WorldSpace: $2.4 Million in Revenue, $15.4 Million Net Loss in Q3

WorldSpace: $2.4 Million in Revenue, $15.4 Million Net Loss in Q3
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WorldSpace, Inc. reported third quarter revenues of approximately $2.4 million, representing a 51 percent increase compared with revenues of approximately $1.6 million for the third quarter of 2004. But the satcaster had a net loss of $15.4 million in the quarter. That compares to a net loss of $57.3 million for the same period a year ago.
WorldSpace had an earnings before interest income, interest expense, income taxes, depreciation and amortization loss of $29.1 million for the third quarter of 2005, compared with an EBITDA loss of $12.1 million for the third quarter of 2004.
The company finished the quarter with 75,071 subscribers; 11,141 subscribers were added in Q3, a 78% rise over the 6,253 subscribers added in third quarter of 2004.
Subscriber revenue increased 232% to approximately $1 million for the third quarter of 2005 compared with subscriber revenue of approximately $0.3 million for the third quarter of 2004.
The company has increased its marketing; during the quarter, blended Cost Per Gross Addition was $407, compared with $128 CPGA during the third quarter of 2004. Blended CPGA includes fully-loaded cost to acquire each new subscriber in India and in its other markets and includes Subscriber Acquisition Costs and other marketing expenses such as advertising and point of sale materials.
In the third quarter 2005, WorldSpace spent $4.9 million on advertising and marketing expenses, of which $4.1 million was spent in India.
WorldSpace had $296.5 million in cash on hand as of Sept. 30.

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