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The Satellite News Financial Ticker

By | February 16, 2004

      Week of Feb. 6 – 12, 2004
      Percentage Change
      Symbol
      Feb. 12 Price
      One Week
      One Month
      Three Month
      Year to Date
      Operators
      APT SATELLITE HLDGS ATS
      2.55
      1.2
      (10.5)
      (0.8)
      7.1
      ASIASAT TELECOM SAT
      20.35
      6.1
      (1.2)
      14.3
      7.2
      BRITISH SKY BROADCASTING BSY
      59.00
      7.3
      5.7
      31.8
      15.8
      ECHOSTAR COMM -CL A DISH
      38.81
      6.2
      8.5
      21.1
      14.2
      HUGHES ELEC (GM -CL H) GMH
      17.10
      3.6
      (0.4)
      6.8
      3.3
      LORAL SPACE & COMM LOR
      0.84
      (6.7)
      154.5
      110.0
      166.7
      NEWS CORP NWS
      38.41
      6.3
      5.0
      6.8
      6.4
      NEW SKIES SATELLITES NSK
      6.96
      0.4
      (7.2)
      3.9
      (2.8)
      PANAMSAT SPOT
      22.49
      7.5
      7.4
      9.2
      4.3
      PASIFIK SATELIT NUSANTARA PSNRY
      0.21
      90.9
      180.0
      13.5
      320.0
      PEGASUS COMMUNICATIONS PGTV
      27.46
      (35.7)
      (20.6)
      24.5
      (2.2)
      SES GLOBAL SESF.LU
      7.90
      (7.1)
      1.3
      0.6
      (1.3)
      SIRIUS SATELLITE RADIO SIRI
      3.11
      18.3
      (9.6)
      45.3
      (1.6)
      XM SATELLITE RADIO XMSR
      22.39
      1.2
      (18.6)
      (1.5)
      (14.8)
      Operators’ Average
      100.00
      7.1
      21.0
      20.4
      37.3
      Manufacturers
      ANDREW ANDW
      17.50
      2.9
      (2.2)
      42.5
      51.0
      BALL BLL
      64.89
      1.8
      12.6
      16.3
      8.9
      BOEING BA
      44.37
      1.9
      4.1
      15.8
      5.3
      COM DEV INTL *CDV
      2.95
      (4.8)
      3.5
      2.4
      EMS TECHNOLOGIES ELMG
      23.26
      5.2
      (4.4)
      5.9
      13.2
      GARMIN GRMN
      47.90
      (2.5)
      (16.4)
      (4.2)
      (12.1)
      GILAT SAT NETWORKS GILTF
      8.43
      11.7
      48.4
      67.9
      72.4
      GLOBECOM GCOM
      6.49
      15.9
      29.8
      25.8
      36.6
      HARRIS HRS
      50.21
      3.9
      28.3
      35.2
      32.3
      HONEYWELL HON
      36.95
      6.0
      5.8
      24.2
      10.5
      KVH KVHI
      19.00
      6.0
      0.5
      (34.5)
      (31.1)
      LOCKHEED MARTIN LMT
      49.32
      1.1
      (4.3)
      8.0
      (4.0)
      LUCENT TECHNOLOGIES LU
      4.38
      4.3
      18.4
      33.9
      54.2
      MOTOROLA MOT
      17.52
      9.4
      11.5
      31.5
      25.1
      NERA NERAY
      2.35
      2.0
      19.7
      13.3
      ORBITAL SCIENCES ORB
      13.43
      4.6
      4.1
      43.8
      11.7
      QUALCOMM QCOM
      58.62
      4.0
      (0.6)
      26.3
      8.7
      RAYTHEON RTN
      31.41
      1.7
      1.6
      18.2
      4.6
      ROCKWELL COLLINS COL
      32.98
      1.0
      10.8
      22.6
      9.8
      SCIENTIFIC-ATLANTA SFA
      33.48
      4.0
      3.3
      18.1
      22.6
      SKY FRAMES SKYU
      0.01
      900.0
      (98.6)
      (90.0)
      TITAN TTN
      21.80
      0.7
      (0.0)
      3.4
      (0.0)
      TRIMBLE NAVIGATION TRMB
      35.51
      (3.2)
      (9.0)
      28.5
      (4.6)
      VIASAT VSAT
      27.02
      15.7
      18.2
      28.4
      41.2
      Manufacturers’ Average
      100.00
      4.0
      44.1
      15.9
      11.8
      Nasdaq Composite Index
      Nasdaq comp
      2,073.61
      3.0
      (0.6)
      7.4
      3.5
      SP 500 sp50
      1,152.11
      2.3
      2.7
      10.1
      3.6
      SN Stock Price Average
      100.00
      5.1
      35.6
      17.6
      21.2

      Wall Street Analysis

      By Paul Dykewicz

      XM Satellite Radio’s [Nasdaq: XMSR] impressive fourth-quarter subscriber and revenue gains released last week show the company appears to be on target to achieve cash flow breakeven by 2005. Rival Sirius Satellite Radio [NYSE: SIRI] is well behind its rival, but it is poised to reach cash flow breakeven during the same year.

      One of the most encouraging signs is that both companies continue to roll out innovative new products, services and alliances. Satellite receiving equipment that can be used in vehicles, as well as in the home or with portable boom boxes, keeps improving and becoming less expensive. Those trends will help to entice even more new subscribers to both companies.

      XM’s launch of commercial-free service on all 63 of its music channels this month was an important move to take away what had been a competitive advantage for Sirius. XM also will become a tougher competitor with traditional radio stations when it begins offering local traffic and weather in 15 major U.S. markets in March. That service will expand to 21 markets by year-end and eliminate one of the only remaining reasons, other than monthly subscription fees and the initial equipment costs, that people have to keep listening to terrestrial radio. Sirius also is preparing to introduce weather and traffic information of its own.

      In addition, Sirius last week aligned itself with powerful marketing partners that should help to boost its sales pace that thus far has lagged behind XM. An alliance with RadioShack [NYSE: RSH] and EchoStar Communications [Nasdaq: DISH] ultimately could go beyond marketing. With Hughes Electronics [NYSE: HS]/DirecTV already an investor in XM, EchoStar ultimately may take a stake in Sirius. However, EchoStar CEO Charlie Ergen dislikes overpaying for anything. At current valuations, Ergen may simply be biding his time and waiting for the right opportunity to become the next big player in satellite radio. If Sirius starts catching up to the rapid growth rates of its satellite radio rival, Ergen may be tempted to invest in Sirius if anything non-catastrophic occurs to substantially reduce the cost of buying a stake. Sirius offers valuable bandwidth, a chance to sell video services to mobile users, and enterprising management that understands satellite TV. No one should expect Ergen to be a silent partner.

      Paul Dykewicz is senior editor and senior analyst of SATELLITE NEWS. He can be reached by phone at 301/354-1769 or by e-mail at pdykewicz@pbimedia.com .

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