This excerpt taken from the SIRI 8-K filed May 13, 2008.
NEW YORKMay 12, 2008SIRIUS Satellite Radio (NASDAQ: SIRI) today announced first quarter 2008 financial results, including a 33% increase in revenue to $270.4 million, total subscribers in excess of 8.6 million and a 55% decrease in the adjusted loss from operations.
SIRIUS continues to demonstrate robust subscriber and revenue growth, along with strong cost discipline and significant improvement in our bottom line, said Mel Karmazin, CEO of SIRIUS. Compared with a year ago, first quarter 2008 subscribers grew 31%, revenue grew 33%, while cash operating costs only grew 8%, leading to a 55% decline in our adjusted loss from operations.
We await the FCC decision on our pending merger with XM, and we are eager to deliver the strong benefits of the combined company to our subscribers and stockholders.
SIRIUS ended first quarter 2008 with 8,644,319 subscribers, up 31% from 6,581,045 subscribers at the end of first quarter 2007. Retail subscribers increased 10% in the first quarter 2008 to 4,643,215 from 4,234,804 at the end of first quarter 2007. OEM subscribers increased 72% in the first quarter 2008 to 3,986,818 from 2,323,683 at the end of first quarter 2007. During the first quarter 2008, SIRIUS added 322,534 net subscribers and achieved a 52% share of satellite radio net subscriber additions.
Total revenue for the first quarter 2008 increased to $270.4 million, up 33% from first quarter 2007 total revenue of $204.0 million. Average monthly revenue per subscriber (or ARPU) was $10.42 in first quarter 2008 as compared with $10.46 for first quarter 2007. First quarter 2008 average all-in customer churn was 2.7%. SAC per gross subscriber addition was $91 in first quarter 2008, an improvement over first quarter 2007s SAC per gross subscriber addition of $101.
SIRIUS reported a first quarter 2008 net loss of ($104.1) million, or ($0.07) per share, an improvement of 28% over first quarter 2007 net loss of ($144.7) million, or ($0.10) per share. The adjusted loss from operations for first quarter 2008 improved 53% to ($39.5) million, as compared to the adjusted loss from operations of ($84.0) million in first quarter 2007.