Sirius XM narrows Q1 loss

Satellite radio company loses 2% of subs

NEW YORK -- Sirius XM on Thursday narrowed its first-quarter loss by 73% as it reduced operating expenses.

The company posted a pro forma loss of $62.9 million, compared with a $233.4 million loss in the year-ago period.

Revenue rose 5% to $605.5 million on a pro forma basis, which assumes the merger that created the firm happened before any comparison period. It also excludes the effects of stock-based compensation and certain accounting adjustments.

Sirius ended March with nearly 18.6 million subscribers as it lost about 2% of its users in the quarter.

CEO Mel Karmazin touted the second consecutive quarter of positive adjusted income from operations, which amounted to $108.8 million.

"These results demonstrate our focus on improving profitability" despite subscriber declines and lower auto sales, he said.

Sirius raised its 2009 adjusted income from operations guidance to more than $350 million from more than $300 million.