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Monday, July 28, 2008

Sirius expects 2Q adjusted loss to shrink 70 pct

Sirius Satellite Radio Inc. said Monday that it expects to post a 70 percent smaller adjusted loss from operations in the second quarter as revenue rises.

The New York-based satellite radio provider expects to post a 25 percent increase in revenue to $283 million when it reports full earnings by mid-August. The company's quarterly loss is expected to narrow to $24 million from $79 million a year earlier.

Analysts surveyed by Thomson Financial are forecasting a loss of 7 cents per share on revenue of $283.9 million.

Sirius added 279,820 net new subscribers for a total of 8.92 million.

Sirius, which received approval from the Federal Communications Commission Friday to buy rival XM Satellite Radio Holdings Inc., also plans to offer about $375 million worth of stock and up to $65 million in a separate share lot to affiliates of Morgan Stanley & Co. and UBS Investment Bank.

The stock offering is tied to a $550 million debt placement by XM, with the exact number of Sirius shares to be offered depending on the terms of the XM offering. XM's senior subordinated notes due 2014 can be exchanged into Sirius shares.

Sirius will lend shares to the investment bank affiliates to be sold. The banks will also buy some shares and will be required to return the borrowed shares following the maturity date of the XM notes or their earlier retirement.

The transactions are part of a series of deals to refinance XM's debt as it prepares to be acquired by Sirius for $3.3 billion in stock.

Shares of Sirius were down 9 cents, or 4 percent, to $2.16 in morning trading while XM lost 36 cents, or 4 percent, to $8.92.

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