XM Satellite Radio is ‘well on its way’ to exceeding its projecte...
XM Satellite Radio is “well on its way” to exceeding its projected 1.2 million subscribers by the end of the year and will surpass the average Wall St. forecast of 2.5 million by the end of 2004, company executives…
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told financial analysts in a conference call Thurs. on 3rd-quarter results. XM said it reduced its 3rd-quarter EBITDA loss to $64.37 million from $66.52 million in the same 2002 quarter as subscription revenue rose significantly to $21.66 million from $4.78 million. XM added 237,395 subscribers in the quarter for a total of 929,648 Sept. 30, breaking the million-subscriber barrier in late Oct. Subscription additions were up 34% from the end of the 2nd quarter, XM said. CEO Hugh Panero told analysts that “just as cable TV destroyed the myth that no one would pay for television, we have destroyed 2 myths -- that no one would pay for radio and that radio had to be local to be successful.” Panero said XM not only accounted for 85% of the total satellite radio market, “but also continues to capture the dominant share of all new growth.” He said the company expected to add 300,000 subscribers, or nearly as many as were added in all of 2002. His projection would raise XM’s year-end total to at least 1,229,648.