Sirius Releases Preliminary Q2 Results
July 28, 2008 at 6:02 AM (PT)
Preliminary second quarter results from SIRIUS SATELLITE RADIO saw a 25% increase in revenue to $283 million, total subscribers up 25% year-to-year to 8.294 million and adjusted loss from operations down 70% to about $24 million.
Retail subscribers increased 7% 4.677 million, with OEM subscribers up 53% to 4.247 million. Gross subscriber additions rose slightly to 1.029 million, compared to 1.002 million for second quarter 2007 and 1.003 million for first quarter 2008.
Second quarter 2008 average monthly self-pay customer churn rate was down from 2.1% in first quarter to 1.6% this time; the second quarter conversion rate is about 48%, up from first quarter's 47%.
Sirius Offers Common Stock
SIRIUS announced TODAY the commencement of an offering of shares of its common stock. The common stock being offered represent shares of SIRIUS common stock that SIRIUS will be lending to affiliates of MORGAN STANLEY & CO. and UBS INVESTMENT BANK, the share borrowers, pursuant to share lending agreements between SIRIUS and each of the share borrowers. It is estimated that, based on current market values, approximately $375,000,000 of SIRIUS common stock will be sold in a fixed-price public offering.