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SIRIUS Announces Second Quarter 2003 Financial and Operating Results; Subscriptions reached 105,186, an Increase of 55% in Last Quarter.

Article Excerpt
SIRIUS , known for delivering the very best in commercial-free music and premium audio entertainment, today announced its second quarter 2003 financial and operating results. The company previously announced a major milestone during the quarter, when it reached 100,000 subscribers on June 20. SIRIUS ended the second quarter on June 30, 2003 with 105,186 subscribers, an increase of 55% during the quarter.

"This continued growth in SIRIUS subscribers confirms that we are getting traction in the marketplace, and that our commercial-free music programming is gaining a wider audience," said Joseph P. Clayton, President and CEO of SIRIUS. "We were able to reach our subscriber target even without the benefit of the new transportable products. Now that these 'Plug & Play' receivers are becoming more available in retail stores, we expect the pace to pick up even more."

During the second quarter, SIRIUS completed two major financing transactions which eliminated the company's previously stated funding gap, and added approximately $357 million in cash, giving the company added financial flexibility.

"I am excited to have joined SIRIUS at such a pivotal time in its history," said David Frear, SIRIUS' new Executive Vice President and Chief Financial Officer. "In less than four months, SIRIUS has transformed itself to a company that is fully-funded with $560 million in cash. With very little debt, our balance sheet is clearly the strongest in this new and exciting industry."

In recent weeks, SIRIUS introduced its transportable "Plug & Play" products in the retail marketplace. These products from Kenwood and Audiovox are now flowing into stores, and that volume will...

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