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XM Still Losing Money But Satisfied With Progress

XM Still Losing Money But Satisfied With Progress

XM Satellite Radio executives say they’re happy with their first quarter financial numbers.
XM reported revenue of $13.1 million, an increase of $11.3 million compared to the first months of last year. Cconsolidated net loss available to common shareholders was $124 million, or $1.26 per share, compared to $117.7 million, or $1.56 per share, in last year’s Q1. EBITDA loss for the quarter was $63.3 million.
“Races are won or lost in the pits,” said XM President/CEO Hugh Panero, saying that XM “has been pretty good in the pits” with its service.
Executives said the company continues to make progress towards cash-flow breakeven in late 2004 while ramping subscribers and reducing costs now.
During the first quarter, XM incurred an average subscriber acquisition cost of $74. This compares to an average of $127 for first quarter 2002 and $96 in the fourth quarter 2002.
Approximately 5,000 new subscriptions have been generated since the company began its family plan. XM reports 483,075 subscribers as of March 31; of those, 135,916 were added in the first quarter.