Worldspace Inc. reported increased revenues and a narrowing of its losses for the second quarter 2005.
For the quarter, the company reported revenues of $2.3 million, a 21 percent increase compared to the $1.9 million in revenues earned in the second quarter 2004.
Subscriber revenues increased 390 percent to $800,000 in the second quarter 2005 from $200,000 in the same period one year ago. As of June 30, Worldspace had 63,930 subscribers to its satellite radio service. It added 11,427 subscribers during the second quarter 2005, an increase of 93 percent compared to the 5,936 subscribers added in the second quarter 2004.
The satellite radio service provider reported a net loss for the second quarter 2005 of $22 million, compared to a net loss of $52.3 million in the same period one year ago.
“The second quarter of 2005 was a critical time for Worldspace as we prepared for our initial public offering, ramped up our marketing campaign in India and continued planning for the rollout of services in Western Europe and China – markets where we enjoy a first-mover advantage,” company chairman and CEO Noah Samara said in a statement.
