Sirius Satellite Radio is expanding and accelerating its regional rollout plan for its satellite radio service.
Thanks to better than expected service and customer feedback, following the company's launch that began February 14 in Denver, Houston, Phoenix and Jackson, Sirius will now offer service to 39 states over the next 60 days, with full nationwide distribution available July 1.
Earlier this year at the Consumer Electronics Show in Las Vegas, the company announced a regional rollout strategy that targeted one city at a time. In accelerating its nationwide rollout, the company will introduce service on a state-by-state basis, beginning in April with Arizona, New Mexico, Colorado, Wyoming, Idaho, Montana, North & South Dakota, Nebraska, Kansas, and Iowa. Nevada, Utah, Oklahoma, Minnesota, Missouri, Arkansas and Louisiana will all be completed by May 1. This will be followed by more states in the Midwest, the South and, finally, the far West and far East sections of the country, completing the nationwide roll out by July 1 instead of August 1.
Among its many music and information channels, Sirius will offer trucker programming, being developed for Sirius by ABC Radio Networks, a subsidiary of The Walt Disney Company. According to the announcement last summer, the trucker channel will feature the Midnight Trucking Network programming produced by WBAP in Dallas, as well as trucking-specific news, talk shows, nationwide traffic and weather reports and even action adventure dramas.
Sirius radios are currently available in nearly 200 storefronts in the company's initial markets, including major retail outlets like Circuit City, Best Buy, Car Toys, Ultimate, Tweeter and independent audio specialty dealers. Retail availability will increase dramatically, reaching approximately 3,500 retail outlets by July 1.
Sirius also announced that it has successfully renegotiated the covenants in its Lehman credit facility, eliminating 2002 requirements and substantially reducing subsequent year requirements.
The new loan arrangements give Sirius "the flexibility required to properly drive the company forward," said Sirius CFO John J. Scelfo.
For the fourth quarter of 2001, the company reported an operating loss of $51.8 million, a net loss before extraordinary items of $78 million, net loss after extraordinary items of $72.7 million and a net loss applicable to common stockholders of $83.6 million, or $1.52 per share. In comparison, for the fourth quarter of 2000, Sirius reported an operating loss of $38.2 million, a net loss of $44 million and a net loss applicable to common stockholders of $54.1 million, or $1.28 per share.
The company reported a year 2001 operating loss of $168.5 million, a net loss before extraordinary items of $241.1 million, a net loss after extraordinary items of $235.8 million and a net loss applicable to common stockholders of $277.9 million, or $5.30 per share. In comparison, for year 2000, Sirius reported an operating loss of $125.6 million, a net loss of $134.7 million and a net loss applicable to common stockholders of $183.7 million, or $4.72 per share.
Thanks to better than expected service and customer feedback, following the company's launch that began February 14 in Denver, Houston, Phoenix and Jackson, Sirius will now offer service to 39 states over the next 60 days, with full nationwide distribution available July 1.
Earlier this year at the Consumer Electronics Show in Las Vegas, the company announced a regional rollout strategy that targeted one city at a time. In accelerating its nationwide rollout, the company will introduce service on a state-by-state basis, beginning in April with Arizona, New Mexico, Colorado, Wyoming, Idaho, Montana, North & South Dakota, Nebraska, Kansas, and Iowa. Nevada, Utah, Oklahoma, Minnesota, Missouri, Arkansas and Louisiana will all be completed by May 1. This will be followed by more states in the Midwest, the South and, finally, the far West and far East sections of the country, completing the nationwide roll out by July 1 instead of August 1.
Among its many music and information channels, Sirius will offer trucker programming, being developed for Sirius by ABC Radio Networks, a subsidiary of The Walt Disney Company. According to the announcement last summer, the trucker channel will feature the Midnight Trucking Network programming produced by WBAP in Dallas, as well as trucking-specific news, talk shows, nationwide traffic and weather reports and even action adventure dramas.
Sirius radios are currently available in nearly 200 storefronts in the company's initial markets, including major retail outlets like Circuit City, Best Buy, Car Toys, Ultimate, Tweeter and independent audio specialty dealers. Retail availability will increase dramatically, reaching approximately 3,500 retail outlets by July 1.
Sirius also announced that it has successfully renegotiated the covenants in its Lehman credit facility, eliminating 2002 requirements and substantially reducing subsequent year requirements.
The new loan arrangements give Sirius "the flexibility required to properly drive the company forward," said Sirius CFO John J. Scelfo.
For the fourth quarter of 2001, the company reported an operating loss of $51.8 million, a net loss before extraordinary items of $78 million, net loss after extraordinary items of $72.7 million and a net loss applicable to common stockholders of $83.6 million, or $1.52 per share. In comparison, for the fourth quarter of 2000, Sirius reported an operating loss of $38.2 million, a net loss of $44 million and a net loss applicable to common stockholders of $54.1 million, or $1.28 per share.
The company reported a year 2001 operating loss of $168.5 million, a net loss before extraordinary items of $241.1 million, a net loss after extraordinary items of $235.8 million and a net loss applicable to common stockholders of $277.9 million, or $5.30 per share. In comparison, for year 2000, Sirius reported an operating loss of $125.6 million, a net loss of $134.7 million and a net loss applicable to common stockholders of $183.7 million, or $4.72 per share.
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