More Than 929,000 Subscribe to XM Satellite

Broadcaster XM Satellite on Wednesday said it added 237,000 subscribers in the third quarter and remains on track to meet its goal of serving 1.2 million customers by year-end.

The Washington-based company, whose shares were up more than 5 percent, said it now has 929,648 subscribers. In the second quarter it added 209,000.

XM  is the leader in a nascent market that also includes Sirius Satellite Radio Inc.. Analysts have said the companies need more than 2 million subscribers to break even. XM on Wednesday said it expects to reach cash flow break-even by the end of 2004. Sirius, which unveiled its service months after XM, has only 105,000 customers.

Satellite radio provides nationwide music, talk and news channels, including some that are commercial free, to customers who must buy a receiver and pay a monthly fee for the service. Many automobile makers are offering XM and Sirius radios in new cars.

Shares of XM were up 84 cents to $16.34 in active late-morning trade on the Nasdaq stock market.

Source: Reuters