SIRI Intraday Updates for the Week of 11/10/08

http://www.marketwatch.com/News/Stor...&siteid=yhoof2

Sirius XM loss widens on $4.8 billion charge
By David B. Wilkerson
Last update: 5:24 p.m. EST Nov. 10, 2008Comments: 2
CHICAGO (MarketWatch) -- Sirius XM Radio Inc. (SIRI:0.27, +0.01, +3.9%) said Monday 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.

http://www.forbes.com/2008/11/10/sir...rtner=yahootix

Motown Unkind To Sirius
Lisa LaMotta, 11.10.08, 5:45 PM ET
Sirius Satellite Radio

The decline of Detroit's Big Three is wreaking havoc on the satellite radio business. The recently combined Sirius XM Radio said Monday that poor U.S. auto sales are driving down the growth of its business.

The satellite radio company delayed the filing of its quarterly report with the Securities and Exchange Commission, but reported subscriber numbers and pro forma results for the third quarter after the bell on Monday. Sirius finished the third quarter with 18.9 million subscribers, up 16.7% from the year-prior period. The company used the pro forma accounting because of the acquisition of XM radio that became finalized on July 28.

Shares of Sirius XM Radio (nasdaq: SIRI - news - people ) were little changed in the regular session and after hours on Monday, ending at 27 cents. The stock, which is the successor to Sirius, peaked near $8 late in 2005 and has been declining ever since.

Pro forma net loss was $217.0 million, or 9 cents per share, for the third quarter of 2008, compared to a pro forma net loss of $265.5 million, or 18 cents per share, in the year-prior. The company’s actual results also include a $4.8 billion impairment charge to goodwill, principally related to the decline in the company’s share price since the date of the merger agreement in February 2007; the stock has lost 92.7% of its value since then.

Late last week, Sirius said that poor car sales in the United States have affected sales for 2008 and the outlook for 2009. It expects 19.1 million subscribers by year end and 20.6 million subscribers by the end of 2009. Sirius forecast revenues of $2.7 billion for 2009; analyst estimates are slightly higher at $2.79 billion.

While the Big 3 automakers are proving increasingly unuseful to Sirius, it found some solace in Bavaria. The satellite-radio company announced earlier in the day that it was extending its contract with luxury carmaker Bayerische Motern Werke. The satellite service is currently available in all BMW vehicles in America with a one-year subscription that is included in the price of the car. "Satellite radio's exceptional content fits well with BMW, delivering a premium mobility experience to our owners. More and more BMW owners are choosing to equip their vehicles with Sirius and we are pleased to continue making it available to current and future BMW owners," said Jack Pitney, vice president of marketing for BMW of North America.

Uh What? that doesn't make sence with the stuff that Sirius put out as a Press Release @ the MoneyMarket report

After Hours Trade Reporting

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18:25 $ .277 1,900
18:25 $ .278 13,800
18:25 $ .2789 500

WELL I THINK IT WAS A POSITIVE Q-3 WITH A GREAT OUTLOOK UNDER DIFFICULT TIMES.. MISSED BEING PROFFITABLE BY 9 MILL.. CUT DEBT TO 210 MILL AND REFFINANCING IN SHORT ORDER.. ITS ALL TURNING AROUND.. :thumbup:

I DO LIKE MEL SPIN ON PROXY VOTE AS A POSABILITY INCASE OF DELISTING NAZ REG.. BUT ID RATHER AVOID THE ISUE..

IT IS AMAZING THE AMOUNT OF PRESS AND SCREWED UP WAY THEY SPIN THE NEWS, WICH WAS VERY ++++

BLOOMBERG HAD IT RIGHT MARKET WATCH WAS CLUELESS(AGAIN). AND MOTLEY FOOLS ARE JUST THAT FOOLS..:eek:

SO WHEN MEL ANOUNCES HE HAS SECURED REFINANCING BY END OF NOV THATS WHEN WE START TO MOVE OUT OF THE BASEMENT,BUT FOR NOW ITS A BUYING OPP.. WE WONT SEE THESE PRICES AGAIN..

