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"The pending merger with XM will offer unprecedented choice for consumers and create tremendous value for stockholders."
SIRIUS EYES MERGER WITH 2007, Q4 RESULTS IN
Company Had Highest Subscriber Gains In Satellite Radio History, Losses Narrow
Will Howard Stern be coming to an XM radio near you?

Sirius Satellite Radio’s Mel Karmazin certainly hopes so as the company announced its full year and Q4 results, which included the “highest annual gross subscriber additions in satellite radio history.” The company also reported positive free cash flow for the fourth quarter and the second half of 2007.

"We achieved our financial goals and solidified our position as one of the fastest growing media companies in the world," said CEO Karmazin.

Revenue for the year grew 45% to $922.1 million, with the addition of 4.2 million subscribers, registering $75.9 million in positive cash flow for the fourth quarter. That represents an increase of 45% from 2006’s total of $637.2 million. Fourth quarter 2007 total revenue increased 29% to $249.8 million from fourth quarter 2006 revenue of $193.4 million.

"The pending merger with XM will offer unprecedented choice for consumers and create tremendous value for stockholders,” added Karmazin. “We have made a very strong case for the merger to the government, received broad support from leading organizations and prominent individuals, and we look forward to a fast positive ruling from the government."

Sirius ended 2007 with 8,321,785 subscribers, up 38% from 6,024,555 subscribers at the end of 2006. Retail subscribers increased 15% in 2007 to 4,640,709 from 4,041,826 at the end of 2006. OEM subscribers increased 87% in 2007 to 3,665,632 from 1,959,009 at the end of 2006. During Q4 2007, Sirius added 654,309 net subscribers and, according to the NPD Group, achieved a 68% share of aftermarket satellite radio sales, its highest ever share.

The company reported a net loss of $565.3 million, or $0.39 per share, for 2007, an improvement of 49% over the 2006 net loss of $1.1 billion, or $0.79 per share. For the fourth quarter 2007 the net loss was $166.2 million, or $0.11) per share, as compared with the fourth quarter 2006 net loss of $245.6 million, or $0.17 per share.

Sirius reported a full-year 2007 free cash flow loss of $218.6, a 56% improvement over the 2006 free cash flow loss of $500.7 million. The company posted positive free cash flow in the fourth quarter of 2007 of $75.9 million, up 150% from the $30.4 million in positive free cash flow reported in the fourth quarter of 2006. For the first time in the company's history, Sirius also posted positive free cash flow of $8.1 million for the second half of the year.

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