Sirius Cuts Net Loss As Revenues Climb
[10-30-07 – Satellite Today] Sirius Satellite Radio recorded revenues of $241.8 million in its 2007 third quarter, an increase of 45 percent over the same period in 2006, the company announced Oct. 30. The company nearly 525,000 subscribers during the period to bring its total to 7.7 million.
Sirius’net loss improved 26 percent to $120.1 million, compared to a loss of $162.9 million in the 2006 third quarter.
"Strong demand for the Sirius service drove robust subscriber growth and, when coupled with a continuing focus on cost control, allowed Sirius to significantly reduce our net loss and places us on track to achieve our financial goals,” CEO Mel Karmazin said in a statement. “We expect strong holiday season sales and we are targeting positive free cash flow for the fourth quarter of 2007."