XM Losses Grow

XM Satellite Radio lost $188.2 million in the fourth quarter of 2004 and netted $83.1 million. Its losses were more than the $162.9 million reported for Q4 in 2003, primarily reflecting increased de-leveraging expenses.
For total 2004, XM lost $642.4 million, compared to $584.5 million in 2003, again reflecting more de-leveraging expenses.
XM net revenue for the year 2004 was $244.4 million, compared to $91.8 million in 2003. The company cited subscriber growth for the increase.
Subscriber acquisition costs in 2004 were $62 per customer for the fourth quarter.
The satcaster said it had $853 million in cash at the end of the fourth quarter and expects to reach cash-flow break-even in 2006.