This afternoon we saw earnings out of Sirius Satellite Radio Inc. (NASDAQ: SIRI) and we saw earnings from XM Satellite Radio (NASDAQ: XMSR) this morning before the open.  Unfortunately, it looks like everything is still going to be revolving around the pending merger and whether or not that is approved.

Sirius Satellite Radio Inc. (NASDAQ: SIRI) has just posted numbers and the company posted a loss of $104.1 million or -$0.07 EPS on $270.4 million in revenues.  First Call had estimates at -$0.07 EPS on $272.3 million in revenues.  This also compares to a loss of -$0.10 EPS on $204 million in the same quarter last year.  The company also ended the quarter with 8.6 million subscribers, a gain of more than 30% from the 6.6 million reported in the same quarter in 2007.

This morning, merger partner XM Satellite Radio (NASDAQ: XMSR) also reported its own first-quarter loss came in at $129.3 million or -$0.42 EPS, wider than the $122.4 million loss at -$0.40 EPS in the same quarter last year; its revenue grew 17% to $308 million. XM also finished March with 9.33 million subscribers, up 18% from the 7.9 million subscribers in the same quarter last year.

Neither company is offering any fixed longer-term guidance until after the FCC merger decision.  That means until you see the FCC approval or rejection, the horses still have their blinders on and the jockeys are idle.

Sirius Satellite Radio shares rose 5.1% at $2.87 in normal trading, and shares look down about 1% at $2.835 in after-hours trading; XM Satellite Radio shares closed up 4.2% at $12.30 in normal trading, and shares are indicated up 0.6% at $12.38 in after-hours.

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Jon C. Ogg
May 12, 2008

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