XM Tops 929,000 Subscribers

XM Satellite Radio has 929,648 subscribers, and believes it’s on its way to reaching its year-end goal of roughly 1 million paying customers. The company closed the third quarter of 2003 with an addition of 237,395 new subscribers.
“The third quarter represented our largest quarterly increase in net subscriber growth and 1 million subscribers is around the corner,” said XM President/CEO Hugh Panero. “This strong performance positions the company for its 2003 goal of 1.2 million subscribers and primary goal to reach cash flow breakeven by the end of 2004.”
On July 1, 2003, the company reached a total of 692,253 subscribers after adding more than 209,000 subscribers in the second quarter.
Meanwhile, XM’s third quarter subscriber growth in 2003 represents a nearly quadruple increase over the number of subscribers the company added in the third quarter of 2002.