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After Hours Trade Reporting
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Last: $ .2704
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After Hours
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Low: $ .27
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Sirius Satellite Radio Inc. Q3 2008 Earnings Call Transcript
http://seekingalpha.com/article/1052...t?source=yahoo
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http://www.radioink.com/HeadlineEntr...&pt=todaysnews
Karmazin: 'Pleased And Proud' Of Q3 Results
NEW YORK -- November 16, 2008: Sirius XM Radio CEO Mel Karmazin began his remarks on today's third-quarter earnings conference call with, "I know it's difficult, in the economic environment we are in, and where our stock price is trading, to be very pleased and proud of our operating performance, but we must."
He called Sirius XM's performance, with a 16 percent pro forma revenue gain, "very impressive" in light of declining auto sales, high unemployment, and a generally weak economy. Karmazin continued, "Many other good companies are not growing as a result of the issues in the U.S. economy, so we believe showing double-digit growth to be very impressive, especially if you compare Sirius XM's results to other media and entertainment companies."
The catalyst for Sirius XM's growth, Karmazin said, is the synergies created by the merger, noting that about 22 percent of the combined Sirius and XM workforce has been eliminated to date. He also said that consumers are getting the benefits of the merger, and that "thousands of subscribers have been adding 'best of' to their subscriptions ever day since the offer became available."
And on Wednesday, the Sirius and XM lineups will merge, and duplicate programming will go off the air. XM and Sirius subscribers will receive the same number of channels they have been receiving, Karmazin said, but Sirius XM Radio will be producing "significantly fewer channels."
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http://www.foxbusiness.com/story/mar...day-568076116/
Sirius XM Radio Inc. (SIRI: 0.27, +0.01, +3.84%) said 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.
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http://online.wsj.com/article/SB1226...googlenews_wsj
Sirius XM Posts $4.88 Billion Loss Due to Charge
Satellite-Radio Operator Faces Nearly $1 Billion in Debt Coming Due, as Subscriber Growth Is Hampered by Slowing Economy
By SARAH MCBRIDE
http://s.wsj.net/public/resources/im...1110212812.gif
Sirius XM Radio Inc. reported a $4.88 billion net loss for the third quarter, reflecting a big impairment charge stemming from the decline of the company's share price since the 2007 agreement to merge satellite-radio operators Sirius Satellite Radio Inc. and XM Satellite Radio Holdings Inc.
Sirius XM has endured heavy turbulence since the merger closed at the end of July. Subscriber growth has been hobbled by the slow economy, and Sirius XM faces almost $1 billion in debt that comes due next year -- a problem the company said Monday it is working with creditors to relieve.
Sirius XM's loss of $1.93 a share, on revenue of $488.4 million, compares with a year-earlier loss of $120.1 million, or eight cents a share, on revenue of $241.8 million. The figures for this year's quarter reflect two months of the combined Sirius-XM operation, and the year-ago quarter doesn't include XM, the larger of the two merged companies.
The results include a $4.75 billion impairment charge to goodwill, largely reflecting the drop in Sirius's share price from $3.70 when the deal was announced in February 2007 to 27 cents, up one cent, in 4 p.m. Nasdaq trading Monday.
The company said its Securities and Exchange Commission filing would be delayed for up to five days to "carefully review" how to account for the value of assets.
Sirius stressed pro-forma results assuming the two companies were merged effective Jan. 1, 2007, which show a narrowing loss and higher revenue. Viewed that way, the company showed a third-quarter loss of $217 million, or nine cents a share, compared with a year-earlier loss of $265.5 million, or 18 cents a share. Pro-forma revenue rose 16% to $613 million. But the pro-forma results don't include the $4.75 billion impairment charge reflected in the actual results.
Sirius XM Chief Executive Mel Karmazin underscored the rising pro forma revenue but lamented the poor economic environment, particularly declining auto sales, a key driver for satellite radio. He said it was "the most difficult quarter that most of us have ever seen," and the company delivered "admirable performance" given the economy's negative trends.
Mr. Karmazin said the company would lose less money than expected for 2008 -- $300 million before expenses such as interest and depreciation, compared with its previous estimate of $350 million. He reiterated that Sirius XM would earn money, before expenses such as interest and depreciation, in 2009.
The satellite-radio company said it ended the third quarter with 18.9 million subscribers. Last week, it cut its estimate for the year-end subscriber count to 19.1 million, down from its 19.5 million estimate in September. The estimates indicate the company doesn't expect to add many subscribers in the normally strong fourth quarter. Last year, Sirius and XM, then separate companies, added a combined 1.1 million subscribers in the fourth quarter.
Mr. Karmazin said the company is in active discussions with both creditors and with new investors who are considering putting money in the company. A $300 million debt payment due in February has been reduced in recent weeks to $210 million by exchanging the debt for stock, and Mr. Karmazin said he hopes to announce shortly plans to refinance the remaining portion of the debt.
Meanwhile, the company is focusing "diligently" on keeping existing subscribers, Mr. Karmazin said. Around half of customers who try satellite radio as part of buying a new car elect to keep it after a promotional period.
He said consumer response to the company's "Best of Both" programming, in which XM subscribers can pay an extra $4 a month to add a few Sirius channels, and vice versa, was strong.
