Excerpt -

Now, let’s touch upon the “not really a radio company” radio company, Sirius XM. Their revenue was up $630 million - a 3 percent increase over a year ago. Its subscriber base was down 2 percent from a year ago, but up by 102,295 subscribers. Mel Karmazin didn’t say why - but I will. Three words: Cash for clunkers.

Mel’s creative financing also made their “material” payments due disappear until 2011. How does Mel do it?

“We expect the company’s cash flow growth momentum to continue into 2010,” sayeth the King of Karma. “And we project full-year adjusted income from operations to increase approximately 20 percent next year.”

Mel also told the Street he expects revenue growth in the “mid to high single digits” and free cash flow growth.

And how about that? Mel’s the only radio guy being taken seriously by Wall Street.


Bolding added for emphasis