XM Satellite Radio Transcript
July 27, 2006
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Hello, everyone, this is Joe Titlebaum, General Counsel of XM Satellite Radio. Before we begin our prepared remarks, I would like to remind everyone that certain information on this call may contain forward-looking statements.
Due to a number of factors, our actual results may differ materially from those projected in such forward-looking statements. Those factors include future demand for the company's service, the company’s dependence on technology and third-party vendors, and the potential need for additional financing, as well as other risks described in XM Satellite Radio Holdings Inc.’s Form 10-K filed with the Securities and Exchange Commission on March 3, 2006. Copies of this filing are available online and upon request from XM Radio's Investor Relations department.
I will now turn the call over to Hugh Panero, CEO of XM Satellite Radio.
Hugh Panero
Good morning, everyone, and thank you for joining us. On the call with me are: Gary Parsons, Chairman; Nate Davis, our new President and Chief Operating Officer; Joe Euteneuer, our Chief Financial Officer; Steve Cook, Executive Vice President of Automotive; Eric Logan, Executive Vice President of Programming; and Joe Titlebaum, whom you just heard from.
At the onset, I would like to make some basic points regarding XM Radio, the satellite radio industry, and our current position.
XM created the satellite radio category as a major consumer business. We have been the industry leaders since the first satellite radio subscriber in November, 2001. By the end of the second quarter of 2006, we are generating more than $225 million a quarter in revenue, with total revenue of more than $900 million expected for the full year 2006.
We currently have more than 7 million subscribers. This quarter alone, nearly 1 million consumers -- that is new gross subscriber additions -- became new XM Radio subscribers.
Our high customer satisfaction, appealing content, and far-reaching distribution channels positions us to continue significant growth on a sustained basis. At the same time, and as most of you are well aware, we face a number of marketplace, operational and regulatory issues. We will navigate through these issues with the focus and determination that enabled us to launch and lead this emerging industry.........
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7/27/2006 09:15:00 PM
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