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XM RADIO Q1 REPORTS LOSSES, SATELLITE UP

In Space, No One Can Smell
What The "Rock" Is Cookin'
XM Satellite Radio today reported wider losses for the first quarter ended March 31. On the other hand, the company secured some more funding, launched a satellite and announced some new manufacturing deals.

XM reported a Q1 consolidated operating loss—everyone’s favorite! EBITDA—of $42.1 million, compared to a consolidated operating loss of $16.9 million for the same period last year.

The company also reported a consolidated net loss of $36.9 million (compared to $12.7 million last year) and a consolidated net loss available to common shareholders of $42.7 million, or 80 cents a share (compared to $14.2 million, or 30 cents a share for the same period last year).

On the plus side, however , the company completed public offerings of its Class A Common Stock and 7.75% Convertible Subordinated Notes due 2006 on March 6, 2001. While we’re not real sure what that means exactly, it apparently helped the company raise a gross total of $201.4 million. The proceeds will be used primarily for marketing, systems and other general corporate purposes, and are expected to fund company operations into 2002.

Of course, by "general corporate purposes," we assume they mean liquor and whores.

On March 18, XM Radio successfully launched its first satellite, "Rock," from the Sea Launch Odyssey Launch Platform. To date, the satellite has successfully achieved several performance milestones including the deployment of the communications antennas and solar panels. The company plans on laying the smackdown on the competitions’ candyasses by launching a second satellite, "Stone Cold," next month.

XM Radio also announced radio manufacturing deals with Visteon Corporation, Panasonic and Sanyo Electric Co., Ltd. to deliver the next generation of audio entertainment to automotive customers. In addition, XM announced distribution agreements with Sears and Radio Shack Franchise Group, two of the nation's top car stereo retailers, to promote XM Radio products and services at locations across the country. XM now has a retail reach of more than 4,000 outlets.

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