XM Q4 And 2007 Revenues Up
February 28, 2008 at 6:36 AM (PT)
XM SATELLITE RADIO has reported financial and operating results for the fourth quarter and full year ended DECEMBER 31st, 2007. XM announced that 2007 revenue increased year over year by 22% to $1.1 billion. XM added 1.4 million net new subscribers ending 2007 with more than 9 million subscribers, an 18% increase over the prior year.
"XM substantially improved its business operations in 2007 as we grew our subscriber base and revenues and narrowed our loss, positioning us as a stronger and more focused company better positioned to meet the competitive challenges of the future," said Pres./CEO NATE DAVIS. "XM has doubled its revenues in the last two years and our investment and robust performance in the new car market establishes a clear path for sustained future growth."
"Our pending merger will benefit shareholders and offer consumers more programming choices and lower prices," DAVIS continued. "We are pleased with the strong support our merger has received from a broad range of organizations, and we look forward to regulatory approval in the near future."
For the fourth quarter of 2007, XM reported total revenue of $308 million, an increase of 20% over the $257 million total revenue reported in fourth quarter of 2006. Net loss for the fourth quarter of 2007 narrowed by $18 million over the prior year to ($239) million compared to a net loss for the fourth quarter 2006 of ($257) million. Full year net loss improved by $37 million over the prior year to ($682) million compared to a full year 2006 net loss of ($719) million.