Newsgroup: it.economia.borsa.estero
Titolo: SIRI

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NEW YORK, Aug. 6 /PRNewswire-FirstCall/ -- SIRIUS (Nasdaq: SIRI), known
for delivering the very best in commercial-free music and premium audio
entertainment, today announced its second quarter 2003 financial and
operating
results.  The company previously announced a major milestone during the
quarter, when it reached 100,000 subscribers on June 20.  SIRIUS ended the
second quarter on June 30, 2003 with 105,186 subscribers, an increase of 55%
during the quarter.
"This continued growth in SIRIUS subscribers confirms that we are getting
traction in the marketplace, and that our commercial-free music programming
is
gaining a wider audience," said Joseph P. Clayton, President and CEO of
SIRIUS.  "We were able to reach our subscriber target even without the
benefit
of the new transportable products.  Now that these 'Plug &amp; Play'
receivers are
becoming more available in retail stores, we expect the pace to pick up even
more."
During the second quarter, SIRIUS completed two major financing
transactions which eliminated the company's previously stated funding gap,
and
added approximately $357 million in cash, giving the company added financial
flexibility.
"I am excited to have joined SIRIUS at such a pivotal time in its
history," said David Frear, SIRIUS' new Executive Vice President and Chief
Financial Officer.  "In less than four months, SIRIUS has transformed itself
to a company that is fully-funded with $560 million in cash.  With very
little
debt, our balance sheet is clearly the strongest in this new and exciting
industry."
In recent weeks, SIRIUS introduced its transportable "Plug &amp; Play"
products in the retail marketplace.  These products from Kenwood and
Audiovox
are now flowing into stores, and that volume will continue to increase in
the
coming months.
SIRIUS also recently announced several new initiatives in the specialty
markets sector, including agreements with Avionics Innovations, Formula
Boats
and Winnebago.
SECOND QUARTER 2003 VERSUS SECOND QUARTER 2002
For the second quarter of 2003, SIRIUS recognized total revenue of
$2.1 million, compared to $70 thousand for the second quarter of 2002.
SIRIUS
reported a loss from operations of $(109.8) million for the second quarter
of
2003, compared to a loss from operations of $(89.9) million for the second
quarter of 2002.  SIRIUS' EBITDA loss for the second quarter of 2003 was
$(86.3) million, compared with $(67.8) million in the second quarter of
2002.
The EBITDA loss for the second quarter of 2003 included a $14.5 million
non-cash charge associated with the disposal of SIRIUS' previous subscriber
management system.
SIRIUS reported a net loss applicable to common stockholders of
$(111.8) million, or $(0.12) per share, for the second quarter of 2003,
compared with a net loss applicable to common stockholders of
$(124.6) million, or $(1.62) per share, for the second quarter of 2002.
For the second quarter of 2003, average monthly revenue per subscriber, or
ARPU, was $7.91.  Excluding the costs of mail-in rebate programs, ARPU for
the
second quarter of 2003 was $10.84.
FIRST HALF 2003 VERSUS FIRST HALF 2002
For the first half of 2003 SIRIUS recognized total revenue of
$3.7 million, compared to $103 thousand for the first half of 2002.  SIRIUS
reported a loss from operations of $(208.9) million for the first half of
2003, compared to a loss from operations of $(140.6) million for the first
half of 2002.  SIRIUS' adjusted EBITDA loss for the first half of 2003 was
$(161.4) million, compared with $(104.0) million in the first half of 2002.
SIRIUS' adjusted EBITDA loss for the first half of 2003 excludes a
$256.5 million gain in connection with the completion of the company's
restructuring in March 2003, and includes a $14.5 million non-cash charge
associated with the disposal of SIRIUS' previous subscriber management
system.
SIRIUS reported a net loss applicable to common stockholders of
$(60.0) million, or $(0.09) per share, for the first half of 2003, compared
with a net loss applicable to common stockholders of $(214.7) million, or
$(2.85) per share, for the first half of 2002.  Included in net income
applicable to common stockholders for the first half of 2003 was a
$256.5 million gain in connection with the completion of the company's
restructuring in March 2003, and a deemed dividend of $79.5 million
associated
with the elimination of its convertible preferred stock in March 2003.
