SIRIUS Reports First Quarter 2008 Results

SIRIUS Reports First Quarter 2008 Results

* Revenue of $270.4 Million, Up 33% Year Over Year

* Total Subscribers of More Than 8.6 Million, Up 31% Year Over Year

* Record First Quarter Gross Subscriber Additions - Exceed 1 Million

* Adjusted Loss From Operations Improves 55%

NEW YORK, May 12 /PRNewswire-FirstCall/ -- SIRIUS Satellite Radio (NASDAQ:SIRI) today announced first quarter 2008 financial results, including a 33% increase in revenue to $270.4 million, total subscribers in excess of 8.6 million and a 55% decrease in the adjusted loss from operations.

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"SIRIUS continues to demonstrate robust subscriber and revenue growth, along with strong cost discipline and significant improvement in our bottom line," said Mel Karmazin, CEO of SIRIUS. "Compared with a year ago, first quarter 2008 subscribers grew 31%, revenue grew 33%, while cash operating costs only grew 8%, leading to a 55% decline in our adjusted loss from operations."

"We await the FCC decision on our pending merger with XM, and we are eager to deliver the strong benefits of the combined company to our subscribers and stockholders."

SIRIUS ended first quarter 2008 with 8,644,319 subscribers, up 31% from 6,581,045 subscribers at the end of first quarter 2007. Retail subscribers increased 10% in the first quarter 2008 to 4,643,215 from 4,234,804 at the end of first quarter 2007. OEM subscribers increased 72% in the first quarter 2008 to 3,986,818 from 2,323,683 at the end of first quarter 2007. During the first quarter 2008, SIRIUS added 322,534 net subscribers and achieved a 52% share of satellite radio net subscriber additions.

Total revenue for the first quarter 2008 increased to $270.4 million, up 33% from first quarter 2007 total revenue of $204.0 million. Average monthly revenue per subscriber (or "ARPU") was $10.42 in first quarter 2008 as compared with $10.46 for first quarter 2007. First quarter 2008 average all-in customer churn was 2.7%. SAC per gross subscriber addition was $91 in first quarter 2008, an improvement over first quarter 2007's SAC per gross subscriber addition of $101.

SIRIUS reported a first quarter 2008 net loss of ($104.1) million, or ($0.07) per share, an improvement of 28% over first quarter 2007 net loss of ($144.7) million, or ($0.10) per share. The adjusted loss from operations for first quarter 2008 improved 53% to ($39.5) million, as compared to the adjusted loss from operations of ($84.0) million in first quarter 2007.

2008 OUTLOOK

Following approval of the pending merger with XM by the Federal Communications Commission, SIRIUS will provide guidance for 2008.

RESULTS OF OPERATIONS

The discussion of operating expenses below excludes the effects of stock-based compensation. SIRIUS believes this presentation improves the transparency of disclosure and is consistent with the way operating results are evaluated by management.

FIRST QUARTER 2008 VERSUS FIRST QUARTER 2007

For the first quarter of 2008, SIRIUS recognized total revenue of $270.4 million compared to $204.0 million for the first quarter of 2007. This 33%, or $66.4 million, increase in revenue was driven by a $64.8 million increase in subscriber revenue resulting from the net increase in subscribers of 2,063,274 from the first quarter of 2007.

The company's adjusted loss from operations decreased $44.5 million to ($39.5) million for the first quarter of 2008 from ($84.0) million for the first quarter of 2007 (refer to the reconciliation table of net loss to adjusted loss from operations). This decrease was driven by the increase in total revenue of $66.4 million offset by a $21.8 million increase in non-operating expenses.

Satellite and transmission expenses decreased $0.3 million to $7.0 million for the first quarter of 2008 compared to $7.3 million for the first quarter of 2007 as a result of lower maintenance expenses in the first of quarter 2008.

Programming and content expenses increased $1.8 million to $58.9 million for the first quarter of 2008 from $57.1 million for the first quarter of 2007. The increase was primarily attributable to higher compensation-related costs for additions to headcount.

Revenue share and royalties increased $15.2 million to $42.3 million for the first quarter of 2008 from $27.1 million for the first quarter of 2007. This increase was attributable to the determination by the Copyright Royalty Board in January 2008 of the royalty rate under the statutory license covering the performance of sound recordings. The 33% growth in the company's revenues also contributed to the increase in revenue share and royalties.

