Sirius Satellite Radio Inc.: The satellite radio broadcaster reported Tuesday that its first-quarter loss more than doubled, due largely to expenses of $225 million in stock-based compensation to its star shock jock Howard Stern. Revenue nearly tripled as the company expanded its subscriber base. Sirius reported a net loss of $458.5 million, or 33 cents a share, for the January-March period compared with a loss of $193.6 million, or 15 cents a share, a year ago.
Verizon Communications Inc.: The nation’s largest telecommunications company, racing to connect homes with fiber-optic lines Tuesday reported a 7.1 percent drop in first-quarter earnings due to special items. Verizon earned $1.632 billion, or 56 cents a share, compared with $1.757 billion, or 63 cents a share, in the same quarter last year. The New York-based company had revenue of $22.7 billion, up 25 percent from $18.2 billion in last year’s first quarter due to the acquisition of MCI Inc., which closed in January.
Array BioPharma Inc.: The Boulder-based biotechnology company reported third-quarter losses of $9.2 million, or 24 cents a share, compared to a net loss of $6.2 million, or 16 cents a share, for the same quarter in fiscal 2005. Revenues for quarter ending March 30, 2006 rose slightly to $11.7 million, compared to $11.6 million rose for the same quarter a year ago. The company began a Phase 1 clinical trial for its third drug, an inflammation inhibitor. The company also received milestone payments from partners AstraZeneca AB,cq and Genentech Inc.cq Shares of the company closed down 2 cents Tuesday to $7.16.
Navigant International: The Arapahoe County-based business travel management company said its first-quarter net income fell to $3.7 million from $4.8 million in the same period last year. Navigant said the difference reflects a single program with about $7 million in revenues that was not repeated in the first quarter of 2006. Carlson Wagonlit Travel, the third-largest business travel management company, announced last week it plans to acquire Navigant for $510 million in cash. If approved, the deal is expected to close by the end of the year. Navigant said it targets $18 million to $19 million in net income in fiscal year 2006.
