Don't worry guys...Julie is in great hands...Walker Texas Ranger has her back!
JS
Don't worry guys...Julie is in great hands...Walker Texas Ranger has her back!
JS
Research Update: Sirius XM 'B' Rating Placed On CreditWatch Positive Due To Improved EBITDA Generation And Reduced Debt Leverage
from S&P Credit Research
Sep 30, 2010
U.S. satellite radio company Sirius XM's EBITDA generation and debt leverage have improved, largely as a result of the resumption of subscriber growth and selective price increases. We are placing our 'B' corporate credit rating for the company on CreditWatch with positive implications. The positive CreditWatch listing reflects the company's prospects for continued improvement in operating performance and declining debt leverage for the remainder of 2010, which could lead to a rating upgrade. On Sept. 30, 2010, Standard&Poor's Ratings Services placed its 'B' corporate credit rating for Sirius XM Radio Inc. and XM Satellite Radio Holdings Inc. (which we analyze on a consolidated basis), as well as all related issue-level ratings for the company, on CreditWatch with positive
Quoting Mel:
"Arts and crafts matter, but commerce matters."
I think that was a shot at Tyler Savery and his Pandora-pumping brethren.
SIRIUS XM Keeps Raising Targets (SIRI)
Posted: October 1, 2010 at 10:26 am
SIRIUS XM Radio Inc. (NASDAQ: SIRI) is at it again on the raised guidance front for subscribers. CEO Mel Karmazin has now announced that SIRIUS is expected to end 2010 with approximately 20.1 million subscribers.
This would represent an all-time high in subscribers as the company now expects net subscriber additions of approximately 1.3 million in 2010.
As far as how this compares to prior guidance, we noted in early August, “Mel Karmazin is again raising guidance for 2010. He expects SIRIUS to generate nearly $2.8 billion in revenue, approximately $575 million in adjusted EBITDA and expects free cash flow of nearly $150 million. SIRIUS XM had already increased its guidance for net subscriber adds to right at 1.1 million for 2010.”
SIRIUS XM will release its financial results and updated subscriber targets for Q3-2010 by early November.
This week we saw that S&P put SIRIUS on positive credit watch, while Miller Tabak cut the rating to Neutral from Buy.
Shares are up 1.67% at $1.22 on 25 million shares in less than an hour of trading this Friday.
JON C. OGG
Read more: SIRIUS XM Keeps Raising Targets (SIRI) - 24/7 Wall St. http://247wallst.com/2010/10/01/siri...#ixzz117O7bX3a
Sirius Subscribers to Hit All-Time High
By Theresa McCabe 10/01/10 - 10:32 AM EDT
NEW YORK (TheStreet) -- Sirius XM Radio(SIRI_) expects to end the year with the highest number of net subscriber in its history.
Chief executive officer Mel Karmazin announced that management expects approximately 20.1 million subscribers, by the end of 2010.
This projection implies the company expects to add about 1.3 million subscribers in 2010.
The satellite radio company plans to release its full subscriber count and financial results for the third quarter by early November 2010.
-- Written by Theresa McCabe in Boston.
SIRIUS XM Expects To End FY10 With About 20.1 Mln Subscribers -Quick Facts
(RTTNews) - SIRIUS XM Radio Inc.(SIRI) Friday said that it expects to end fiscal year 2010 with nearly 20.1 million subscribers.
The company's projection implies that SIRIUS currently expects net subscriber additions of about 1.3 million in 2010.
Read more: http://www.nasdaq.com/aspx/company-n...#ixzz117Q7BpWw
Yessiree, more good news. Now for the number of shares outstanding........................
http://online.wsj.com/article/BT-CO-...01-707661.html
ok, time for some math . . btw, you don't have to take notes; this is really intended for the benefit of David Joyce of Miller Tabak. The rest of you can just put your feet up . . you already had this.
Here we go:
1,300,000 - 171,000 - 583,000 - 99,000 = 447,000
So: David Joyce is calling for 99,000 net-additions for Q3-10 because it is in line with the 102,000 net-adds in Q3-09; ok, applying David Joyce's same logic going forward . . Q4-09 net-adds were 257,028 so his Q4-10 estimate would have to be somewhere around 250,000.
Here's how I get there: 99,000 Q310 - 102,000 Q309/102,000 = -2.94%; 257,028 Q409 X (1-.0294) = 249,471, say 250,000 (R)
So in a nutshell, David Joyce is expecting full-year-2010 net-adds of:
171,000 + 583,000 + 99,000 + 250,000 = 1,103,000 versus company guidance (which they have lifted twice already) of 1,300,000
and that is what you call backing-in to a downgrade
Last edited by Sirius Roadkill; 10-01-2010 at 11:31 AM.