– Revenue of $283 Million, Up 25% Year Over Year
– Total Subscribers of More Than 8.9 Million, Up 25% Year Over Year
– Adjusted Loss from Operations Improves 70% Year Over Year

SIRIUS Satellite Radio today announced preliminary
second quarter 2008 financial results, including a 25% increase in
revenue to $283 million, total subscribers in excess of 8.9 million and
a 70% decrease in its adjusted loss from operations.

As of June 30, 2008, SIRIUS had 8.924 million subscribers, an
increase of 25% from June 30, 2007 subscribers of 7.143 million. Retail
subscribers increased 7% in the second quarter 2008 to 4.677 million
from 4.365 million in the second quarter 2007. OEM subscribers
increased 53% in the second quarter 2008 to 4.247 million from 2.778
million in the second quarter 2007. Total gross subscriber additions
for the quarter ended June 30, 2008 were 1.029 million, compared to
1.002 million for the quarter ended June 30, 2007 and 1.003 million for
the quarter ended March 31, 2008. During the second quarter 2008 SIRIUS
added 279,820 new net subscribers, consisting of 246,221 from the OEM
channel and 33,599 from the retail channel.

Second
quarter 2008 average monthly self-pay customer churn rate was 1.6%,
down from 2.1% in first quarter 2008. The second quarter 2008
conversion rate is estimated to be approximately 48%, up from the first
quarter 2008 conversion rate of approximately 47%.

Total
revenue for the second quarter 2008 is expected to be approximately
$283 million, an increase of 25% from the second quarter 2007 total
revenue of $226 million. Operating expenses, excluding depreciation and
stock based compensation, are expected to remain approximately flat in
the second quarter 2008 as compared to the second quarter 2007. Second
quarter 2008 adjusted loss from operations is expected to be
approximately $24 million, an improvement of 70% from the adjusted loss
from operations of $79 million in the second quarter 2007.

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