SIRIUS XM Adds Over 171,000 Net Subscribers in the First Quarter
Company Also Expects to Report Strong Growth in Pro Forma Adjusted Income From Operations
NEW YORK, April 14, 2010 /PRNewswire via COMTEX News Network/ -- SIRIUS XM Radio (Nasdaq: SIRI) today announced that it added 171,441 net subscribers in the first quarter of 2010, compared to a net subscriber decline of 404,422 in the first quarter of 2009. The Company ended the first quarter with 18,944,199 subscribers, an increase of 344,765 over the year ago quarter.
In further highlighting its first quarter 2010 subscriber growth, SIRIUS XM also announced that:
- Gross additions increased by 29% and deactivations decreased by 11% compared to the first quarter of 2009.
- Self-pay churn improved to 2.0% for the first quarter of 2010 from 2.2% for the first quarter of 2009.
- The conversion rate from a trial subscription included in the sale of a vehicle to a self-pay subscription improved in the first quarter of 2010 to 45.2%, up from 44.6% for the first quarter of 2009.
"Our subscriber results represent a remarkably positive turn from the year ago quarter, reflecting the broad appeal of our unrivaled programming, the benefits of a recovering auto industry and an improving economic environment for consumers," said Mel Karmazin, the Chief Executive Officer of SIRIUS XM. "We also expect to report solid revenue growth and strong growth in pro forma adjusted income from operations for the first quarter of 2010."
SIRIUS XM plans to release first quarter 2010 financial results in May 2010.
About SIRIUS XM Radio
SIRIUS XM Radio is America's satellite radio company delivering to subscribers commercial-free music channels, premier sports, news, talk, entertainment, and traffic and weather.
SIRIUS XM Radio has content relationships with an array of personalities and artists, including Howard Stern, Martha Stewart, Oprah Winfrey, Rosie O'Donnell, Jamie Foxx, Barbara Walters, Opie & Anthony, Bubba the Love Sponge(R), Bob Edwards, Chris "Mad Dog" Russo, Jimmy Buffett, The Grateful Dead, Willie Nelson, Bob Dylan and Tom Petty. SIRIUS XM Radio is the leader in sports programming as the Official Satellite Radio Partner of the NFL, Major League Baseball(R), NASCAR(R), NBA, NHL(R), and PGA TOUR(R) and major college sports.
SIRIUS XM Radio has arrangements with every major automaker. SIRIUS XM Radio products are available at shop.sirius.com and shop.xmradio.com, and at retail locations nationwide, including Best Buy, RadioShack, Wal-Mart and independent retailers.
SIRIUS XM Radio also offers SIRIUS Backseat TV, the first ever live in-vehicle rear seat entertainment featuring Nickelodeon, Disney Channel and Cartoon Network; XM NavTraffic(R) service for GPS navigation systems delivers real-time traffic information, including accidents and road construction, for more than 80 North American markets.
The company refers to net income before interest and investment income; interest expense, net of amounts capitalized; income tax expense; loss on extinguishment of debt and credit facilities, net; (gain) loss on investments; other expense (income); restructuring, impairments and related costs; depreciation and amortization; and share-based payment expense as adjusted income from operations. Adjusted income from operations is not a measure of financial performance under U.S. generally accepted accounting principles.
This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, the combined company's plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as "will likely result," " are expected to," "anticipate," "believe," "plan," "estimate," "intend," "will," "should," "may," or words of similar meaning. Such forward-looking statements are based upon the current beliefs and expectations of SIRIUS XM's management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond the control of SIRIUS and XM. Actual results may differ materially from the results anticipated in these forward-looking statements.
The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statement: general economic conditions; our dependence upon automakers and other third parties, the substantial indebtedness of SIRIUS and XM; the useful life of our satellites; and our competitive position versus other forms of audio and video entertainment. Additional factors that could cause SIRIUS' and XM's results to differ materially from those described in the forward-looking statements can be found in SIRIUS' Annual Report on Form 10-K for the year ended December 31, 2009 and XM's Annual Report on Form 10-K for the year ended December 31, 2009, which are filed with the Securities and Exchange Commission (the "SEC") and available at the SEC's Internet site ( http://www.sec.gov). The information set forth herein speaks only as of the date hereof, and SIRIUS and XM disclaim any intention or obligation to update any forward looking statements as a result of developments occurring after the date of this communication.
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SOURCE SIRIUS XM Radio
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