Sirius Satellite narrows loss

Sirius Satellite Radio Inc. said its net loss slimmed substantially in the second quarter, as it added more than a half-million subscribers and revenue grew by about 50%.

New York-based Sirius reported a net loss of $134.1 million, or 9 cents a share, compared with a loss of $237.8 million, or 17 cents, a year earlier.

On an adjusted basis, excluding stock-based compensation costs, Sirius lost 8 cents a share in the period. Revenue rose to $226.4 million from $150.1 million a year earlier.

Analysts polled by Thomson Financial expected a loss of 10 cents a share in the quarter on revenue of $228.3 million.

Sirius reported net subscriber additions of 561,493 for the quarter, taking its total to more than 7 million.

The company also said it continued to expect that its combination with XM Satellite Radio Holdings Inc. would be completed by the end of the year.

The deal is facing tough regulatory scrutiny in Washington, and the companies recently announced proposed pricing plans that would allow users greater choice in which channels they receive and how much they pay.

Sirius shares rose 4 cents, or 1.4%, to $3.01.