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XM Reports Wider Quarterly Loss; Board Member Resigns

Authored by Mark Hefflinger on February 16, 2006 - 8:49am.
Washington - Shares of XM Satellite Radio dropped 5% on Thursday after the provider of satellite radio services posted a significantly wider quarterly loss, due mainly to higher marketing costs. At the same time, the company said that Pierce Roberts, a board member for five years who sat on all of the company's major committees, has stepped down, citing disagreements with other board members about the direction of the company. "The company believes the disagreement with Director Roberts primarily involves the strategic balance of growth versus cash flow," XM said in a statement. "Director Roberts has historically favored more stringent cost control in the company, specifically involving lower marketing, programming and promotional expenditures." For the quarter, XM reported a net loss of $270.4 million, up from $190.4 million the prior year. Despite revenue that more than doubled to $177.1 million, the company's per share loss of $1.22 was sharply higher than Wall Street expectations of $0.92, according to a survey of analysts from Thomson First Call.
tags: Resign | Loss | Quarterly | XM | Member |

Quarterly Profits Triple for Apple on Blockbuster iPod Sales

Authored by Mark Hefflinger on July 15, 2004 - 5:27am.
Cupertino, Calif. -- Buoyed by strong demand for its iPod digital music players, Apple on Wednesday reported a three-fold jump in quarterly net income. The company shipped 860,000 iPods during the quarter -- up 183% from the same period a year ago -- as well as 876,000 Macintosh computers, a 14% increase. Apple posted a net profit of $61 million for the quarter, up from $19 million, on revenue of $2.01 billion, up 30%. "It was an outstanding quarter-our highest third quarter revenue in eight years," said Steve Jobs, Apple's CEO.
tags: iPod | Apple | Quarterly | Blockbuster | Profits |