XM Satellite Radio Holdings Inc. reported revenues of $264 million in the 2007 first quarter, an increase of 27 percent over revenues of $208 million in the same period in 2006, XM announced April 26. XM’s first quarter loss narrowed to $122 million, an 18 percent improvement compared to the 2006 first quarter loss of $149 million.

XM’s adjusted operating loss was $27 million in the 2007 first quarter, which closed March 31, compared to $49 million in the same period in 2006. The 2007 first quarter adjusted operating loss included $8 million in expenses related to the proposed merger with Sirius Satellite Radio.

In the 2007 first quarter, XM’s subscriber acquisition costs, a component of cost per gross addition (CPGA), was $65, compared to $59 in the first quarter of 2006. CPGA in the 2007 first quarter was $103 up from $93 in the 2006 first quarter.

XM ended the quarter with more than 7.9 million subscribers, up from 6.5 million at the close of the 2006 first quarter. XM recorded 285,000 net new subscribers in the 2007 first quarter, down from 569,000 in the 2006 first quarter.