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Thread: SIRI Intraday Updates for the Week of 11/03/08

  1. #101
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    To: jcallan2@bloomberg.net

    James,

    There is an big error in your recent article "Sirius XM in Talks to Refinance Debt, Cuts Forecast (Update2)." In the article you state that SIRI "faces $1.1 billion in loan repayments in 2009, including $300 million in convertible bonds in February."

    This is not correct. SIRI has just recently exchanged $50 million of those Feb. '09 converts with stock. That brings the Feb.'09 convert debt down to $250 million - not $300 miilion and not $1.1 billion for '09...

    Please fix the error with a correction as soon as possible!

    Thank you,

    Demian

  2. #102
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    http://www.thestreet.com/story/10446...er-growth.html


    Sirius XM Expects Slower Subscriber Growth
    11/06/08 - 09:36 AM EST
    Robert Holmes

    Sirius XM offered a five-year operational and financial forecast as the company continues discussions with lenders over refinancing a significant amount of debt.

    The satellite radio company, formed after the July merger between Sirius and XM Satellite radio, once again said that it is in discussions with several institutions regarding a financing plan to replace its convertible notes due in 2009.
    In connection with these discussions, Sirius XM offered projections for the next five years, saying it expects to grow its subscriber count from 19.1 million by the end of 2008 to 28.4 million by the end of 2013. The company said it should finish 2009, which is a critical year for the company as nearly $1.1 billion in debt will come due, with 20.6 million subscribers.

    Sirius XM said that current economic conditions, particularly the dramatic and recent slowdown in auto sales, have negatively impacted subscriber growth for this year and next. Earlier this week, General Motors (GM Quote - Cramer on GM - Stock Picks) reported a 45% drop in October vehicle sales, with truck sales tumbling 51%. Rival Ford (F Quote - Cramer on F - Stock Picks) said sales slumped 30.2% in the same month from a year ago, while Toyota (TM Quote - Cramer on TM - Stock Picks) said light-vehicle sales decreased more than 20% to 152,101.

    Previously, Sirius XM said it expected to end 2008 with about 19.5 million subscribers and that it should end 2009 with about 21.5 million subscribers.

    By comparison, Sirius ended 2007 as a standalone company with 8.32 million subscribers, up 38% from the end of 2006. When XM operated by itself, it saw its subscriber count jump 18% in 2007 to 9.02 million subscribers.

    Additionally, Sirius XM said it expected to end 2013 with $4.1 billion in revenue, compared with $2.4 billion in 2008. The company said it expects to see positive free cash flow in 2010 and should have $1.4 billion in free cash flow in 2013.

    Shares of Sirius XM were jumping 11.5% to 29 cents a share in early trading. The stock is now down 91% for the year and more than 86% since the merger between Sirius and XM was finalized July 29.
    Sirius XM will report third-quarter results on Monday, with analysts expecting a loss of 9 cents a share on revenue of $587.4 million, according to a poll by Thomson Reuters. Investors are also hoping for clarity on hints it gave that it was planning a reverse stock split as a solution to prop up slumping shares.
    Last edited by Demian; 11-06-2008 at 02:00 PM.

  3. #103
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    To: Robert.Holmes@thestreet.com

    Robert,

    There is an error in your recent article about SIRI - "Sirius XM Expects Slower Subscriber Growth."

    In your article you state that they have "nearly $1.1 billion" in '09 debt due. This is not true. They have made two recent stock for debt exchanges - taking out $50 million of the Feb '09 converts. Saying that they have "nearly $1.1 billion" in '09 debt is untrue and misleading. There is no mention of their recent stock for debt exchanges in your article. This is important information to report.

    You also state that, "Investors are also hoping for clarity on hints it gave that it was planning a reverse stock split as a solution to prop up slumping shares."

    Having the option and planning are two different things. It was the prudent thing for SIRI management to have a plan in place to present to the NDAQ if it ever came to requesting a delisting extension. Mel has stated very clearly on several times that there were no plans for a reverse split. Read the Q2 CC! This proxy was issued before the NDAQ stopped any delisting procedures until '09. It is misleading to say that they are planning a reverse split when the company has stated clearly that it is not their intention.

    Please fix the errors in your article.....

