XM still buying red ink by the barrel


The cash burn continues for XM Satellite Radio, so the company assured Wall Street in its quarterly financial report that it still has access to cash to cover its red ink. As of September 30th, the company said it had 231 million in cash on hand, plus access to 400 million in credit facilities, for total available liquidity of 631 million. XM’s Q3 loss grew to 145.4 million, or 47 cents per share, two cents worse than the Thomson/First Call analysts’ consensus of 45 cents. A year earlier the company lost 85.5 million, or 32 cents per share. Q3 revenues rose 20% to 287.5 million, in line with expectations.