SIRI Intraday Updates for the Week of 11/10/08

[Demian]

http://www.marketwatch.com/News/Stor...&siteid=yhoof2

Sirius XM loss widens on $4.8 billion charge
By David B. Wilkerson
Last update: 5:24 p.m. EST Nov. 10, 2008Comments: 2
CHICAGO (MarketWatch) -- Sirius XM Radio Inc. (SIRI:0.27, +0.01, +3.9%) said Monday that its third-quarter loss widened on a $4.8 billion impairment charge related to the reduced value of certain assets since it agreed to acquire XM in February 2007. The company said it lost $4.88 billion, or $1.93 a share, compared with a loss of $119.6 million, or 8 cents a share, a year earlier when it stood alone as Sirius Satellite Radio. Excluding the impairment charge, stock based compensation and other items, Sirius XM said it would have lost 9 cents a share in the September quarter. On a pro forma basis, revenue rose 16% to $613 million. Analysts polled by Thomson Reuters were expecting a loss of 9 cents a share on sales of $587 million. The company said it would delay the filing of its 10-Q for no more than five days to calculate the precise value of its intangible assets.

[Demian]

http://www.forbes.com/2008/11/10/sir...rtner=yahootix

Motown Unkind To Sirius
Lisa LaMotta, 11.10.08, 5:45 PM ET
Sirius Satellite Radio

The decline of Detroit's Big Three is wreaking havoc on the satellite radio business. The recently combined Sirius XM Radio said Monday that poor U.S. auto sales are driving down the growth of its business.

The satellite radio company delayed the filing of its quarterly report with the Securities and Exchange Commission, but reported subscriber numbers and pro forma results for the third quarter after the bell on Monday. Sirius finished the third quarter with 18.9 million subscribers, up 16.7% from the year-prior period. The company used the pro forma accounting because of the acquisition of XM radio that became finalized on July 28.

Shares of Sirius XM Radio (nasdaq: SIRI - news - people ) were little changed in the regular session and after hours on Monday, ending at 27 cents. The stock, which is the successor to Sirius, peaked near $8 late in 2005 and has been declining ever since.

Pro forma net loss was $217.0 million, or 9 cents per share, for the third quarter of 2008, compared to a pro forma net loss of $265.5 million, or 18 cents per share, in the year-prior. The company’s actual results also include a $4.8 billion impairment charge to goodwill, principally related to the decline in the company’s share price since the date of the merger agreement in February 2007; the stock has lost 92.7% of its value since then.

Late last week, Sirius said that poor car sales in the United States have affected sales for 2008 and the outlook for 2009. It expects 19.1 million subscribers by year end and 20.6 million subscribers by the end of 2009. Sirius forecast revenues of $2.7 billion for 2009; analyst estimates are slightly higher at $2.79 billion.

While the Big 3 automakers are proving increasingly unuseful to Sirius, it found some solace in Bavaria. The satellite-radio company announced earlier in the day that it was extending its contract with luxury carmaker Bayerische Motern Werke. The satellite service is currently available in all BMW vehicles in America with a one-year subscription that is included in the price of the car. "Satellite radio's exceptional content fits well with BMW, delivering a premium mobility experience to our owners. More and more BMW owners are choosing to equip their vehicles with Sirius and we are pleased to continue making it available to current and future BMW owners," said Jack Pitney, vice president of marketing for BMW of North America.

[demonotaku]

Uh What? that doesn't make sence with the stuff that Sirius put out as a Press Release @ the MoneyMarket report

[Demian]

After Hours Trade Reporting

After Hours
Last: $ .285
After Hours
High: $ .285
After Hours
Volume: 1,156,535
After Hours
Low: $ .27

After Hours
Time (ET) After Hours
Price After Hours
Share Volume
18:28 $ .285 21,000
18:28 $ .285 1,000
18:28 $ .285 4,000
18:28 $ .285 52,300
18:26 $ .285 1,000
18:26 $ .285 29,000
18:25 $ .277 1,900
18:25 $ .278 13,800
18:25 $ .2789 500

[APEXSPORTS]

WELL I THINK IT WAS A POSITIVE Q-3 WITH A GREAT OUTLOOK UNDER DIFFICULT TIMES.. MISSED BEING PROFFITABLE BY 9 MILL.. CUT DEBT TO 210 MILL AND REFFINANCING IN SHORT ORDER.. ITS ALL TURNING AROUND..

I DO LIKE MEL SPIN ON PROXY VOTE AS A POSABILITY INCASE OF DELISTING NAZ REG.. BUT ID RATHER AVOID THE ISUE..

