Sirius Grows Subs, Revenues; Touts Wal-Mart Distribution
Sirius Satellite Radio [SIRI] reported 351,663 subscribers as of March 31, a net increase of 90,602 during the quarter and a 138-percent increase compared with net subscribers during the same period a year ago.
For the first quarter of 2004, Sirius reported total revenue of $9.3 million, up from $1.6 million 12 months ago. However, even though revenues increased, the company reported a net loss for the quarter of $146.4 million, down from a net income of $51.9 million in 1Q03.
In other Sirius news, company officials said select Wal-Mart locations around the country will offer the Jensen/Sirius portable “plug and play” satellite radio with a car installation kit for $149.87. A boombox accessory will sell for $99.87.