Sirius XM Revenues Up For Q4, Merger Costs Hit Bottom Line
March 10, 2009 at 3:58 PM (PT)
SIRIUS XM RADIO reported its fourth-quarter revenues rising 149% from $249.8 million to $622.2 million, with most of the jump attributed to the addition of XM RADIO's revenues to the total. The company said that its net loss widened due to merger costs and a writedown in fourth quarter, going from $166.223 million to $245.844 million, with per-share loss narrowing from 11 to 8 cents due to fewer shares outstanding. The loss exceeded analyst estimates of 7 cents/share. The quarter's totals include $83 million in merger costs and a $15 million goodwilll writedown. Pro forma net loss narrowed from $405 million to $248.5 million for the quarter.
The merged company ended 2008 with 19,003,856 subscribers, up from a combined 17,348,622 subscribers for XM and SIRIUS at the end of 2007, but net additions were down from 3,695,515 to 1,655,234 for the year. (SIRIUS ended 2007 with 8,321,785 subscribers) For fourth quarter, net additions fell sharply from 1,114,552 in 2007 to 82,945 in 2008.
The company's delayed 10-K annual report was filed with the SEC TODAY (3/10). A conference call to discuss the numbers will be held on MARCH 17th.