For the first half of 2003, ARPU was $8.94.  Excluding the costs of
mail-in rebate programs, ARPU for the first half of 2003 was $10.85.
(Selected Balance Sheet Data and Statement of Operations follow).
SIRIUS defines adjusted EBITDA loss as net loss before interest and
investment income, interest expense, depreciation expense and debt
restructuring.  This definition of adjusted EBITDA may not be comparable to
similarly titled measures of other companies.  Adjusted EBITDA is not a
measure of financial performance under accounting principles generally
accepted in the United States.  We have raised and invested large amounts of
capital to fund the completion of our system; as a result, our results of
operations include significant charges for depreciation and interest
expense.
In addition, we have recognized a gain associated with the restructuring of
our debt.  Adjusted EBITDA, which excludes these items, provides a basis to
measure our operating performance, apart from the expenses associated with
our
physical plant or capital structure.  Adjusted EBITDA should not be
considered
in isolation or as a substitute for operating loss, cash flow from operating
activities or other measures of performance defined by accounting principles
generally accepted in the United States.  A reconciliation of adjusted
EBITDA
loss is presented on the attachment.
SIRIUS defines average monthly revenue per subscriber, or ARPU, as the
total earned subscription revenue and activation revenue during the period,
over the daily weighted average number of subscribers for the period.  ARPU
is
not a measure of financial performance under accounting principles generally
accepted in the United States and should not be considered in isolation or
as
a substitute for measures of performance prepared in accordance with
accounting principles generally accepted in the United States.
SIRIUS Satellite Radio Inc.
     Financial Highlights
     (In thousands, except per share and subscriber data)
     (Unaudited)
                                     For the Three           For the Six
                                     Months Ended            Months Ended
                                       June 30,                 June 30,
                                   2003        2002         2003        2002
    Statement of Operations:
    Subscriber revenue,
     net of mail-in rebates      $2,029         $50       $3,583         $54
    Advertising revenue,
     net of agency fees              27          20           44          49
    Other revenue                    17          --           37          --
      Total revenue               2,073          70        3,664         103
    Operating expenses:
      Cost of services:
        Satellite and
         transmission             7,688       8,450       15,555      17,207
        Programming
         and content              7,639       4,125       14,213       7,908
        Customer service
         and billing             16,320       1,882       18,522       3,724
      Sales and marketing        39,516      30,901       84,856      46,560
      General and
       administrative            12,464       8,588       21,558      16,128
      Research and development    4,904      13,425        9,887      21,138
      Depreciation expense       23,463      22,099       47,563      36,580
      Non-cash stock
       compensation
       (benefit)/expense           (123)        491          436
(8,533)
        Total operating
         expenses               111,871      89,961      212,590     140,712
    Loss from operations       (109,798)    (89,891)    (208,926)
(140,609)
    Other income (expense):
      Debt restructuring             --          --      256,538          --
      Interest and
       investment income          1,327       1,517        2,670       3,517
      Interest expense,
       net of amounts
       capitalized               (3,365)    (24,893)     (22,030)
(55,086)
    Total other income
     (expense)                   (2,038)    (23,376)     237,178
(51,569)
    Net income (loss)          (111,836)   (113,267)      28,252
(192,178)
    Preferred stock dividends        --     (11,165)      (8,574)
(22,207)
    Preferred stock
     deemed dividends                --        (171)     (79,634)
(342)
    Net loss applicable
     to common stockholders   $(111,836)  $(124,603)    $(59,956)
$(214,727)
    Net loss per share
     applicable to common
     stockholders
     (basic and diluted)         $(0.12)    $ (1.62)      $(0.09)
$(2.85)
    Weighted average common
     shares outstanding
     (basic and diluted)        931,720      76,715      631,421      75,296
    Reconciliation of net
     income (loss) to
