XM Claims Financial Progress
Mar 27, 2003, 12:00 AM
XM Satellite Radio added 145,605 net subscribers in its most recent quarter and reported its most successful operational quarter to date. XM reported revenue of $9.0 million, as compared to $532 thousand in the fourth quarter of 2001. For the year ended December 31, 2002, XM reported consolidated revenue of $20.2 million. In comparison, for the year ended December 31, 2001, XM reported consolidated revenue of $533 thousand. The company claims it now has a path to breakeven, especially after securing over $475 million from General Motors, Honda, DirecTV and Eastbourne Capital.