IT IS AMAZING THE AMOUNT OF PRESS AND SCREWED UP WAY THEY SPIN THE NEWS, WICH WAS VERY ++++

BLOOMBERG HAD IT RIGHT MARKET WATCH WAS CLUELESS(AGAIN). AND MOTLEY FOOLS ARE JUST THAT FOOLS..

SO WHEN MEL ANOUNCES HE HAS SECURED REFINANCING BY END OF NOV THATS WHEN WE START TO MOVE OUT OF THE BASEMENT,BUT FOR NOW ITS A BUYING OPP.. WE WONT SEE THESE PRICES AGAIN..

AND THATS THE BOTTOM LINE..

[Demian]

http://www.reuters.com/article/marke...0081111?rpc=44

UPDATE 2-Sirius XM takes $4.8 bln charge due to share plunge
Mon Nov 10, 2008 7:01pm EST

* Q3 net loss hurt by $4.8 bln write-down

* Pro forma Q3 revenue rises 16 pct, beats expectations

* Adds 344,100 net subscribers in Q3

* Backs 2008 and 2009 outlook

* Shares mostly flat in after-hours trading (Adds write-down, outlook details, byline; updates stock price)

By Franklin Paul

NEW YORK, Nov 10 (Reuters) - Sirius XM Radio Inc (SIRI.O: Quote, Profile, Research, Stock Buzz) posted a $4.8 billion write-down of goodwill related to its acquisition of satellite radio rival XM, and said the auto industry's "dramatic" woes have hurt subscriber growth.

The company blamed the write-down, which added to its operational losses in the third quarter, on the significant decline in its share price from February 2007, when the merger was first announced. At that time, Sirius traded at about $3.79, compared with 27 cents at the close on Monday.

Chief Executive Mel Karmazin defended the company, saying that while it provides a radio service that subscribers enjoy, it is powerless to fix the economic troubles that have beset the auto industry -- its biggest source of new subscribers.

"We think the environment sucks," he said on a conference call with analysts. "It is not like we're doing something wrong. It is that, unfortunately, we do not have a whole lot of control over what cars are getting sold. We do our best."

Sirius, whose stock price has since plunged on concerns about subscriber growth and its ability to repay debt, posted a net loss of $4.88 billion, or $1.93 per share.

It said its pro forma third-quarter loss was $217 million, or 9 cents a share, compared with $265.5 million, or 18 cents per share, a year ago. The pro forma figures assume that Sirius and XM were one company a year ago.

Pro forma revenue rose 16 percent to $613 million. Analysts were looking for revenue of $575 million and a loss per share of 9 cents for the quarter.

Sirius reiterated its outlook, but analysts said that was overshadowed by concerns over its ability to pay its debt, and the moves it is planning to bring its stock back over $1 a share.

"It will be hard to get investors focused on the financial results until Sirius obtains the refinancing for the debt that is due in 2009," said Janco Partners analyst April Horace.

Karmazin said he expects the company to work through the refinancing of more than $1 billion in debt due on 2009. He added that a $300 million portion due in February has been reduced to $210 million, and that the company is talking to its lenders about refinancing.

"We remain optimistic," he said on the call. "The company remains confident that we will in short order get the February '09 refinancing done."

Sirius is also considering a reverse stock split in an effort to lift its depressed share price and avoid the risk of being delisted from the Nasdaq stock market.

It said it added 344,100 net subscribers in the quarter, ending the period with 18.9 million subscribers. That is an increase of 17 percent from one year ago.

The company said churn, the rate at which users quit the service, was about 1.7 percent for the first nine months of the year, about the same as in 2007.

Sirius repeated that it expects to end 2008 with 19.1 million subscribers and end 2009 with 20.6 million subscribers. The company added that it remains confident in its guidance for revenue and adjusted earnings before interest taxes, depreciation and amortization for 2008 and 2009, reiterating figures that it gave last week. (Reporting by Franklin Paul, editing by Gerald E. McCormick, Richard Chang)

[Demian]

http://www.hollywoodreporter.com/hr/...f75f063adec6da

Sirius XM takes impairment charge
Company reports Q3 revenue increase of 16%
By Paul Bond
Nov 10, 2008, 06:25 PM ET

Sirius XM Radio said Monday it took a $4.8 billion impairment charge on the reduced value of assets, and said that it would delay the filing of quarterly reports "for not more than five days."

The company, though, did release its third-quarter results. Without the hefty charge, and assuming the merger with XM was in place a year ago, Sirius reported revenue that climbed 16% to $612.8 million.

