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Sirius on the rise!!!

W

Walter Graff

Sirius still defies those who want to see Mel dead. Keep up the god work Mel!!!!

While they took an impairment charge of 4.88 billion, after you remove this number (there to make stock holders happy and to be able to renegotiate their debt), Sirius is still showing it is a viable medium and will continue to be a competitor to old-style radio.

Losses narrowed to $217 million or 9 cents per share, compared with a loss of $265.5 million, or 18 cents per share, in the prior year. And actual revenue more than doubled to $488.4 million, from $241.8 million. On an adjusted basis, revenue gained 16% to $612.8 million, from $529.2 million last year.

"Sirius XM third quarter results demonstrate strong revenue growth, solid cost control and most importantly a clear path to positive cash flow," Mel said. He noted that self-pay monthly customer churn remained flat from last year at 1.7%. Mel also said total operating costs, excluding merger-related expenses, declined in the third quarter. "In the first 60 days following the merger, Sirius XM is operationally very close to breakeven," he said.
Sirius ended the quarter with 18.9 million subscribers, a 17% gain over its 16.2 million subscribers at the end of last year's third quarter. Last week, Sirius XM projected that it will end 2008 with 19.1 million subscribers and end 2009 with 20.6 million subscribers. The company continues to expect revenue to total $2.7 billion in 2009 and $3 billion in 2010.
Sirius XM said the difficult economic environment, particularly a dramatic slowdown in auto sales, have hurt subscriber growth for 2008 and 2009. The company generates many of its new customers through sales of cars that have its radios installed at the factory.

http://www.crainsnewyork.com/apps/p...1/FREE/811119996/1040&category=FREE&nocache=1
 
Walter Graff said:
Sirius still defies those who want to see Mel dead. Keep up the god work Mel!!!!

While they took an impairment charge of 4.88 billion, after you remove this number (there to make stock holders happy and to be able to renegotiate their debt), Sirius is still showing it is a viable medium and will continue to be a competitor to old-style radio.

Losses narrowed to $217 million or 9 cents per share, compared with a loss of $265.5 million, or 18 cents per share, in the prior year. And actual revenue more than doubled to $488.4 million, from $241.8 million. On an adjusted basis, revenue gained 16% to $612.8 million, from $529.2 million last year.

"Sirius XM third quarter results demonstrate strong revenue growth, solid cost control and most importantly a clear path to positive cash flow," Mel said. He noted that self-pay monthly customer churn remained flat from last year at 1.7%. Mel also said total operating costs, excluding merger-related expenses, declined in the third quarter. "In the first 60 days following the merger, Sirius XM is operationally very close to breakeven," he said.
Sirius ended the quarter with 18.9 million subscribers, a 17% gain over its 16.2 million subscribers at the end of last year's third quarter. Last week, Sirius XM projected that it will end 2008 with 19.1 million subscribers and end 2009 with 20.6 million subscribers. The company continues to expect revenue to total $2.7 billion in 2009 and $3 billion in 2010.
Sirius XM said the difficult economic environment, particularly a dramatic slowdown in auto sales, have hurt subscriber growth for 2008 and 2009. The company generates many of its new customers through sales of cars that have its radios installed at the factory.

http://www.crainsnewyork.com/apps/p...1/FREE/811119996/1040&category=FREE&nocache=1
Click to expand...

Great news!!! Way to go, Mel!! Nice job firing 22% of your employees! Now, I'll decide whether I want to buy a can of soda or four shares of SIRI stock!!
 
XM was closer to profitability than Sirius.

The merger was Mel's attempt to save his butt. And no thanks to Parsons at XM for entertaining the idea either. Or the spineless regulators who let it through.

Pathetic. Never should have been allowed.
 
I love the product, but sold my stock last week at a considerable loss. You'll never get the radio out of my car but the stock is a different matter.

The company has $1 billion in debt staring it in the face in 2009 and another trip through bankruptcy seems to be the only real solution. There just isn't enough cash flow to make this work, and Mel's idea of reverse splitting the stock is just a last despirate move. Mel's ideas of how to run a media company are decades old and not that much different from the media companies around him that are failing as well (Westwood One, Radio One, Citadel).

Sirius/XM will survive well into the future, but I suspect that future does not include much if any of the present managment structure.
 
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