The company ended the quarter with about 18.5 million total subscribers, a 2% decrease from the third quarter 2008 but an increase of 102,295 from the second quarter 2009.

The monthly customer churn rate was 2% in the quarter, in line with the second quarter 2009.

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