Write to Sarah McBride at sarah.mcbride@wsj.com
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http://www.businessweek.com/technolo...emp_technology
Sirius-XM: A Long, Challenging Road Ahead
Subscribers are up, but the recently merged satellite radio provider lost nearly $5 billion last quarter and still faces a host of questions
By Olga Kharif
http://images.businessweek.com/story...1_karmazin.jpg
Sirius XM CEO Mel Karmazin
Mel Karmazin sounds an upbeat tone for a chief executive whose company, Sirius XM (SIRI), just announced an almost $5 billion loss.
During a Nov. 10 conference call discussing third-quarter results, Karmazin called the company's performance "impressive," considering the macroeconomic environment. Indeed, the troubled satellite radio provider showed some encouraging signs. The company ended the quarter with 18.92 million subscribers, up 17% from a year earlier. Sales also rose for the product of the July merger of XM Satellite Radio and Sirius Satellite Radio. Had the company been combined for the three months that ended in September, its revenue would have risen 16% to $613 million.
Karmazin also waxed optimistic about the company's ability to refinance some $210 million in debt due in February and other liabilities that add up to about $1 billion for the whole year. "The tone of the conference call seemed to provide some needed, if inconclusive, reassurance on the near-term debt refinancing," says Tuna Amobi, an analyst at Standard & Poor's.
RIGHT NOW, ANY GROWTH IS GOOD
For some companies, growth of any kind is commendable when the economy is slumping into recession and customers are curtailing spending on everything but the essentials. "We are growing significantly, and companies larger than us and smaller than us are not," Karmazin said. The company ended the quarter with $359.6 million in cash, down from $438.8 million last December. Sirius XM shares rose 3.9% to 27¢ the day the earnings were announced.
Growth aside, some of the company's biggest challenges haven't subsided. Sirius suffered a third-quarter loss of more than $4.88 billion, reflecting the declining value of its merged assets. And investors are still awaiting details on debt refinancing (BusinessWeek, 10/22/08) from a company that's expressed confidence on the matter for months.
And results through September don't reflect more recent economic malaise, including further evidence of the collapse of the U.S. auto industry, a big source of sales of Sirius radio service. Shares of General Motors (GM) sank to a 62-year low Nov. 10 (BusinessWeek.com, 11/10/08) on concern over the automaker's prospects.
A DISCRETIONARY EXPENSE
While Karmazin said the company's higher-end packages are selling well, subscribers may yet tighten their belts and cut back on satellite radio. "They are a very, very discretionary expense," says Larry Rosin, co-founder of consulting firm Edison Media Research about Sirius XM. "Families are cutting their expenses. It seems doubtless they'll lose some people that way." On Nov. 6, Sirius pared its subscriber numbers for 2009 to 20.6 million, from 21.5 million users it expected in September. "I wouldn't be surprised if they revised that guidance again," Amobi says.
The company's projections for earnings before certain expenses including taxes are holding steady vs. prior guidance. While many analysts still expect Sirius XM to lose money next year, the company is guiding for cash-flow break even.
To meet targets, the company is slashing costs—in part by eliminating 22% of its workforce. More drastic measures may be called for, Amobi says. "They are probably going to go deeper."
Kharif is a senior writer for BusinessWeek.com in Portland, Ore.
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http://www.paidcontent.org/entry/419...-grow-16-perc/
Earnings: Sirius XM Loss Balloons On $4.8 Billion Impairment Charge; Revs Grow 16 Percent
By David Kaplan - Mon 10 Nov 2008 07:44 PM PST
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Pre-Market Trade Reporting
Pre-Market
Last: $ .265
Pre-Market
High: $ .2856
Pre-Market
Volume: 617,155
Pre-Market
Low: $ .255
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Pivot Table for today.....
R2 - R1 - Pivot - S1 -S2
0.31 0.29 0.28 0.26 0.25
SIRI is bouncing around S2 now......
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Why is this stock hated so much?
=DJ Sirius-XM Seeks Reverse Stock-Split To Remain On Nasdaq
By Nat Worden
Of DOW JONES NEWSWIRES
Ê Mel Karmazin, chief executive of Sirius-XM Radio Inc. (SIRI), said Monday that the newly-merged satellite radio company has asked its shareholders to approve a reverse stock split so it can maintain listing requirements on the Nasdaq Stock Market. Ê Shares of Sirius-XM closed Monday at just 27 cents as the global credit crisis and economic slowdown threatens to plunge the company into bankruptcy. The company has asked its shareholders to approve a reverse stock split should its board of directors authorize one in order to boost its stock price. Ê "Our interest in a reverse split is motivated by requirements of Nasdaq for us to remain a listed company," said Karmazin on a conference call with analysts following the company's third-quarter earnings release. Ê He also said the company is asking for shareholder approval to issue more common stock if necessary. Ê "The merger with XM and the low stock price eliminated the cushion we had in authorized shares," said Karmazin. "We expect that our shareholders will approve these management and board of directors-supported proposals." Ê -By Nat Worden, Dow Jones Newswires; 201-938-5216; nat.worden@dowjones.com
Ê (END) Dow Jones NewswiresÊ November 11, 2008 07:37 ET (12:37 GMT)Ê Copyright (c) 2008 Dow Jones & Company, Inc.- - 07 37 AM EST 11-11-08