    Thank you,

    Demian

  4. #104
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    Press Release Source: Sirius XM Radio

    SIRIUS XM Releases Projections
    Thursday November 6, 8:00 am ET

    Company to Report Third Quarter 2008 Earnings on November 10, 2008
    NEW YORK, Nov. 6 /PRNewswire-FirstCall/ -- SIRIUS XM Radio (Nasdaq: SIRI - News) today released an outline of its five-year operational and financial forecast.

    The company is in discussions with several financial institutions regarding a financing to replace its 2-1/2% Convertible Notes due 2009. In connection with these discussions, the company is releasing the material elements of its five-year operational and financial forecast.


    The material elements of the projections are:

    2009E 2010E 2011E 2012E 2013E
    (Subscribers in millions; dollar amounts in billions)

    Subscribers 20.6 22.1 24.0 26.2 28.4
    Revenue $2.7 $3.0 $3.4 $3.8 $4.1
    Adjusted
    EBITDA* $0.3 $0.6 $0.9 $1.3 $1.5
    Free Cash
    Flow* $0.0 $0.4 $0.6 $1.0 $1.4

    *Adjusted EBITDA is net income / (loss) from operations plus equity expense and depreciation and amortization expense. Free cash flow is derived from net change in cash and cash equivalents plus cash flow from financing activities and other investment activity. Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to their most comparable financial measure calculated and presented in accordance with GAAP is attached to this press release. The projections shown above do not give effect to any adjustments that may occur in respect of the valuation of XM's assets and liabilities acquired in the merger. Any such adjustments could materially affect certain of these projections.

    Current economic conditions, particularly the dramatic and recent slow down in auto sales, have negatively impacted subscriber growth for 2008 and 2009. The company expects to end 2008 with 19.1 million subscribers and end 2009 with 20.6 million subscribers. The company remains confident in its Revenue and Adjusted EBITDA guidance for 2008 and 2009, which remains unchanged.

    SIRIUS XM plans to release third quarter 2008 financial and operating results on Monday, November 10, 2008.

    The company plans to hold a conference call at 4:30 pm ET on Monday, November 10, 2008 to discuss these results, at which time the company will address questions, including questions regarding the forecast outlined above. Investors and the press can listen to the conference call via the company's website, www.sirius.com, and on its satellite radio service by tuning to SIRIUS channel 113 or XM Live, channel 90.

    A replay of the call will be available on www.sirius.com.

    SIRIUS XM and its subsidiaries expect to file their Quarterly Reports on Form 10-Q with the SEC on November 10, 2008. Copies can be obtained by visiting http://investor.sirius.com.

  5. #105
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    =DJ Sirius XM In Talks With Lenders to Revamp Financing

      DOW JONES NEWSWIRES   Sirius XM Radio Inc. (SIRI) said it is in talks with several lenders about revamping its financing.   The disclosure comes amid Wall Street worries about a slowdown in satellite-radio growth and the company's looming debt payments.   Chief Executive Mel Karmazin's focus is on shoring up investor confidence by refinancing $300 million in convertible bonds that come due in February, replacing them with bank debt. In early September, he told investors that he had already begun a series of meetings with banks.   However, the company left unchanged its earnings and revenue forecasts for 2008 and 2009.   Shares recently were up 11% at 28 cents in recent premarket trading.   Sirus, formed from the merger in July of Sirius Satellite Radio Inc. and XM Satellite Radio Holdings Inc., said it is in talks with "several financial institutions" about "a financing to replace" debt due in 2009.   The company's five-year forecast sees a 38% rise in subscriberships between 2009 and 2013. Sirius sees 19.1 million subscribers at the end of the year and 20.6 million subscribers in 2009. Subscribership is then expected to rise to 22.1 million in 2010, 24 million in 2011, 26.2 million in 2012 and 28.4 million in 2013.   It sees revenue increasing about 85% over the period, from $2.7 billion 2009 to $3 billion in 2010, $3.4 billion in 2011, $3.8 billion in 2012, and $4.1 billion in 2013.   The downward trajectory accelerated in early September after the company issued subscriber forecasts that fell below analysts' expectations and failed to reassure investors about looming debt payments.   The merger of Sirius and XM was supposed to build confidence in satellite radio, in which subscribers pay a monthly fee for programming that is delivered through special receivers.   -By Mike Barris, Dow Jones Newswires; 201-938-5658; mike.barris@dowjones.com
      Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=yaK...bgsG5QBg%3D%3D. You can use this link on the day this article is published and the following day.