AND THATS THE BOTTOM LINE.. :thumbup:

http://www.reuters.com/article/marke...0081111?rpc=44

UPDATE 2-Sirius XM takes $4.8 bln charge due to share plunge
Mon Nov 10, 2008 7:01pm EST

* Q3 net loss hurt by $4.8 bln write-down

* Pro forma Q3 revenue rises 16 pct, beats expectations

* Adds 344,100 net subscribers in Q3

* Backs 2008 and 2009 outlook

* Shares mostly flat in after-hours trading (Adds write-down, outlook details, byline; updates stock price)

By Franklin Paul

NEW YORK, Nov 10 (Reuters) - Sirius XM Radio Inc (SIRI.O: Quote, Profile, Research, Stock Buzz) posted a $4.8 billion write-down of goodwill related to its acquisition of satellite radio rival XM, and said the auto industry's "dramatic" woes have hurt subscriber growth.

The company blamed the write-down, which added to its operational losses in the third quarter, on the significant decline in its share price from February 2007, when the merger was first announced. At that time, Sirius traded at about $3.79, compared with 27 cents at the close on Monday.

Chief Executive Mel Karmazin defended the company, saying that while it provides a radio service that subscribers enjoy, it is powerless to fix the economic troubles that have beset the auto industry -- its biggest source of new subscribers.

"We think the environment sucks," he said on a conference call with analysts. "It is not like we're doing something wrong. It is that, unfortunately, we do not have a whole lot of control over what cars are getting sold. We do our best."

Sirius, whose stock price has since plunged on concerns about subscriber growth and its ability to repay debt, posted a net loss of $4.88 billion, or $1.93 per share.

It said its pro forma third-quarter loss was $217 million, or 9 cents a share, compared with $265.5 million, or 18 cents per share, a year ago. The pro forma figures assume that Sirius and XM were one company a year ago.

Pro forma revenue rose 16 percent to $613 million. Analysts were looking for revenue of $575 million and a loss per share of 9 cents for the quarter.

Sirius reiterated its outlook, but analysts said that was overshadowed by concerns over its ability to pay its debt, and the moves it is planning to bring its stock back over $1 a share.

"It will be hard to get investors focused on the financial results until Sirius obtains the refinancing for the debt that is due in 2009," said Janco Partners analyst April Horace.

Karmazin said he expects the company to work through the refinancing of more than $1 billion in debt due on 2009. He added that a $300 million portion due in February has been reduced to $210 million, and that the company is talking to its lenders about refinancing.

"We remain optimistic," he said on the call. "The company remains confident that we will in short order get the February '09 refinancing done."

Sirius is also considering a reverse stock split in an effort to lift its depressed share price and avoid the risk of being delisted from the Nasdaq stock market.

It said it added 344,100 net subscribers in the quarter, ending the period with 18.9 million subscribers. That is an increase of 17 percent from one year ago.

The company said churn, the rate at which users quit the service, was about 1.7 percent for the first nine months of the year, about the same as in 2007.

Sirius repeated that it expects to end 2008 with 19.1 million subscribers and end 2009 with 20.6 million subscribers. The company added that it remains confident in its guidance for revenue and adjusted earnings before interest taxes, depreciation and amortization for 2008 and 2009, reiterating figures that it gave last week. (Reporting by Franklin Paul, editing by Gerald E. McCormick, Richard Chang)

http://www.hollywoodreporter.com/hr/...f75f063adec6da

Sirius XM takes impairment charge
Company reports Q3 revenue increase of 16%
By Paul Bond
Nov 10, 2008, 06:25 PM ET

Sirius XM Radio said Monday it took a $4.8 billion impairment charge on the reduced value of assets, and said that it would delay the filing of quarterly reports "for not more than five days."

The company, though, did release its third-quarter results. Without the hefty charge, and assuming the merger with XM was in place a year ago, Sirius reported revenue that climbed 16% to $612.8 million.

The pro forma loss was $217 million, down from $265.5 million last year.

Sirius said it added 344,100 net subscribers to end the quarter with 18.9 million, about 17% more than it had a year ago.

Sirius has been hurt in an economy particularly hostile to companies with large amounts of debt and that rely on partnerships with the struggling auto industry, and those problems have been reflected in the dwindling price of its stock.