Customer service and billing expenses increased $4.9 million to $26.6 million for the first quarter of 2008 from $21.7 million for the first quarter of 2007. The increase was primarily attributable to higher call center operating costs necessary to accommodate the increase in the company's subscriber base. Customer service and billing expenses per average subscriber per month declined 9.0% to $1.05 for the first quarter of 2008 from $1.15 for the first quarter of 2007.

Sales and marketing expenses decreased $2.2 million to $33.2 million for the first quarter of 2008 from $35.4 million for the first quarter of 2007. This decrease was primarily attributable to lower advertising and reduced cooperative marketing spend with the company's distributors compared to the year-ago first quarter.

Subscriber acquisition costs (SAC) decreased $8.4 million, or 9%, to $89.8 million for the first quarter of 2008 from $98.2 million for the first quarter of 2007. This decrease was primarily attributable to production efficiencies and a higher average retail selling price, offset by increased OEM unit production.

SAC per gross subscriber addition decreased 10% to $91 for the first quarter of 2008 from $101 for the first quarter of 2007. The decrease was driven by lower per unit subsidies due to production efficiencies and a higher average retail selling price, offset by a higher mix of OEM gross additions.

General and administrative expenses increased $13.4 million to $36.8 million for the first quarter of 2008 from $23.4 million for the first quarter of 2007. The increase was primarily the result of higher litigation related costs and compensation-related costs to support the growth of our business.

Engineering, design and development expenses decreased $3.9 million to $7.5 million for the first quarter of 2008 from $11.4 million for the first quarter of 2007. This decrease was attributable to reduced OEM and product development costs.

SIRIUS reported a net loss of ($104.1) million, or ($0.07) per share, for the first quarter of 2008 compared to a net loss of ($144.7) million, or ($0.10) per share, for the first quarter of 2007.

SIRIUS SATELLITE RADIO INC. AND SUBSIDIARIES
SUBSCRIBER DATA, METRICS
AND OTHER NON-GAAP FINANCIAL MEASURES
(Dollars in thousands, unless otherwise stated)

Subscriber Data:
For the Three Months
Ended March 31,
2008 2007

Beginning subscribers 8,321,785 6,024,555
Net additions 322,534 556,490
Ending subscribers 8,644,319 6,581,045

Retail 4,643,215 4,234,804
OEM 3,986,818 2,323,683
Hertz 14,286 22,558
Ending subscribers 8,644,319 6,581,045

Retail 2,506 192,978
OEM 321,186 364,674
Hertz (1,158) (1,162)
Net additions 322,534 556,490

Metrics:
For the Three Months
Ended March 31,
2008 2007

Gross subscriber additions 1,003,422 988,458
Deactivated subscribers 680,888 431,968
Average monthly churn (1)(6) 2.7% 2.3%
SAC per gross subscriber
addition (3)(6) $91 $101
Customer service and billing
expenses per average
subscriber (3)(6) $1.05 $1.15
Total revenue $270,350 $204,037
Free cash flow (4)(6) $(186,535) $(146,715)

Monthly ARPU:
Average monthly subscriber
revenue per subscriber
before the effects of
Hertz subscribers and rebates $10.09 $10.30
Effects of Hertz subscribers 0.04 0.04
Effects of rebates (0.04) (0.24)
Average monthly subscriber
revenue per subscriber 10.09 10.10
Average monthly net
advertising revenue per
subscriber 0.33 0.36
ARPU $10.42 $10.46

SIRIUS SATELLITE RADIO INC. AND SUBSIDIARIES
SUBSCRIBER DATA, METRICS
AND OTHER NON-GAAP FINANCIAL MEASURES - CONTINUED
(Dollars in thousands, unless otherwise stated)

Adjusted Loss from Operations:
For the Three Months
Ended March 31,
2008 2007

Net loss $(104,118) $(144,745)
Depreciation 26,906 26,786
Stock-based compensation 22,262 24,260
Other non operating expense 14,950 9,145
Income tax expense 543 555
Adjusted loss from
operations (7) $(39,457) $(83,999)

Adjusted Net Loss:
For the Three Months
Ended March 31,
2008 2007

Net loss $(104,118) $(144,745)
Stock-based compensation 22,262 24,260
Adjusted net loss $(81,856) $(120,485)
Net loss per share (basic
and diluted) (8) $(0.07) $(0.10)
Weighted average common
shares outstanding
(basic and diluted) 1,475,496 1,457,011

