also, financial and summary statement released today:
KS
WASHINGTON, April 26 /PRNewswire/ -- XM Satellite Radio Holdings Inc.
(Nasdaq: XMSR), ("XM Radio"), an innovator in radio entertainment, today
reported financial and operating results for the first quarter ended March 31,
2001. During the quarter, XM Radio achieved several critical milestones
including raising over $200 million in additional funding, successfully launching
its first satellite, "Rock," and, together with STMicroelectronics, delivering
production chipsets to XM's radio manufacturing partners in preparation for
third quarter 2001 commercial launch of service.
(Photo: newscom.com )
First Quarter Financial and Operating Results
The company reported first quarter 2001 consolidated operating loss (EBIT)
of ($42.1) million, a consolidated net loss of ($36.9) million, and a consolidated
net loss available to common shareholders of ($42.7) million, or ($0.80) per
share. In comparison, for the first quarter of 2000, XM had a consolidated
operating loss of ($16.9) million, a consolidated net loss of ($12.7) million, and
a consolidated net loss available to common shareholders of ($14.2) million, or
($0.30) per share. XM Fully Funded into 2002
On March 6, 2001, XM Radio completed public offerings of its Class A
Common Stock and 7.75% Convertible Subordinated Notes due 2006, raising
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.
XM Successfully Launched First Satellite, Preparing for Second Launch
On March 18, 2001, XM Radio successfully launched its first satellite, "Rock,"
from the Sea Launch Odyssey Launch Platform. In addition, the satellite has
successfully achieved several performance milestones including the
deployment of the communications antennas and solar panels. The company's
second satellite, "Roll," is scheduled for launch on May 7, 2001.
XM Delivered Production Design Chipsets to Radio Manufacturers
STMicroelectronics N.V. (NYSE: STM) completed the chipset fabrication
process and shipped production chips to XM's radio manufacturers including
Sony, Pioneer, Alpine and Delphi-Delco for final validation, testing and
integration into XM-ready radios. The two custom silicon chips allow XM
radios to receive and decode digital signals broadcast via satellite and
terrestrial repeaters from XM's Broadcast Center studios in Washington, D.C.
XM released its first pass silicon chips in October 2000 and completed the
final production design and commenced fabrication of silicon in February
2001.
XM Announced Radio Manufacturing and Distribution Agreements
XM Radio 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. |
