Washington D.C. (November 11, 2003)–XM Satellite Radio Holdings Inc. has reported financial and operating results for the third quarter. As of September 30, 2003, XM Radio reported 929,648 subscribers, a record net subscriber addition of 237,395 for the third quarter; a 34 percent increase from the end of the second quarter 2003 and four times the ending subscribers from the third quarter of 2002. Revenue for the third quarter increased nearly five-fold, when compared to a year ago, to $26.9 million.
XM president and CEO Hugh Panero noted that, “In late October, XM celebrated an historic milestone in the brief history of satellite radio by signing up one million subscribers faster than traditional radios, television sets, satellite TV dishes, CD players, MP3 players, or digital video recorders.”
XM’s OEM business was exceptionally strong during Q3 and represented more than half of the net adds during the quarter. In July, GM announced that half a million XM-equipped vehicles had been manufactured, with the one million-production mark expected by the end of the Q1 2004. Also during July, GM expanded the total number of GM models offering XM to 43, or 75 percent of the entire GM model lineup.
In September, Honda launched its 2004 model year vehicles offering XM Radio as a factory-installed standard feature on the Acura RL and the Acura TL and as a factory-installed feature on select Honda Accords. Honda expects to manufacture over 200,000 XM-equipped vehicles during the 2004 model year.
Toyota announced the availability of XM on the Lexus LS 430, the first Lexus model to offer a satellite radio option, as a dealer-installed option. In addition, Infiniti will offer XM to new car buyers as a factory or dealer-installed option on its entire vehicle line up.
XM Satellite Radio