SIRI Tue 7/21/09 Daily Thread

[bassmaster]

1. Clipped the edge of a pothole while driving the old-lady's car; never gonna hear the end of it.

2. Been thinking about Erin Andrews

3. Been feeling reluctant to click on the Erin Andrews video link for fear of malware attack

i cant even find the video. its been removed from every site i searched...please share, im not worried about viruses or malware. i use a MAC

[Sirius Roadkill]

i cant even find the video. its been removed from every site i searched...please share, im not worried about viruses or malware. i use a MAC

LMAO . .. hey Bass . . I think it's gone already; I tried yesterday but then saw all the warnings and decided not to try it . . . it was up on youtube for awhile . . . maybe someone here among us was wise enough to download a clean copy before it got pulled . . .

Something I learned from that story . . . I never knew there was such a thing as a "peep-hole reverser" which apparently the police have had for years and routinely use before making a hotel room raid . .

[JohnnyIrishXM]

Here ya go boys . . hate to post this again . . but I must . . . (Relmor should be along any second now; he really hates Faber) . . here it is:

Karmazin: AND I THINK THAT IS THE FUTURE, OKAY? I THINK THE FACT THAT WE HAVE IDENTIFIED IMMEDIATELY $400 MILLION OF SYNERGY ON VIRTUALLY EVERY LINE ITEM OF THE P&L, SYNERGIES THAT WE ARE VERY, VERY CONFIDENT TO BE ABLE TO DELIVER NET OF THE COST BEFORE 2009. SO WHEN YOU TAKE THAT SYNERGY AND YOU ADD IT TO THE COMBINED COMPANY, YOU GET, FOR THE FIRST TIME, POSITIVE EBITDA. NOW, IN MY OPINION, POSITIVE EBITDA ISN'T THE SAME THING AS MAKING MONEY.SO, WE'LL HAVE $300 MILLION OF EBITDA IN 2009, AND BUT FOR A PAYMENT CONNECTED WITH THE SATELLITE, SIRIUS IS PUTTING UP A NEW SATELLITE IN '09, AND WE HAVE ONE PAYMENT -- BEFORE THAT SATELLITE, WE WILL BE FREE CASH FLOW POSITIVE.

S-KILL,hate to burst your bubble,but John and i have discussed this and Mel in ANNual CC in March said there will be no Capex for sats till 2015,after the ccompany decides if it wants and needs the 2 sats that XM started to order for launch in 2010 and 2011,the company has the option to push them back or cancel them with a small penalty fee...The Faber statement is from December CC in 4Q,which was last guidance given,and i've heard it before.
Satelite that was just launched is already paid for and actually they are in arbitration over 15mil that SXM says is owed back to them for unnescesary delays by sat company..

[JohnnyIrishXM]

LMAO . .. hey Bass . . I think it's gone already; I tried yesterday but then saw all the warnings and decided not to try it . . . it was up on youtube for awhile . . . maybe someone here among us was wise enough to download a clean copy before it got pulled . . .

Something I learned from that story . . . I never knew there was such a thing as a "peep-hole reverser" which apparently the police have had for years and routinely use before making a hotel room raid . .

Is that the supposed video of a newswoman naked or something,saw a headline that said the whole thing was a scam to spread the virus..

Julie,here my 3 random thoughts for today...

1.can i choke like tom watson when i'm 59 years old...

2.can a munchkin ever be put back in the hole of the donut..

3.If M. Vick is allowed to play in the NFL again,will the football be changed from pigskin to synthetic material...

[Sirius Roadkill]

Mel in ANNual CC in March said there will be no Capex for sats till 2015,Satelite that was just launched is already paid for and actually they are in arbitration over 15mil that SXM says is owed back to them for unnescesary delays by sat company..

good news if true . . when was it paid for?

[JohnnyIrishXM]

good news if true . . when was it paid for?

They have a seperate account that money was set aside for when the sat was ordered,payouts are in stages,when ordered,built and finished,then launch is paid for..so capex is accounted for in Q's when it;s a new expenditure and put in this account that earns interest also..this is what Mel was talking about,if they go ahead with next sats,money would have to be taken out of earnings and put aside..

Forgot,it is in the financials under Satelite expenses,this is how it is accounted for,you'll see expected costs laid out for each year in the annual report..

[Sirius Roadkill]

hey Irish . . check this out:

3) CapEx: Also known as Capital Expenditures, refers to the cost of infrastructure, or most notably, the Satellites. Borrowing some numbers from a poster on the Sirius Buzz Forums, Homer, this is what the CapEx looks like from Sirius’s standpoint:

Sirius FM-5: (Satellite and Launch) Sirius FM-6: (Satellite ONLY)
All of 2008: $100 million All of 2008: $100 million
Q1 2009: $25 million All of 2009: $100 million
Through Q3 2010: $80 million

Homer warns us that these numbers are very rough estimates, and does not include launch insurance for either satellite, which is estimated to be around $40 million dollars per satellite, or the cost of the launch for FM-6, which sits around the $90-$95 million mark. Adding up those numbers, you are looking at $405 million dollars, plus insurance ($40 million x2) plus launch fees for FM-6 ($95 million) which brings us to a grand total of $580 million over the next 2 and a half years. The positive for this is that if they build in the ability for one sat to broadcast both networks, this will hopefully be the last time they will have to launch satellites for the next few years.



I think I'll put out an APB for homer . . this is really buggin me now . . .

[Sirius Roadkill]

They have a seperate account that money was set aside for when the sat was ordered,payouts are in stages,when ordered,built and finished,then launch is paid for..so capex is accounted for in Q's when it;s a new expenditure and put in this account that earns interest also..this is what Mel was talking about,if they go ahead with next sats,money would have to be taken out of earnings and put aside..

Forgot,it is in the financials under Satelite expenses,this is how it is accounted for,you'll see expected costs laid out for each year in the annual report..

so you're saying the "one payment" Mel refers to is just the cost of the launch itself and that the other costs have already been phased-in over time and have already been accounted for, right?

[JohnnyIrishXM]

so you're saying the "one payment" Mel refers to is just the cost of the launch itself and that the other costs have already been phased-in over time and have already been accounted for, right?

Yes,fm-5 is paid for,just by your numbers,the second fm-6 has been pushed back to 2010 if needed,or canceled,,give me a minute and i'll post the paragraph from the reports,also Q1 2009 was last payment made,25mil..

[JohnnyIrishXM]

This is the network of current sats...pay close attention to spares and users.


We operate three in-orbit satellites in our SIRIUS system and have one ground spare satellite. The three
in-orbit SIRIUS satellites were launched in 2000 and the spare satellite was delivered to ground storage in 2002. The
three-satellite constellation and terrestrial repeater network were placed into service in 2002. SIRIUS has an
agreement with Space Systems/Loral for the design and construction of an additional two satellites. In January
2008, SIRIUS entered into an agreement with International Launch Services to secure two satellite launches on
Proton rockets. This agreement with International Launch Services allows SIRIUS the flexibility to defer the second
of these launch dates and to cancel either launch upon payment of a cancellation fee.
We operate four in-orbit satellites in ourXMsystem, two of which function as in-orbit spares. The two in-orbit
spare satellites were launched in 2001 while the other two satellites were launched and placed into service in 2005
and 2006, respectively. XM is constructing an additional satellite.