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XM still a "going concern'
By Jon Newton, p2pnet.net
(more articles from this author)
2002-03-21
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Music Industry News - as it happens
Source: Mi2N - March 19, 2002

XM Satellite Radio says a recent Dow Jones story that the company's ability to "continue as a going concern" depended on continued fundraising didn't mean it was going down. Rather, this was standard phrasing for firms which don't have, "12 months of funding", said XM in a press release. "The story and particularly its headline prompted other stories, leaving the impression that there was a new and troubling financial development at XM, causing a drop in the stock," it said, adding:

"In fact, the auditor's opinion contained in this year's 10K is identical to those that have appeared in every XM 10K since it went public in 1999. The same language has also accompanied every offering document, and has been a part of all of XM's public financings. XM wishes to reaffirm the company's confidence in its ability to raise sufficient capital to fund its operations on an ongoing basis.XM encourages investors to read its full 10K filing, in which the company reported on its activities in the last year, during which XM successfully launched its service nationwide, raised $382 million in financing, and acquired approximately 28,000 subscribers ending December 31, 2001, ranking as the fastest selling audio product introduction in the last 20 years according to the Yankee Group. The company also reaffirms today its confidence it will hit its 1Q ending subscriber target of 70,000 customers."

Related News from Mi2N:
» XM Satellite Radio Statement In Response To Today's Wire Service Stories


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