(11 May 2006 8:10 pm)

MUMBAI: For the first quarter of 2006, satellite radio player Worldspace reported revenues of approximately $3.5 million, representing a 35 per cent increase compared with revenues of approximately $2.6 million for the first quarter of 2005.

Subscription revenue doubled to approximately $1.6 million for the first quarter of 2006 compared with subscription revenue of approximately $0.8 million for the first quarter of 2005, the company said in an official release.

Worldspace recorded a net loss for the first quarter of 2006 of $29.2 million, or $0.79 per share, compared with a net loss of $9.2 million, or $0.40 per share for the first quarter of 2005. Sequentially, the net loss improved from the fourth quarter 2005 results of $33.2 million, or $0.90 per share. Worldspace had an EBITDA (earnings before interest income, interest expense, income taxes, depreciation and amortization) loss of $31.2 million for the first quarter of 2006, compared with EBITDA of $1.5 million for the first quarter of 2005, and an EBITDA loss of $44.9 million in the fourth quarter of 2005, the release adds.

The company said it finished the first quarter of 2006 with 153,437 subscribers. The Company added 38,131 subscribers in the first quarter of 2006, an increase of 109 per cent over the 18,233 subscribers added in same quarter of 2005. In India, the Company had 111,723 subscribers at the end of the first quarter of 2006, up 50 per cent from 74,574 at the end of the fourth quarter of 2005 and a five-fold increase from 21,730 at the end of the first quarter of 2005, it said in a release.

At the end of the first quarter of 2006, Worldspace had rolled out its satellite radio services in ten cities in India - Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Kochi, Pune, Ahmedabad, Chandigarh, and Kolkata. It also signed Indian music impresario AR Rahman as a brand ambassador in India.

Globally, Worldspace introduced three new programming channels, including Fox Sports Radio, and Ranin and Min Zaman, the latter two targeted to listeners in the Middle East, bringing the total number of channels broadcast on Worldspace's global system to 223 by the end of the first quarter of 2006.