SIRIUS SATELLITE RADIO INC. AND SUBSIDIARIES
SUBSCRIBER DATA, METRICS
AND OTHER NON-GAAP FINANCIAL MEASURES - CONTINUED
(Dollars in thousands, unless otherwise stated)

Condensed Consolidated Statements of Operations:

For the Three Months
Ended March 31,
2008 2007

Total revenue $270,350 $204,037
Operating expenses
(excludes depreciation and
stock-based compensation
shown separately below):
Satellite and transmission 7,025 7,330
Programming and content 58,903 57,063
Revenue share and royalties 42,320 27,134
Customer service and billing 26,646 21,654
Cost of equipment 7,588 6,458
Sales and marketing 33,227 35,352
Subscriber acquisition costs 89,810 98,237
General and administrative 36,780 23,403
Engineering, design and development 7,508 11,405
Depreciation 26,906 26,786
Stock-based compensation 22,262 24,260
Total operating expenses 358,975 339,082
Loss from operations (88,625) (135,045)
Other expense (14,950) (9,145)
Loss before income taxes (103,575) (144,190)
Income tax expense (543) (555)
Net loss $(104,118) $(144,745)

SIRIUS SATELLITE RADIO INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)

For the Three Months
Ended March 31,
2008 2007
Revenue:
Subscriber revenue, including
effects of rebates $255,640 $190,796
Advertising revenue, net of agency fees 8,408 6,721
Equipment revenue 6,063 4,671
Other revenue 239 1,849
Total revenue 270,350 204,037
Operating expenses (excludes
depreciation shown separately below) (1):
Cost of services:
Satellite and transmission 7,822 7,986
Programming and content 61,692 59,998
Revenue share and royalties 42,320 27,134
Customer service and billing 26,922 21,853
Cost of equipment 7,588 6,458
Sales and marketing 38,467 40,996
Subscriber acquisition costs 89,824 100,117
General and administrative 48,778 35,343
Engineering, design and development 8,656 12,411
Depreciation 26,906 26,786
Total operating expenses 358,975 339,082
Loss from operations (88,625) (135,045)
Other income (expense):
Interest and investment income 2,802 6,042
Interest expense, net of amounts
capitalized (17,675) (15,192)
Other (expense) income (77) 5
Total other expense (14,950) (9,145)
Loss before income taxes (103,575) (144,190)
Income tax expense (543) (555)
Net loss $(104,118) $(144,745)
Net loss per share (basic and diluted) $(0.07) $(0.10)
Weighted average common shares
outstanding (basic and diluted) 1,475,496 1,457,011

(1) Amounts related to stock-based
compensation included in other
operating expenses were as follows:

Satellite and transmission $797 $656
Programming and content 2,789 2,935
Customer service and billing 276 199
Sales and marketing 5,240 5,644
Subscriber acquisition costs 14 1,880
General and administrative 11,998 11,940
Engineering, design and development 1,148 1,006
Total stock-based compensation $22,262 $24,260

SIRIUS SATELLITE RADIO INC. AND SUBSIDIARIES
BALANCE SHEET DATA
(Dollars in thousands)

As of
March 31, 2008 December 31, 2007
(unaudited)
Cash, cash equivalents and
marketable securities $252,969 $439,289
Restricted investments 56,000 53,000
Working capital (741,218) (394,989)
Total assets 1,469,823 1,694,149
Total debt 1,282,743 1,314,418
Total liabilities 2,309,257 2,486,886
Accumulated deficit (4,503,090) (4,398,972)
Stockholders' deficit (839,434) (792,737)

SIRIUS SATELLITE RADIO INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)

