WorldSpace Sees Subscriptions Drop, Losses Increase(2)

11.09.2007

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WorldSpace said it now has 177,644 subscribers globally, a net loss of about 12,600. It has lost $123.5 million in the first nine months of this year.

The listener drop reflects a loss of subscribers in India and the company’s earlier decision to stop marketing in Europe as it plans to start mobile service there.

The international satellite company is based in Silver Spring, Md. Seeking to “shore up its liquidity,” it is talking to potential investors and partners about equity and debt financings .

“The company hopes to conclude a transaction in the next few months,” it stated.

In the third quarter, WorldSpace had revenues of $3.3 million, roughly flat with the same period a year earlier. Its net loss for the quarter was $36.7 million, up from a loss of $28.9 million at this time last year.

For the first nine months of the year, WorldSpace had net revenues of $10 million, compared with $10.6 million a year ago. To date this year, it has lost $123.5 million; at this time last year it had lost $94.8 million.