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XM Satellite Hit By Unfavorable Auditor's Note
Los Angeles - Mar 19, 2002 Funding concerns for new space applications star XM Satellite Radio caused a 13% fall in the company's stock price. Following a report from XM Radio's auditor questioning the the company's capability to continue as a going concern, the company's chairman said it was confident in its ability to fund operations. In an annual report filed with the U.S. Securities and Exchange Commission, XM said the latest report from its auditors, KPMG, said its need for additional debt or equity financing "raises substantial doubt about our ability to continue as a going concern." However, XM Chairman Gary Parsons said KPMG has raised the "going concern" issue every quarter since the company has gone public. "Accurately, that is the situation, but it has always been the situation since the company was founded," he said. Parsons also said the company is "comfortable with its ability to continue to fund its business in the normal course." XM shares were down $1.95, or 13 percent at $13.05 in mid-afternoon Nasdaq trade. They were among the most active shares and the biggest percentage losers on the exchange. XM, which provides 100 channels of digital radio, some of them commercial-free, launched its nationwide service last November, 4 years after its license was first awarded and 11 years after it first applied. In late January, XM said it expected to have 350,000 subscribers by year's end and said it had enough cash to operate through the end of the year. Community Email This Article Comment On This Article Related Links XM Radio SpaceDaily Search SpaceDaily Subscribe To SpaceDaily Express The latest information about the Commercial Satellite Industry
XM Satellite Radio and DirecTV Announce Joint Marketing Agreement
Washington - Feb 13, 2002XM Satellite Radio and DirecTV, Inc. have signed a joint marketing agreement designed to drive XM subscriber growth by giving DirecTV satellite television customers value-added offers for XM. Specific elements of the proposed marketing program were not disclosed. |
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