XM Satellite Radio Loss Widens in 3Q

By | November 7, 2003 at 12:00 AM

XM Satellite Radio Holdings Inc. said Thursday its third-quarter loss widened, as cost increases swallowed up a fivefold increase in revenue.

After dividends on preferred shares, the Washington-based satellite radio broadcaster reported a loss of $145 million, or $1.12 a share. It lost $114 million, or $1.26 a share, in the same period last year.

A Thomson First Call survey of analysts produced a mean estimate of a loss of $1.17 a share for the latest quarter.

XM’s revenue rose to $26.9 million from $5.6 million, as the number of subscribers climbed 34 percent during the quarter to 929,648 at Sept. 30. It has since said it that it has reached one million subscribers

The only competing satellite radio broadcaster, Sirius Satellite Radio Inc., had 149,612 subscribers on Sept. 30.

Shares of XM Satellite Radio rose 48 cents, or 2.3 percent, to close at $21.70 on the Nasdaq Stock Market.