Sirius Satellite Radio Revenue Report for 3Q05
SIRIUS Satellite Radio’s third quarter financial and operating results are out and looking strong.
As of September 30th, 2005, SIRIUS had 2,173,920 subscribers. The third quarter subscriber figure reflects net additions of 359,294 subscribers, a 97% increase over the year-ago figure of 181,948 net subscriber additions. During the third quarter of 2005, SIRIUS added 209,920 net subscribers from its retail channel, a 56% increase over retail net subscriber additions for 3Q04. Sirius also added 149,000 net subscribers from its automotive OEM channel, a 230% increase over subscriber additions from that channel in 3Q04.
Sirius raised its year-end 2005 subscriber guidance to over 3 million, and reaffirmed its previous guidance on all other key metrics. SIRIUS reported revenue of $66.8 million for the third quarter of 2005, a 250% increase over the $19.1 million reported for the year-ago quarter. Average monthly churn for the third quarter and year to date was 1.8% and 1.5%, respectively. Average monthly churn is expected to be approximately 1.5% for the full year.
SIRIUS Satellite Radio also reported a net loss of ($180.4) million, or ($0.14) per share, for 3Q05 compared with a net loss of ($169.4) million, or ($0.14) per share, for 3Q04.