Sirius XM Radio posted better than expected quarterly sales and a smaller loss, fueled by cost cutting and increased subscriptions for its satellite pay-radio service.
Sirius, which last week said it had completed a critical financing move that solved looming debt problems for the year, said its sales rose to $622.2 million, up 16 percent from a year ago, and outpacing analysts view of $615.5 million, according to Reuters Estimates.
Its net loss on a pro forma basis was $248.5 million, compared with a loss of $405.0 million one year.
The pro forma figures reflects the fact that Sirius last July completed its acquisition of rival XM Satellite Radio, and compares the results as if they were one single company a year ago. This was the first full quarter of combined operations.
On a per share basis, the loss was 8 cents in the 2008 quarter. Analysts had expected a loss of 7 cents a share, according to Reuters Estimates. It was not immediately clear whether the figures were comparable.
Sirius, which last week said it had completed a critical financing move that solved looming debt problems for the year, said its sales rose to $622.2 million, up 16 percent from a year ago, and outpacing analysts view of $615.5 million, according to Reuters Estimates.
Its net loss on a pro forma basis was $248.5 million, compared with a loss of $405.0 million one year.
The pro forma figures reflects the fact that Sirius last July completed its acquisition of rival XM Satellite Radio, and compares the results as if they were one single company a year ago. This was the first full quarter of combined operations.
On a per share basis, the loss was 8 cents in the 2008 quarter. Analysts had expected a loss of 7 cents a share, according to Reuters Estimates. It was not immediately clear whether the figures were comparable.
