While XM executives emphasized they're focused on financial fundamentals, they also said the satellite radio company expects 2004 to be another big year in terms of subscriber enrollment.
Executives said they plan to exceed the 2.5 million-customer mark Wall Street has forecasted for the company next year. For year-end 2003, XM said it expects to meet or exceed 1.2 million subscribers. In October, XM crossed the 1 million-customer milestone.
Said XM President and CEO Hugh Panero, "Complementing this remarkable subscriber performance is XM's track record of achieving financial and operational milestones. This focus on successful operational execution is a differentiator of our business and a clear indication that XM is focused on growth, while minimizing costs and creating long-term value for our shareholders."
For the third quarter, XM had a consolidated net loss available to common shareholders of $145.6 million. Third quarter revenue rose to $26.9 million, from $5.6 million reported in third quarter last year.
As of Sept. 30, XM had total cash and short-term investments of $457 million, and undrawn facilities from GM of $96 million, the company said. The total liquidity position of XM at the end of September was $553 million. In September, the company raised an additional $150 million as a result of a public offering of XM common stock.
