This excerpt taken from the SIRI 8-K filed May 1, 2007.
NEW YORK May 1, 2007 SIRIUS Satellite Radio (NASDAQ: SIRI) today announced strong first quarter 2007 results, including a 61% increase in revenue to a record $204 million from the year ago quarter, strong first quarter subscriber growth of 556,490 driving ending subscribers to approximately 6.6 million and accounting for 66% of satellite radio segment share.
2007 is off to a great start, said Mel Karmazin, CEO of SIRIUS. SIRIUS once again led the satellite radio segment in net subscriber additions marking the sixth straight quarter of leadership. At the same time, we increased revenue by 61% and reduced our net loss by 68% from last years first quarter. We are very pleased with our strong operating results and we are on track to meet our 2007 guidance.
SIRIUS is excited about the pending merger with XM. The audio entertainment market has changed dramatically since we received our licenses in 1997 and consumers now have a dizzying and ever-expanding array of options to choose from. We believe the merger makes sense for consumers and stockholders and we are confident that the transaction will be completed by the end of 2007.
SIRIUS ended first quarter of 2007 with 6,581,045 subscribers, up 61% from 4,077,747 subscribers at the end of the year-ago quarter. During first quarter of 2007, SIRIUS added 556,490 net subscribers consisting of 192,978 from the retail channel and 364,674 from the OEM channel. In first quarter of 2007, SIRIUS captured 66% of satellite radio segment share, marking the sixth consecutive quarter for leadership.
Total revenue for the first quarter of 2007 increased to $204.0 million, up 61% from $126.7 million for the year-ago quarter. Advertising revenue was $6.7 million during first quarter 2007 and average monthly revenue per subscriber (or ARPU) was $10.46. Average monthly subscriber churn was 2.3%, and was consistent with previously
provided 2007 churn guidance. SAC per gross subscriber addition was $104 for the first quarter of 2007.
SIRIUS reported a net loss of ($144.7) million, or ($0.10) per share for the first quarter of 2007, a 68% improvement from a net loss of ($458.5) million, or ($0.33) per share for the first quarter of 2006. The adjusted net loss for first quarter 2007 (adjusted to exclude stock-based compensation) improved to ($120.5) million, or ($0.08) per share, a 31% improvement from the adjusted net loss for first quarter 2006 of ($174.0) million, or ($0.13) per share.
This excerpt taken from the SIRI 8-K filed Feb 27, 2007.
NEW YORK February 27, 2007 SIRIUS Satellite Radio (NASDAQ: SIRI) today announced record full year and fourth quarter 2006 results driven by an 82% increase in subscribers to more than 6 million, positive free cash flow in the fourth quarter and the highest satellite radio subscriber market share in the companys history.
In 2006, SIRIUS added 2.7 million new subscribers, an annual record for satellite radio, and captured 62% share of satellite radio subscriber growth. More importantly, SIRIUS achieved positive free cash flow in the fourth quarter 2006 - four years after adding our first subscriber, said Mel Karmazin, CEO of SIRIUS. The fourth quarter marked the fifth consecutive quarter of satellite radio subscriber leadership for SIRIUS and a record 67% of satellite radio growth. We look forward to another year of strong growth in 2007, anticipating that we will approach $1 billion in total revenue. The pending merger with XM will offer unprecedented choice for consumers and create tremendous value for our shareholders.
SIRIUS ended 2006 with 6,024,555 subscribers, up 82% from 3,316,560 subscribers at the end of 2005. Retail subscribers increased 64% in 2006 to 4,041,826 from 2005 retail subscribers of 2,465,363. OEM subscribers increased 138% in 2006 to 1,959,009 from 823,693 at the end of 2005. During the fourth quarter 2006, SIRIUS added 905,247 subscribers, or 67% of satellite radio net additions.
Total revenue for 2006 increased to $637.2 million, up 163% from 2005 total revenue of $242.2 million. Fourth quarter 2006 total revenue of $193.4 million increased 142% from fourth quarter 2005 revenue of $80.0 million. Average monthly revenue per subscriber (or ARPU) was $11.01 in 2006 up from $10.34 in 2005. 2006 ARPU included a $0.56 contribution from net advertising revenue, up 100% from the $0.28 contribution from net advertising revenue reported
in 2005. Average monthly churn for 2006 was 1.9% reflecting total churn from both retail and OEM channels. SAC per gross subscriber addition was $114 for 2006 improving 18% over 2005s SAC per gross subscriber addition of $139.
SIRIUS reported a net loss of ($1.1) billion, or ($0.79) per share, for 2006. The adjusted net loss for 2006 (adjusted to primarily exclude stock-based compensation) improved to ($656.0) million for 2006, and the adjusted loss from operations improved to ($513.1) million versus 2006 guidance of ($565) million. The free cash flow loss for the full year of 2006 was ($500.7) million, in-line with previous guidance.
In the fourth quarter 2006, SIRIUS reported a net loss of ($245.6) million, or ($0.17) per share. The adjusted net loss (adjusted to primarily exclude stock-based compensation) improved to ($203.0) million for the fourth quarter, and the adjusted loss from operations improved to ($166.8) million.
The company posted positive free cash flow in the fourth quarter 2006 of $30.4 million, solidly reaching its goal of positive free cash flow as early as the fourth quarter of 2006. The definition of free cash flow is the sum of net cash provided by (used in) operating activities, capital expenditures and restricted and other investment activity.