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XM Losses Narrow

XM Losses Narrow

XM Satellite Radio Holdings reported revenues of $103 million and a net loss of $119.9 million for the first quarter. The figures compare to $43 million and a loss of $170.1 million respectively in the first quarter of 2004.
The satcaster cited “significant subscriber growth” for the quarterly revenue increase. XM finished the period with 3.7 million subscribers.
“XM added more than 541,000 subscribers, kicked off comprehensive coverage of the 2005 Major League Baseball season, successfully launched our third satellite and exited the quarter with an annualized revenue run rate of $430 million,” stated President/CEO Hugh Panero, who said the company expects to reach 5.5 million subscribers by the end of the year.
XM said strong aftermarket sales, particularly among its portable radios, is driving subscriber growth. The retail aftermarket accounted for nearly 60% of the subscriber additions with demand for the Roady2, SKYFi2 and the new MyFi portable, wearable radio available in Best Buy, Wal-Mart, and Circuit City.
Per-subscriber acquisition costs were $52 for the quarter.