SIRI Intraday Thread: Monday May 11
we were up 2 cents on the week heh, are u ready for another up week. should be good once investors realize this is the real story.
Sirius XM's loss narrows as revenue rises
(8:25 AM ET) TEL AVIV (MarketWatch) -- Sirius XM Radio, the New York provider of subscription-based satellite radio service, reported a first-quarter net loss that narrowed as revenue rose. The net loss was $50.4 million against $104.1 million in the year-earlier quarter. The net loss attributable to common-stock holders was $236.6 million, or 7 cents a share, compared with $104.1 million, or 7 cents, in the year-earlier quarter. Shares outstanding were 3.52 billion against 1.48 billion. On an adjusted basis, the company reported a quarterly profit from operations of $108.8 million compared with a loss from operations of $70.2 million a year earlier. Sirius XM's pro-forma net loss narrowed to $62.9 million from $233.4 million in the year-earlier period. Pro-forma revenue was $605.5 billion, up 5% from $578.8 million. The cost of acquiring subscribers improved 26% to an average $61 from $82. The company ended the first quarter with 18.6 million subscribers, up 3% from the year-earlier 18 million opn a pro-forma basis. First-quarter adjusted average revenue per subscriber was $10.43, compared with $10.48 a year-earlier.
from the 10Q: may defer satellite launches...good!
Last week there was a discussion about upcoming sat launches and their potential effect on FCF. Per the 10Q, SIRI may elect to defer launches if they decide to do so for financial reasons. This is good news because they are not locked in to spending exorbitant $ which could kill positive cash flow.
Here's the quote from the 10Q:
"Our plan to maintain sufficient liquidity includes the potential for deferring the planned launch of satellites and deferring planned capital projects or other discretionary spending. We believe that our cash and cash equivalents on hand, marketable securities, available borrowings from Liberty Media, and expected cash flows from operations will be sufficient to satisfy our financial obligations through 2010, including our obligations on account of interest and principal payments of $1,067,540. Our financial projections are based on assumptions, which we believe are reasonable, but contain uncertainties."