10/01/2003 Xm Satellite Radio 929,000 Subscribers

XM Satellite Radio Tops 929,000 Subscribers

October 1, 2003 -- Washington -- XM Satellite Radio today announced it has 929,648 subscribers. The company closed the third quarter of 2003 with an addition of 237,395 new subscribers, its best-ever performance. "The third quarter represented our largest quarterly increase in net subscriber growth and one million subscribers is around the corner," said Hugh Panero, XM president and CEO. "This strong performance positions the company for its 2003 goal of 1.2 million subscribers and primary goal to reach cash flow breakeven by the end of 2004."
On July 1, 2003, the company announced it had a total of 692,253 subscribers after adding more than 209,000 subscribers in the second quarter. Meanwhile, XM's third quarter subscriber growth in 2003 represents a nearly quadruple increase over the number of subscribers the company added in the third quarter of 2002. Sequential growth from the second quarter 2003 to third quarter 2003 is consistent with prior guidance, and similar to the quarterly growth trends experienced by XM in 2002.