NEW YORK ( TheStreet) -- Sirius XM ( SIRI - Get Report) announced that in the third quarter of 2010 it added 334,727 net subscribers, compared to a net gain of 102,295 subscribers in the third quarter last year.

Subscribers are the most important source of revenue for the company, pulling in billions of dollars each year. In 2008, Sirius reached its then record high 19 million net subscribers. In 2009, the subscriber base decreased to 18.8 million.

In the first three quarters of this year, the satellite radio company added 1.1 million net subscribers compared to a loss of 488,126 net subscribers in the first three quarters of 2009. At the end of the third quarter the company had 19.9 million net subscribers.


Sirius expects to end 2010 with the highest number of net subscribers in its history. Chief executive officer Mel Karmazin recently announced that management expects approximately 20.1 million subscribers by the end of the year.

Sirius announced a tender offer to purchase its 11.25% senior secured notes due 2013. Sirius also announced it plans to make an offering in which it would sell up to $550 million of new senior notes due 2018, and will use the money from the offering to repurchase its 11.25% notes due 2013.

Yesterday Sirius reached a 52-week high at $1.35. The stock has been steadily gaining since its low of 55 cents one year ago.

-- Written by Theresa McCabe in Boston.

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