     Adjusted EBITDA:
      Net income (loss)
       as reported            $(111,836)  $(113,267)     $28,252
$(192,178)
      Add back non-EBITDA
       items included
       in net loss:
        Depreciation expense     23,463      22,099       47,563      36,580
        Interest and
         investment income       (1,327)     (1,517)      (2,670)
(3,517)
        Interest expense,
         net of amounts
         capitalized              3,365      24,893       22,030      55,086
        Debt restructuring           --          --     (256,538)         --
      Adjusted EBITDA          $(86,335)   $(67,792)   $(161,363)
$(104,029)
                                                  June 30,      December 31,
                                                    2003           2002
    Select Balance Sheet Data:
    Cash, cash equivalents
     and marketable securities                    $560,093       $173,702
    Restricted investments                           7,200          7,200
    Working capital                                524,050        151,289
    Total assets                                 1,660,830      1,340,940
    Long-term debt, net of current portion         259,570        670,357
    Accrued interest, net of current portion            --         46,914
    Total liabilities                              324,855        772,941
    Convertible preferred stock                         --        531,153
    Accumulated deficit                           (899,227)      (927,479)
    Stockholders' equity                         1,335,975         36,846
    Other Data:
      Subscribers (end of period)                  105,186         29,947
    About SIRIUS
SIRIUS is the only satellite radio service bringing listeners more than
100 streams of the best music and entertainment coast-to-coast.  SIRIUS
offers
60 music streams with no commercials, along with over 40 world-class sports,
news and entertainment streams for a monthly subscription fee of only
$12.95,
with greater savings for upfront payments of multiple months or a year or
more.  Stream Jockeys create and deliver uncompromised music in virtually
every genre to our listeners 24 hours a day.  Satellite radio products
bringing SIRIUS to listeners in the car, truck, home, RV and boat are
manufactured by Kenwood, Panasonic, Clarion and Audiovox, and are available
at
major retailers including Circuit City, Best Buy, Car Toys, Good Guys,
Tweeter, Ultimate Electronics, Sears and Crutchfield.  SIRIUS is the leading
OEM satellite radio provider, with exclusive partnerships with
DaimlerChrysler, Ford and BMW.  Automotive brands currently offering SIRIUS
radios in select new car models include BMW, MINI, Chrysler, Dodge, Jeep(R),
Nissan, Infiniti, Mazda and Audi.  Automotive brands that have announced
plans
to offer SIRIUS in select models include Ford, Lincoln, Mercury,
Mercedes-Benz, Jaguar, Volvo, Volkswagen, Land Rover and Aston Martin.
Click on 
sirius.com
 to listen to SIRIUS live, or to find a SIRIUS retailer
or car dealer in your area.
Any statements that express, or involve discussions as to, expectations,
beliefs, plans, objectives, assumptions, future events or performance with
respect to SIRIUS Satellite Radio Inc. are not historical facts and may be
forward-looking and, accordingly, such statements involve estimates,
assumptions and uncertainties which could cause actual results to differ
materially from those expressed in any forward-looking statements.
Accordingly, any such statements are qualified in their entirety by
reference
to the factors discussed in our Annual Report on Form 10-K for the year
ended
December 31, 2002 filed with the Securities and Exchange Commission. Among
the
key factors that have a direct bearing on our results of operations are: our
dependence upon third parties to manufacture, distribute, market and sell
SIRIUS radios and components for those radios; the unproven market for our
service; our competitive position and any events which affect the useful
life
of our satellites.
SOURCE  SIRIUS
    -0-                             08/06/2003
    /CONTACT:  Media and Investors, Jim Collins, 
+1-212-901-6422
, or
jcol...@siriusradio.com
, or Investors, Cheryl Cramer, 
+1-212-901-6466
, or
ccr...@siriusradio.com
, both of SIRIUS; or Media, Thomas Meyer, of PR21,
+1-310-566-2285
, or
Thomas...@pr21.com
, for SIRIUS /
    /Web site:
http://www.sirius.com
/
    (SIRI)
CO:  SIRIUS
ST:  New York
IN:  ENT RAD MUS
SU:  ERN
AL-BE
-- NYW055 --
2452 08/06/2003 09:00 EDT
http://www.prnewswire.com
Companies or Securities discussed in this article:
      Symbol Name
      NASDAQ:SIRI Sirius Satellite Radio Inc.

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