[Satellite Today – 5-12-08] XM Satellite Radio Holdings Inc. reported a nearly 17 percent increase in revenue for the first quarter of 2008, as well as more than 300,000 net subscriber additions, XM announced May 12.
    XM posted $308.5 million in revenue for the quarter ending March 31, compared to $264.1 million for the first quarter of 2007. XM reported 303,000 net subscriber additions, compared to 285 thousand net subscriber additions in 2007. XM ended the quarter with 9.3 million subscribers, an 18 percent increase, compared to 7.91 million subscribers at the end of first quarter 2007. This growth was driven by a 49 percent year-over-year increase in the number of gross additions through the automotive channel.
    XM reported an adjusted operating loss of $30.7 million, compared to a loss of $27 million in first quarter 2007. The first quarter 2008 adjusted operating loss includes $3.5 million of merger related expenses, compared to $9.2 million in first quarter 2007.
    On March 24, the U.S. Department of Justice informed XM and Sirius Satellite Radio that it had ended its investigation into their pending merger and would allow the transaction to proceed. The pending merger is still subject to approval by the U.S. Federal Communications Commission.