Auto industry slump hits Sirius

Company sees decline in subscribers

The slump in the U.S. auto industry helped send Sirius XM Radio to a loss of $236.6 million in the first quarter and its first-ever quarterly decline in net subscriber additions.

But the satcaster said it has enough access to financing and cash generated from operations to meet its debt obligations this year and in 2010.

The latest results include a hit of $186.2 million related to preferred stock issued when Liberty Media rescued Sirius from a possible bankruptcy filing in February.

Sirius said its revenue rose to $587 million from $270.4 million a year ago prior to its acquisition of XM Satellite Radio. Company raised its 2009 forecast for adjusted income from operations to over $350 million from more than $300 million.

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