      (END) Dow Jones Newswires  November 06, 2008 08:37 ET (13:37 GMT)  Copyright (c) 2008 Dow Jones & Company, Inc.- - 08 37 AM EST 11-06-08

  6. #106
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    To: mike.barris@dowjones.com

    Mike,

    In your recent article about SIRI there is an error.

    You state that there is $300 million in Feb.' 09 convert debt - when in fact it is $250 million after the two recent stock for debt exchanges.

    Please make a correction as soon as possible.....

    Thank you,

    Demian

  7. #107
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    http://www.reuters.com/article/indus...4A54ZP20081106

    Sirius XM warns auto troubles hurting growth
    Thu Nov 6, 2008 9:04am EST

    NEW YORK (Reuters) - Sirius XM Radio Inc warned that the dramatic slowdown in car sales would hurt subscriber growth next year, as it issued an updated financial outlook in light of its negotiations with banks to cover debt coming due in 2009.

    Sirius XM Radio, which is talking to financial institutions about ways to replace 2.5 percent convertible notes, has struggled since the company was formed last summer in the $3.3 billion merger of Sirius Satellite Radio and XM Satellite Radio.

    The ailing auto industry is one of the major problems for Sirius XM, since new vehicle sales are a key avenue for subscriber growth. The company also has been hard hit by competition from other media, like iPods, and an economic slowdown that has consumers watching their spending. Shares of the company are stubbornly stuck below $1.

    "Current economic conditions, particularly the dramatic and recent slowdown in auto sales, have negatively impacted subscriber growth for 2008 and 2009," the company said in its forecast.

    It said it expects to end 2008 with 19.1 million subscribers, and end 2009 with 20.6 million subscribers.

    But it said it "remains confident" in its revenue and adjusted EBITDA guidance for 2008 and 2009. That guidance did not change.

    Sirius XM projected 2009 revenue of $2.7 billion, 2010 revenue of $3 billion, and 2011 revenue of $3.4 billion.

    Shares of the company closed at 26 cents on the Nasdaq on Wednesday.

    (Reporting by Paul Thomasch; editing by John Wallace)

  8. #108
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    http://biz.yahoo.com/ap/081106/siriu...look.html?.v=1

    AP
    Sirius XM says auto woes are hurting radio sales
    Thursday November 6, 11:04 am ET

    Sirius XM says downturn in auto sales will limit sales of its radios in 2008 and 2009

    NEW YORK (AP) -- Sirius XM Radio said Thursday the slowdown in car sales has hurt sales of its satellite radios in 2008 and will limit growth next year.
    The company, created by the combination of satellite radio companies Sirius and XM earlier this year, expects to end 2008 with 19.1 million subscribers and end 2009 with 20.6 million subscribers.

    It sees revenue of $2.7 billion in 2009 and $3 billion in 2010.

    Analysts polled by Thomson Reuters forecast 2009 revenue of $2.79 billion and 2010 revenue of $2.94 billion.

    Sirius XM generates many of its new customers through sales of cars that have its radios installed at the factory. The buyer typically gets a free trial period before being asked to subscribe to the satellite radio service.

    "Current economic conditions, particularly the dramatic and recent slow down in auto sales, have negatively impacted subscriber growth for 2008 and 2009," the company said in a statement.

    Sirius released the financial update in connection with discussions it is having with banks to secure financing to replace convertible notes that are due in 2009.

    Sirius XM shares added 2 cents, or 7.7 percent, to 28 cents in morning trading.

  9. #109
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    Market Report -- In Play (SIRI)
    November 6, 2008 8:02 AM ET

    Sirius XM Radio releases 5 year operational and financial forecast Co says current economic conditions, particularly the dramatic and recent slow down in auto sales, have negatively impacted subscriber growth for 2008 and 2009. The co expects to end 2008 with 19.1 mln subscribers and end 2009 with 20.6 mln subscribers. The company remains confident in its Revenue and Adjusted EBITDA guidance for 2008 and 2009, which remains unchanged. Co seesfree cash flow of $400 mln in 2010, $600 mln in 2011, $1 bln in 2012 and $1.4 bln in 2013, among other metrics.

    Briefing.com is the leading Internet provider of live market analysis for U.S. Stock, U.S. Bond, and world FX market participants.

  10. #110
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    I wanted to point out something positive...

    SIRI is up .02 or 7.7% while the DOW is down over 400 points.

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