For the Three Months
Ended March 31,
2008 2007
Cash flows from operating activities:
Net loss $(104,118) (144,745)
Adjustments to reconcile net loss
to net cash used in operating
activities:
Depreciation 26,906 26,786
Non-cash interest expense 1,004 754
Provision for doubtful accounts 2,560 2,088
Gain on disposal of assets - (4)
Stock-based compensation 22,262 24,260
Deferred income taxes 543 555
Changes in operating assets and
liabilities:
Accounts receivable 18,765 6,639
Inventory 4,193 (473)
Receivables from distributors (9,988) (7,569)
Prepaid expenses and other current
assets 14,256 (9,173)
Other long-term assets 3,256 (23)
Accounts payable and accrued expenses (116,741) (47,811)
Accrued interest (11,885) (11,763)
Deferred revenue 14,712 21,731
Other long-term liabilities (5,017) 7,702
Net cash used in operating activities (139,292) (131,046)
Cash flows from investing activities:
Additions to property and equipment (39,225) (12,458)
Sales of property and equipment - 96
Purchases of restricted and other
investments (3,000) (310)
Sale of investments 5,000 -
Merger related costs (10,018) (2,901)
Sales of available-for-sale securities 8 10,850
Net cash used in investing
activities (47,235) (4,723)
Cash flows from financing activities:
Repayment of long-term borrowings (625) -
Proceeds from exercise of stock options 840 1,510
Net cash provided by financing
activities 215 1,510
Net decrease in cash and cash equivalents (186,312) (134,259)
Cash and cash equivalents at the
beginning of period 438,820 393,421
Cash and cash equivalents at the
end of period $252,508 $259,162

FOOTNOTES TO PRESS RELEASE AND TABLES FOR NON-GAAP FINANCIAL MEASURES

This press release, including the selected financial information above, includes the following non-GAAP financial measures: average monthly churn; SAC per gross subscriber addition; customer service and billing expenses per average subscriber; free cash flow; average monthly revenue per subscriber, or ARPU; adjusted loss from operations; and adjusted net loss. The definitions and usefulness of such non-GAAP financial measures are as follows (dollars in thousands, unless otherwise stated):

(1) SIRIUS defines average monthly churn as the number of deactivated
subscribers divided by average quarterly subscribers.

(2) SIRIUS defines SAC per gross subscriber addition as subscriber
acquisition costs, excluding stock-based compensation, and margins
from the direct sale of SIRIUS radios and accessories divided by the
number of gross subscriber additions for the period. SAC per gross
subscriber addition is calculated as follows:

For the Three Months
March 31,
2008 2007

Subscriber acquisition costs $89,824 $100,117
Less: stock-based compensation (14) (1,880)
Add: margin from direct sales of
SIRIUS radios and accessories 1,525 1,787
SAC $91,335 $100,024
Gross subscriber additions 1,003,422 988,458
SAC per gross subscriber addition $91 $101

(3) SIRIUS defines customer service and billing expenses per average
subscriber as total customer service and billing expenses, excluding
stock-based compensation, divided by the daily weighted average
number of subscribers for the period. Customer service and billing
expenses per average subscriber is calculated as follows:

For the Three Months
Ended March 31,
2008 2007

Customer service and billing expenses $26,922 $21,853
Less: stock-based compensation (276) (199)
Customer service and billing expenses,
as adjusted $26,646 $21,654
Daily weighted average number of
subscribers 8,446,343 6,295,282
Customer service and billing expenses,
as adjusted, per average subscriber $1.05 $1.15

(4) SIRIUS defines free cash flow as cash flow from operating activities,
capital expenditures, merger related costs and restricted and other
investment activity. Free cash flow is calculated as follows:

For the Three Months
Ended March 31,
2008 2007
Net cash used in operating activities $(139,292) $(131,046)
Additions to property and equipment (39,225) (12,458)
Merger related costs (10,018) (2,901)
Restricted and other investment
activity 2,000 (310)
Free cash flow $(186,535) $(146,715)

(5) SIRIUS defines ARPU as the total earned subscriber revenue and net
advertising revenue divided by the daily weighted average number
of subscribers for the period. ARPU is calculated as follows:

For the Three Months
Ended March 31,
2008 2007
Subscriber revenue $255,640 $190,796
Net advertising revenue 8,408 6,721
Total subscriber and net advertising
revenue $264,048 $197,517
Daily weighted average number
of subscribers 8,446,343 6,295,282
ARPU $10.42 $10.46

(6) SIRIUS believes average monthly churn; SAC per gross subscriber
addition; customer service and billing expenses per average
subscriber; free cash flow; and ARPU provide meaningful information
regarding operating performance and liquidity and are used for
internal management purposes; when publicly providing the business
outlook; as a means to evaluate period-to-period comparisons; and
to compare the company's performance to that of its competitors.
SIRIUS also believes that investors use current and projected metrics
to monitor performance of the business and make investment decisions.

