WorldSpace Loses Subscribers, Posts Flat Revenues For First Quarter
[Satellite Today – 5-16-08] WorldSpace Satellite Radio reported flat revenue and a decline in subscribers in the first quarter of 2008, the company announced May 15.
WorldSpace reported revenues of about $3 million for the quarter, essentially unchanged from the first quarter of 2007. Subscription revenue was about $1.7 million in the first three months of 2008, compared to about $1.8 million in the first quarter of 2007.
WorldSpace recorded a net loss for the first quarter of 2008 of $36.8 million, up slightly from a net loss of $35.5 million for the first quarter of 2007.
The company closed the quarter with 171,470 subscribers, a loss of 2,696 from end of December, reflecting the planned end of marketing efforts in India and other parts of the world ahead of efforts to begin mobile service in Europe in 2009
"I am pleased with the accelerated progress we are making in Europe and believe these achievements are adding substantial value for our shareholders,” WorldSpace Chairman and CEO Noah Samara said in a statement. “But I am concerned about the company’s cash position and its pending and near term payment obligations, including those to our debt holders. We are working very hard to solve this liquidity issue and will announce something as soon as we have a commitment.”