On Monday, shares rose a penny to 27 cents. Wall Street has been speculating on whether Sirius will reverse-split its stock in order to raise the price and avoid threats of being delisted from Nasdaq.

The company said it will end the year with 19.1 million subscribers and end next year with 20.6 million. It also predicted free-cash flow of $4 million in 2010, rising to $1.4 billion in 2013.

Sirius CEO Mel Karmazin boasted that, despite a tough economy, "churn remained flat from last year at an impressive 1.7%."

http://finance.yahoo.com/marketupdate/inplay

6:47PM Sirius XM Radio reports EPS in-line, beats on revs (SIRI) 0.27 +0.01 : Reports Q3 (Sep) loss of $0.09 per share, excluding non-recurring items, in-line with the First Call consensus of ($0.09); revenues rose 15.8% year/year to $612.8 mln vs the $587.4 mln consensus.

http://www.marketwatch.com/news/stor...D&siteid=yhoof

Sirius XM loss widens on impairment charge
By David B. Wilkerson, MarketWatch
Last update: 6:42 p.m. EST Nov. 10, 2008

CHICAGO (MarketWatch) -- Sirius XM Radio Inc. said Monday that its third-quarter loss widened on a $4.8 billion non-cash impairment charge related to the reduced value of certain assets since it agreed to acquire XM in February 2007.

The company (SIRI:0.27, +0.01, +3.9%) , which completed its purchase of XM Satellite in July, 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.
Sirius XM said that excluding the impairment charge, stock based compensation and other items, 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. Media companies own intellectual property, licenses and other items that have seen their market values dip well below their book values, requiring them to note the discrepancy and write down the difference.
Amid concerns about the company's ability to refinance a large debt payment due in February, Chief Executive Mel Karmazin told analysts Sirius XM is "actively in discussions" with its creditors, "as well as a significant number of additional lenders who are considering putting new money into Sirius XM."
Sirius XM said it ended the third quarter with 18.9 million subscribers, up 17% from the year-earlier quarter. It added 344,100 net subscribers.
The cancellation rate among self-paid subscribers was 1.7%, flat with the prior-year's third quarter.
The company said last week that declining auto sales have slowed its subscriber growth.
Sirius also said last week that it expects to end 2008 with 19.1 million customers. That number is projected to rise to 20.6 million in 2009, 22.1 million in 2010, 24 million in 2011, 26.2 million in 2012 and 28.4 million in 2013.
Revenue is forecast to climb to $2.7 billion in 2009, $3 billion in 2010, $3.4 billion in 2011, $3.8 billion in 2012 and $4.1 billion in 2013.
The shares closed at 27 cents with a gain of 1 cent ahead of the announcement Monday.
David B. Wilkerson is a reporter for MarketWatch in Chicago.

http://blogs.barrons.com/techtraderd...d=yahoobarrons

November 10, 2008, 5:23 pm
Sirius XM: Revs Top Ests; Getting “Close To Break Even”
Posted by Eric Savitz

Sirius XM (SIRI) this afternoon posted pro forma revenue of $613 million, ahead of the Street at $587.4 million. The satellite radio company added 344,100 net new subs in the quarter, to 18.92 million. SIRI lost $4.88 billion in the quarter, thanks largely to a $4.75 billion charge for the impairment of goodwill. The company said its pro forma adjusted loss from operations was $37 million; it boasted that 60 days after the merger, the company is “operationally very close to breakeven.”

SIRI also said that it will delay filing its 10-Q for the quarter for not more than five days “in order to carefully review the required purchasing accounting adjustments” made in connection with the large goodwill impairment charge.

After hours, SIRI is up a penny at 28 cents.

After Hours Trade Reporting

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Sirius Satellite Radio Inc. Q3 2008 Earnings Call Transcript

http://seekingalpha.com/article/1052...t?source=yahoo

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."

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.

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

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.

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

Pre-Market Trade Reporting

Pre-Market
Last: $ .265
Pre-Market
High: $ .2856
Pre-Market
Volume: 617,155
Pre-Market
Low: $ .255

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......

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