SIRIUS Satellite Radio (SIRI) Reports Increases in Revenue, Backed by Strong Partnership Agreements and Subscriber Surge
Source: http://Blog.QualityStocks.net/?p=11426Posted on Monday, July 28th, 2008 | In Market Commentary, OTCBB Markets, Small & Micro Cap, Stocks to Watch
Mega-media company SIRIUS Satellite Radio (Nasdaq: SIRI) offers 65 channels of music, sports, news, talk, entertainment, traffic, weather and data. The company has established partnerships with the NFL and NASCAR, operates through SIRIUS Internet Radio and SIRIUS Backseat TV, and has a line of SIRIUS products for a variety of motor vehicles. The company today announced preliminary second quarter 2008 financial results, posting increases across the board.
Stemming from the success of the company’s diversified offerings, SIRIUS posted a 25-percent increase in revenue to $283 million; total subscribers in excess of 8.9 million; and a 70-percent decrease in its adjusted loss from operations. Total revenue for the period ended June 30, 2008, is expected to be approximately $283 million, up from $226 million last year.
For the period ended June 30, 2008, SIRIUS had 8.92 million subscribers, up from 7.143 million for the same period last year. Retail subscribers increased 7 percent in the second quarter 2008 to 4.67 million from 4.365 million in the second quarter 2007.
The company’s factory SIRIUS radios are available in 126 models, while the dealer-installed radios are available in 45 models. The company has secured agreements with some of the hottest cars on the market, including Aston Martin, Audi, Automobili Lamborghini, Bentley, BMW, Chrysler, Dodge, Ford, Jaguar, Jeep, Kia, Land Rover, Lincoln, Maybach, Mazda, Mercedes-Benz, Mercury, MINI, Mitsubishi, Rolls-Royce, Scion, Subaru, Toyota, Volvo and Volkswagen.
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