Sirius sinks

The slump in the U.S. car industry helped send Sirius XM Radio Inc. to a loss of $236.6 million in the first quarter and its first-ever quarterly decline in net subscriber additions.

But the satellite radio company said it has enough access to financing and cash generated from operations to meet its debt obligations this year and in 2010. Sirius said its revenue rose to $587 million from $270.4 million a year ago when it was a standalone company. Adjusted revenue was $605.5 million, which adds back $18.5 million in prepaid subscriptions that was excluded for accounting purposes due to its XM purchase, compared to pro forma revenue of $578.8 million in the prior year. The pro forma figures assume the companies were combined a year ago.

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