After a year in operation, Sirius Satellite Radio [Nasdaq: SIRI] is struggling to stay afloat. On Friday, the company reported a large net loss and disappointing revenues for the 2002 fourth quarter. The satellite radio firm (New York City) posted a net loss of $134.1 million, or $1.74 per share, for the fourth quarter, compared to a net loss of $83.6 million, or $1.52 per share, for the same quarter in 2001.

The company reported meager revenues of $685,000 for the October-December period, with no comparable revenue figures for the same quarter in 2001. Sirius launched its service nationwide on July 1, 2002, and by Dec. 31, 2002 had 29,947 subscribers. On March 7, Sirius closed a $1.2 billion recapitalization, which eliminated approximately 91 percent of the company’s debt and 100 percent of its convertible preferred stock, and raised $200 million of new equity. Sirius currently has funds to cover estimated funding needs into the second quarter of 2004.