Barrington Research analyst Jim Goss writes in a recent report that he feels Sirius Satellite Radio Inc. is "better positioned" than XM Satellite Radio Holdings Inc. to achieve profitability should the merger not go through.

"We continue to believe that the FCC will likely approve the merger, although the time frame remains unclear," write Goss.

Barrington adds that, "if the merger is blocked or the approval language contains unacceptable conditions, we would continue to favor Sirius as the better standalone operator." Goss said that Sirius is "better positioned" than XM "to achieve profitability in a shorter time frame with relatively less downside risk."

In a report on XM, Goss noted that, "In the event that this does not occur, we feel some risk would exist in the stock."

[RadioInk]

Sirius Satellite Radio Inc. today announced its earnings and financial results for the first-quarter of 2008.

Sirius ended the quarter with 8,644,319 subscribers, up 31% from the first quarter of last year. Retail subscribers increased 10% year over year to 4,643,215, while OEM subscribers increased 72% year over year to 3,986,818. During the quarter, Sirius added 322,534 net subscribers - achieving a 52% share of satellite radio net subscriber additions.

Total revenue for 1Q08 increased to $270.4 million, up 33% from 1Q07 total revenue of $204 million.

Sirius reported a net loss of $104.1 million, or $0.07 per share, up 28% from the same period last year. The adjusted loss from operations was $39.5 million, an improvement of 53% compared to the adjusted loss from operations of $84 million last year.

Average monthly revenue per subscriber (ARPU) was $10.42 in first quarter 2008 as compared with $10.46 for first quarter 2007. First quarter 2008 average all-in customer churn was 2.7%. SAC per gross subscriber addition was $91 in first quarter 2008, an improvement over first quarter 2007's SAC per gross subscriber addition of $101.

Full financials after the jump...

Sirius Satellite Radio will announce its 1Q08 results on Monday, May 12th.

The conference call will be held at 4:30pm ET (left-coasters rejoice!), which can be heard online as a webcast, or on Sirius channel 119.