Sunday, September 26, 2010 6:43:25 PM
SIRIUS Announces 2002 Financial and Operating Results
NEW YORK, NY - March 28, 2003 - SIRIUS (NASDAQ: SIRI), today announced its financial results for the year ended December 31, 2002, the end of the first year of commercial operations for the premier satellite radio broadcaster. SIRIUS launched its service nationwide on July 1, 2002, and had 29,947 subscribers on December 31, 2002. In addition, on March 7, 2003, SIRIUS closed a $1.2 billion recapitalization, which eliminated approximately 91% of the company's debt and 100% of its convertible preferred stock, and raised $200.0 million of new equity. SIRIUS currently has funds to cover estimated funding needs into the second quarter of 2004.
FOURTH QUARTER 2002 VERSUS FOURTH QUARTER 2001
For the quarter ended December 31, 2002, SIRIUS reported total revenue of $685 thousand and a net loss applicable to common stockholders of $134.1 million, or $1.74 per share. This compares with a net loss applicable to common stockholders of $83.6 million, or $1.52 per share, for the 2001 quarter.
Subscriber revenue of $727 thousand was partially offset by $107 thousand of costs associated with a mail-in rebate program. Mail-in rebates that are paid directly to subscribers are recorded as a reduction to subscription revenue. Average monthly revenue per subscriber, or ARPU, was approximately $10.82. ARPU, excluding costs associated with a mail-in rebate program, was approximately $12.69.
FULL YEAR 2002 VERSUS FULL YEAR 2001
For the year ended December 31, 2002, SIRIUS reported total revenue of $805 thousand and a net loss applicable to common stockholders of $468.5 million, or $6.13 per share. This compares with a net loss applicable to common stockholders of $277.9 million, or $5.30 per share, for 2001.
Subscriber revenue of $1.0 million was offset by $426 thousand of costs associated with a mail-in rebate program. ARPU was approximately $7.47. ARPU, excluding costs associated with a mail-in rebate program, was approximately $12.58.
(Selected Balance Sheet Data and Statement of Operations follow).
RECAPITALIZATION
On March 7, 2003, the company completed a series of transactions to restructure its debt and equity capitalization. As part of these transactions:
* SIRIUS exchanged 545,012,162 shares of the company's common stock for approximately 91% of its outstanding debt, resulting in the cancellation of all of the company's Lehman term loans, all of the company's Loral term loans, $251.2 million in aggregate principal amount at maturity of the company's 15% Senior Secured Discount Notes due 2007, $169.7 million in aggregate principal amount of the company's 14½% Senior Secured Notes due 2009, and $14.7 million in aggregate principal amount of the company's 8¾% Convertible Subordinated Notes due 2009;
* SIRIUS exchanged 76,992,865 shares of its common stock and warrants to purchase 87,577,114 shares of common stock for all of the company's outstanding convertible preferred stock;
* SIRIUS sold 24,060,271 shares of its common stock to affiliates of Apollo Management, L.P. for an aggregate of $25.0 million in cash;
* SIRIUS sold 24,060,271 shares of its common stock to affiliates of The Blackstone Group L.P. for an aggregate of $25.0 million in cash; and
* SIRIUS sold 163,609,837 shares of its common stock to affiliates of Oppenheimer Funds, Inc. for an aggregate of $150.0 million in cash.
After giving effect to these transactions, at March 7, 2003, SIRIUS had $61.2 million in aggregate principal amount of outstanding debt, consisting of $29.2 million in aggregate principal amount at maturity of 15% Senior Secured Discount Notes due 2007, $30.3 million in aggregate principal amount of 14½% Senior Secured Notes due 2009 and $1.7 million in aggregate principal amount of 8¾% Convertible Subordinated Notes due 2009; and approximately 911,479,700 shares of common stock outstanding.
At March 7, 2003, SIRIUS had in excess of $300.0 million in cash, cash equivalents and marketable securities, an amount sufficient to cover its estimated funding needs into the second quarter of 2004. The company estimates that it will need additional funding of approximately $100.0 million before it achieves cash flow break even, the point at which revenues are sufficient to fund expected operating expenses, capital expenditures, principal and interest payments and taxes.
SIRIUS defines average monthly revenue per subscriber ("ARPU") as the total earned subscription revenue and activation revenue 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.
Recent SIRI News
- Form 11-K - Annual report of employee stock purchase, savings and similar plans • Edgar (US Regulatory) • 06/14/2024 05:42:43 PM
- Adobe Soars 15% Pre-Market; Visa and Mastercard Encounter Hurdles in $30 Billion Agreement, and More • IH Market News • 06/14/2024 11:21:47 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/13/2024 08:12:15 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 06/12/2024 02:41:38 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/06/2024 08:25:37 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 06/05/2024 02:33:01 PM
- Economic Worries May Lead To Weakness On Wall Street • IH Market News • 06/04/2024 01:10:54 PM
- Gabelli Funds to Host 16th Annual Media & Entertainment Symposium Thursday, June 6, 2024 • GlobeNewswire Inc. • 06/03/2024 12:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/30/2024 10:54:39 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/30/2024 10:54:37 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/30/2024 10:54:35 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/30/2024 10:54:33 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/30/2024 10:54:32 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/30/2024 10:54:28 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/30/2024 10:54:27 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/30/2024 10:54:24 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/30/2024 10:54:22 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/30/2024 10:54:20 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/30/2024 10:54:18 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/30/2024 10:54:16 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/30/2024 10:54:13 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/30/2024 10:54:11 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/30/2024 10:54:10 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/30/2024 10:54:07 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/30/2024 10:54:05 PM
ECGI Holdings Announces LOI to Acquire Pacific Saddlery to Capitalize on $12.72 Billion Market Potential • ECGI • Jun 13, 2024 9:50 AM
Fifty 1 Labs, Inc. Announces Major Strategic Advancements and Shareholder Updates • CAFI • Jun 13, 2024 8:45 AM
Snakes & Lattes Opens Pop-Up Location at The Wellington Market in Toronto: A New Destination for Fun and Games - Thanks 'The Well', PepsiCo, Indie Pale House & All Sponsors & Partners for Their Commitment & Assistance Throughout The Process • FUNN • Jun 13, 2024 8:18 AM
HealthLynked Introduces Innovative Online Medical Record Request Form Using DocuSign • HLYK • Jun 12, 2024 8:00 AM
Ubiquitech Software Corp (OTC:UBQU) Posts $624,585 Quarterly Revenue - Largest Quarter Since 2018 • UBQU • Jun 11, 2024 10:13 AM
Element79 Gold Corp Files for OTCQB Uplisting, Provides Financial Update • ELEM • Jun 11, 2024 9:25 AM