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XM Loss Widens In Q1
WASHINGTON -- May 12, 2008: XM Satellite Radio's net loss widened to $129 million (42 cents per share) in the first quarter of 2008, up from $122 million (40 cents) in the same period in 2007. Adjusted operating loss in the first quarter of 2008 was $30.7 million, up 12.1 percent from $27 million, with $3.5 million in merger-related expenses in the quarter compared to $9.2 million in merger expenses in Q1 '07.
XM brought in total revenues of $308.5 million in Q1, up 16.8 percent from $264.1 million a year ago, with $275.7 million of that coming from subscriptions, a 16.6 percent gain from $236.5 million in Q1 2007. Operating expenses were up 14.5 percent, to $402.1 million from $351.2 million.
XM ended the first quarter of 2008 with 9.3 million subscribers, up 18 percent from 7.9 million at the end of Q1 2007, driven by a 49 percent increase in gross additions through the automotive OEM channel -- 802,000 compared to 537,000 in Q1 of '07. Subscriber churn, meanwhile, stayed steady at just under 2 percent.
XM's merger with Sirius Satellite Radio, already approved by shareholders and the Department of Justice, remains in regulatory limbo as the satcasters wait for a decision from the FCC. XM did not speculate in its earnings release on when the merger will close.
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