The pro forma loss was $217 million, down from $265.5 million last year.

Sirius said it added 344,100 net subscribers to end the quarter with 18.9 million, about 17% more than it had a year ago.

Sirius has been hurt in an economy particularly hostile to companies with large amounts of debt and that rely on partnerships with the struggling auto industry, and those problems have been reflected in the dwindling price of its stock.

On Monday, shares rose a penny to 27 cents. Wall Street has been speculating on whether Sirius will reverse-split its stock in order to raise the price and avoid threats of being delisted from Nasdaq.

The company said it will end the year with 19.1 million subscribers and end next year with 20.6 million. It also predicted free-cash flow of $4 million in 2010, rising to $1.4 billion in 2013.

Sirius CEO Mel Karmazin boasted that, despite a tough economy, "churn remained flat from last year at an impressive 1.7%."

[Demian]

http://finance.yahoo.com/marketupdate/inplay

6:47PM Sirius XM Radio reports EPS in-line, beats on revs (SIRI) 0.27 +0.01 : Reports Q3 (Sep) loss of $0.09 per share, excluding non-recurring items, in-line with the First Call consensus of ($0.09); revenues rose 15.8% year/year to $612.8 mln vs the $587.4 mln consensus.

[Demian]

http://www.marketwatch.com/news/stor...D&siteid=yhoof

Sirius XM loss widens on impairment charge
By David B. Wilkerson, MarketWatch
Last update: 6:42 p.m. EST Nov. 10, 2008

CHICAGO (MarketWatch) -- Sirius XM Radio Inc. said Monday that its third-quarter loss widened on a $4.8 billion non-cash impairment charge related to the reduced value of certain assets since it agreed to acquire XM in February 2007.

The company (SIRI:0.27, +0.01, +3.9%) , which completed its purchase of XM Satellite in July, said it lost $4.88 billion, or $1.93 a share, compared with a loss of $119.6 million, or 8 cents a share, a year earlier when it stood alone as Sirius Satellite Radio.
Sirius XM said that excluding the impairment charge, stock based compensation and other items, it would have lost 9 cents a share in the September quarter.
On a pro forma basis, revenue rose 16% to $613 million.
Analysts polled by Thomson Reuters were expecting a loss of 9 cents a share on sales of $587 million.
The company said it would delay the filing of its 10-Q for no more than five days to calculate the precise value of its intangible assets. Media companies own intellectual property, licenses and other items that have seen their market values dip well below their book values, requiring them to note the discrepancy and write down the difference.
Amid concerns about the company's ability to refinance a large debt payment due in February, Chief Executive Mel Karmazin told analysts Sirius XM is "actively in discussions" with its creditors, "as well as a significant number of additional lenders who are considering putting new money into Sirius XM."
Sirius XM said it ended the third quarter with 18.9 million subscribers, up 17% from the year-earlier quarter. It added 344,100 net subscribers.
The cancellation rate among self-paid subscribers was 1.7%, flat with the prior-year's third quarter.
The company said last week that declining auto sales have slowed its subscriber growth.
Sirius also said last week that it expects to end 2008 with 19.1 million customers. That number is projected to rise to 20.6 million in 2009, 22.1 million in 2010, 24 million in 2011, 26.2 million in 2012 and 28.4 million in 2013.
Revenue is forecast to climb to $2.7 billion in 2009, $3 billion in 2010, $3.4 billion in 2011, $3.8 billion in 2012 and $4.1 billion in 2013.
The shares closed at 27 cents with a gain of 1 cent ahead of the announcement Monday.
David B. Wilkerson is a reporter for MarketWatch in Chicago.

[Demian]

http://blogs.barrons.com/techtraderd...d=yahoobarrons

November 10, 2008, 5:23 pm
Sirius XM: Revs Top Ests; Getting “Close To Break Even”
Posted by Eric Savitz

Sirius XM (SIRI) this afternoon posted pro forma revenue of $613 million, ahead of the Street at $587.4 million. The satellite radio company added 344,100 net new subs in the quarter, to 18.92 million. SIRI lost $4.88 billion in the quarter, thanks largely to a $4.75 billion charge for the impairment of goodwill. The company said its pro forma adjusted loss from operations was $37 million; it boasted that 60 days after the merger, the company is “operationally very close to breakeven.”

SIRI also said that it will delay filing its 10-Q for the quarter for not more than five days “in order to carefully review the required purchasing accounting adjustments” made in connection with the large goodwill impairment charge.

After hours, SIRI is up a penny at 28 cents.