SIRIUS believes the exclusion of stock-based compensation expense in
the calculations of SAC per gross subscriber addition and customer
service and billing expenses per average subscriber is useful given
the significant variation in expense that can result from changes in
the fair market value of SIRIUS common stock, the effect of which is
unrelated to the operational conditions that give rise to variations
in the components of subscriber acquisition costs and customer
service and billing expenses. Specifically, the exclusion of
stock-based compensation expense in the calculation of SAC per gross
subscriber addition is critical in being able to understand the
economic impact of the direct costs incurred to acquire a subscriber
and the effect over time as economies of scale are reached.

These non-GAAP financial measures are used in addition to and in
conjunction with results presented in accordance with GAAP. These
non-GAAP financial measures may be susceptible to varying
calculations; may not be comparable to other similarly titled
measures of other companies; and should not be considered in
isolation for, or superior to measures of financial performance
prepared in accordance with GAAP.

(7) SIRIUS refers to net loss before taxes; other income
(expense) -- including interest and investment income, interest
expense, equity in net loss of affiliate; depreciation; and
stock-based compensation expense as adjusted loss from operations.
Adjusted loss from operations is not a measure of financial
performance under GAAP. The company believes adjusted loss from
operations is a useful measure of its operating performance. The
company uses adjusted loss from operations for budgetary and planning
purposes; to assess the relative profitability and on-going
performance of consolidated operations; to compare performance from
period to period; and to compare performance to that of its
competitors. The company also believes adjusted loss from operations
is useful to investors to compare operating performance to the
performance of other communications, entertainment and media
companies. The company believes that investors use current and
projected adjusted loss from operations to estimate the current or
prospective enterprise value and make investment decisions.

Because the company funds and builds-out its satellite radio system
through the periodic raising and expenditure of large amounts of
capital, results of operations reflect significant charges for
interest and depreciation expense. The company believes adjusted loss
from operations provides useful information about the operating
performance of the business apart from the costs associated with the
capital structure and physical plant. The exclusion of interest
expense and depreciation is useful given fluctuations in interest
rates and significant variation in depreciation expense that can
result from the amount and timing of capital expenditures and
potential variations in estimated useful lives, all of which can vary
widely across different industries or among companies within the same
industry. The company believes the exclusion of taxes is appropriate
for comparability purposes as the tax positions of companies can vary
because of their differing abilities to take advantage of tax
benefits and because of the tax policies of the various jurisdictions
in which they operate. The company also believes the exclusion of
stock-based compensation expense is useful given the significant
variation in expense that can result from changes in the fair market
value of the company's common stock. Finally, the company believes
that the exclusion of equity in net loss of affiliate (SIRIUS Canada,
Inc.) is useful to assess the performance of its core consolidated
operations in the continental United States. To compensate for the
exclusion of taxes, other income (expense), depreciation, impairment
charges and stock-based compensation expense, the company separately
measures and budgets for these items.

There are material limitations associated with the use of adjusted
loss from operations in evaluating the company compared with net
loss, which reflects overall financial performance, including the
effects of taxes, other income (expense), depreciation, impairment
charges and stock-based compensation expense. The company uses
adjusted loss from operations to supplement GAAP results to provide
a more complete understanding of the factors and trends affecting the
business than GAAP results alone. Investors that wish to compare and
evaluate the operating results after giving effect for these costs,
should refer to net loss as disclosed in the unaudited consolidated
statements of operations. Since adjusted loss from operations is a
non-GAAP financial measure, the calculation of adjusted loss from
operations may be susceptible to varying calculations; may not be
comparable to other similarly titled measures of other companies;
and should not be considered in isolation, as a substitute for, or
superior to measures of financial performance in accordance with
GAAP.

(8) SIRIUS refers to adjusted net loss as net loss per share excluding
stock-based compensation expense. Adjusted net loss is not a measure
of financial performance under GAAP. The company believes adjusted
net loss is useful to investors to compare its operating performance
to the performance of other communications, entertainment and media
companies. The company also believes the exclusion of stock-based
compensation expense is useful given the significant variation in
expense that can result from changes in the fair market value of the
company's common stock.

