As a result of first-quarter momentum, Sirius upgraded its projec...
As a result of first-quarter momentum, Sirius upgraded its projection for subscriber growth this year to 2.7 million, from 2.5 million, by the end of 2005. That’s still less than 1/2 the 5.5 million that XM has projected. But…
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Sirius CEO Mel Karmazin declared in a conference call his company had “a blowout quarter in which we over- delivered on all our key metrics.” Sirius added 305,000 subscribers in the quarter, a 230% increase from the 91,000 a year earlier. Karmazin said Sirius captured 36% of the new subscribers added in the quarter by it and XM combined. Noting that’s compared with the 20% share Sirius boasted a year earlier, Karmazin said Sirius will reach “approximate parity” at retail with XM by the end of the year. The company is on target to become “cash flow positive” by 2007, he said. First quarter, the company’s net loss widened 34% to $193.61 million on a 365% increase in revenue to $43.22 million. Sirius recorded its lowest monthly churn ever at 1.3%.