There are material limitations associated with the use of adjusted
net loss in evaluating the company compared with net loss, which
reflects overall financial performance, including the effects of
stock-based compensation expense. The company uses adjusted net loss
to supplement GAAP results to provide a more complete understanding
of the factors and trends affecting the business than GAAP results
alone. Investors that wish to compare and evaluate the operating
results after giving effect for these costs, should refer to net loss
as disclosed in the unaudited consolidated financial statements of
operations. Since adjusted net loss is a non-GAAP financial measure,
the calculation of adjusted net loss may be susceptible to varying
calculations; may not be comparable to other similarly titled
measures of other companies; and should not be considered in
isolation, as a substitute for, or superior to measures of financial
performance prepared in accordance with GAAP.

About SIRIUS

SIRIUS, "The Best Radio on Radio," delivers more than 130 channels of the best programming in all of radio. SIRIUS is the original and only home of 100% commercial free music channels in satellite radio, offering 69 music channels. SIRIUS also delivers 65 channels of sports, news, talk, entertainment, traffic, weather and data. SIRIUS is the Official Satellite Radio Partner of the NFL, NASCAR, NBA, and broadcasts live play-by-play games of the NFL, NBA, as well as live NASCAR races. All SIRIUS programming is available for a monthly subscription fee of only $12.95.

SIRIUS Internet Radio (SIR) is an Internet-only version of the SIRIUS radio service, without the use of a radio, for the monthly subscription fee of $12.95. SIR delivers more than 80 channels of talk, entertainment, sports, and 100% commercial free music.

SIRIUS Backseat TV (TM) is the first ever live in-vehicle rear seat entertainment featuring three channels of children's programming, including Nickelodeon, Disney Channel and Cartoon Network, for the subscription fee of $6.99 plus applicable audio subscription fee.

SIRIUS products for the car, truck, home, RV and boat are available at shop.sirius.com and in more than 20,000 retail locations, including Best Buy, Circuit City, Crutchfield, Target, Wal-Mart, Sam's Club and RadioShack.

As of March 31, 2008, SIRIUS radios were available as a factory and dealer-installed option in 125 vehicle models and as a dealer only-installed option in 29 vehicle models.

SIRIUS has agreements with Aston Martin, Audi, Bentley, BMW, Chrysler, Dodge, Ford, Jaguar, Jeep, Kia, Land Rover, Lincoln, Maybach, Mazda, Mercedes-Benz, Mercury, MINI, Mitsubishi, Rolls-Royce, Volvo, and Volkswagen to offer SIRIUS radios as factory or dealer-installed equipment in their vehicles. SIRIUS has relationships with Toyota and Scion to offer SIRIUS radios as dealer-installed equipment, and a relationship with Subaru to offer SIRIUS radios as factory or dealer-installed equipment. SIRIUS radios are also offered to renters of Hertz vehicles at airport locations nationwide.

Click on www.sirius.com to listen to SIRIUS live, or to purchase a SIRIUS radio and subscription.

Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, future events or performance with respect to SIRIUS Satellite Radio Inc. are not historical facts and may be forward-looking and, accordingly, such statements involve estimates, assumptions and uncertainties which could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to the factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2007 filed with the Securities and Exchange Commission. Among the significant factors that could cause our actual results to differ materially from those expressed are: our pending merger with XM Satellite Radio Holdings, Inc. ("XM"), including related uncertainties and risks and the impact on our business if the merger is not completed; any events which affect the useful life of our satellites; our dependence upon third parties, including manufacturers of SIRIUS radios, retailers, automakers and programming providers; and our competitive position versus other audio entertainment providers.

E-SIRI

CONTACT INFORMATION FOR INVESTORS AND FINANCIAL MEDIA:

Paul Blalock
SIRIUS
212.584.5174
pblalock@siriusradio.com

Hooper Stevens
SIRIUS
212.901.6718
hstevens@siriusradio.com

First Call Analyst:
FCMN Contact: sresendez@siriusradio.com

Photo: NewsCom:

http://www.newscom.com/cgi-bin/prnh/19991118/NYTH125
AP Archive:

http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
Source: SIRIUS Satellite Radio

CONTACT: Paul Blalock, +1-212-584-5174, pblalock@siriusradio.com, or
Hooper Stevens, +1-212-901-6718, hstevens@siriusradio.com, both of SIRIUS

Web site:

http://www.sirius.com/
http://shop.sirius.com/

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