Funny thing is Newman, I downloaded it too and got the Annual Report as well -- which came out in February. It isn't even the most recent report available! The Q1 quarterly report came out in May, which is available elsewhere -- but the Dow hasn't made it available yet.
So this just doesn't add up to me. I think people are seeing too much into it, IMHO.
Put this in your pipe and smoke it!
SIRIUS Satellite Radio Announces Post-Merger Financial Guidance for the Combined Company
PR Newswire
Posted: 2008-06-30 09:00:00
NEW YORK , June 30 /PRNewswire-FirstCall/ -- SIRIUS Satellite Radio (Nasdaq: SIRI ) today announced financial guidance for 2009 assuming the completion of the merger of SIRIUS and XM Satellite Radio Holdings Inc. Based upon the company's preliminary analysis, it announced that:
-- Total synergies, net of the costs to achieve such synergies, for the combined company are expected to be approximately $400 million in 2009;
-- Adjusted EBITDA for the combined company is expected to be approximately $300 million in 2009. Adjusted EBITDA is net income/(loss) before interest and investment income, interest expense (net of amounts capitalized), depreciation expense, and non-cash stock compensation expense; and
-- The combined company is expected to achieve positive free cash flow, before satellite capital expenditures, for the full year 2009.
To date, neither SIRIUS nor XM has reported positive adjusted EBITDA or achieved free cash flow for a full year.
"The upside potential from this merger is significant. In addition, the synergies, adjusted EBITDA and free cash flow are expected to continue to grow in subsequent years, and we look forward to providing more detail of this growth in coming months," said Mel Karmazin , SIRIUS Chief Executive Officer and the previously announced CEO of the combined SIRIUS and XM.
The closing of the pending merger remains subject to the approval from the Federal Communications Commission and satisfaction of other applicable conditions, including the refinancing of certain XM debt. On March 24, 2008 , the U.S. Department of Justice informed SIRIUS and XM that it had ended its investigation into the pending merger, that it had concluded that the merger is not anti-competitive, and that it will allow the transaction to proceed. SIRIUS and XM each obtained stockholder approval for the pending merger in November 2007 .
The company's financial guidance for total net synergies, adjusted EBITDA and free cash flow assumes, among other things: that the merger will be consummated in the third quarter of 2008; that XM will incur certain incremental interest expense as a result of refinancing certain of its debt; that the combined company will realize certain additional advertising and subscriber revenue synergies as a result of the merger; and that the combined company will achieve cost savings and efficiencies in nearly all aspects of its operations. No assurance can be given that any of these objectives will be met or that the amount of incremental interest at XM will not exceed that anticipated by the company. Furthermore, the company's financial guidance also assumes that the combined company will, following the consummation of the merger, immediately take steps in nearly all operational areas to rationalize its operations and realize the expected synergies in a timely manner, but no assurance can be given that the necessary measures to realize expected synergies will be implemented in a timely manner.
When the merger was structured, the parties determined that SIRIUS would be the surviving public parent company and that XM would become a subsidiary of SIRIUS. As a result, the preponderance of XM's existing debt will require refinancing in connection with the merger. Because of the refinancing, the combined company expects XM to incur incremental interest expense as a result of refinancing certain of its debt. Principally as a result of this higher interest expense at XM, among other factors, substantially more of the free cash flow before satellite capital expenditures in 2009 is forecast to be realized at SIRIUS, the parent company, than at XM. In addition, SIRIUS and XM expect to refinance certain debt in 2009 that is scheduled to mature during that year.
http://money.aol.com/news/articles/q.../rfid117437052
What does this have to do with XM's quarterly report? You posted on numerous message boards that XM released their quarterly report yesterday and that for some reason it hadn't shown up yet -- that it would today.Originally Posted by crfceo
So far, it has not shown up yet.
The guidance PR put out by Sirius today, has nothing to do with this thread or XM's release of its quarterly report. In fact, it's not even an XM Press Release... it has nothing to do with the statement by Dow Jones from yesterday.
you know homer, I knew it would only be a matter of time before you brought your finger-pointing here just to challenge any of my posts.
Nowhere did I do this. NOWHERE!You posted on numerous message boards that XM released their quarterly report yesterday and that for some reason it hadn't shown up yet
I posted a RUMOR!!! In capital letters. I provided links to the sources of the RUMORS. I titled it "RUMOR" I simply delivered a message. You, of course have to turn it into an "I told you so!" topic. I never stated anything, except to WAIT UNTIL TODAY TO SEE. That was all.
Last edited by Newman; 06-30-2008 at 04:58 PM. Reason: Personal attacks removed. Keep it clean gentlemen.
Not to jump in but I think he was responding to the fact that you said "stick this in your pipe..." as if to say "AHA I WAS RIGHT" when in fact, news did come out, but it wasn't what was expected according to your research. which is why i threw it into a new thread, it was really unrelated to any rumor that was going around.
be easy
How can you say it was unrelated? This is obviously what they worked on all weekend. That was the first part of the rumor.
The second rumor post was the incorrect one. But I think we all knew that yesterday. Not for nothing, homer is a stalker who likes to stalk me on message boards. Unfortunately, it looks like he found me here, too.
Well, that took you all of one post to turn it into a personal attack on me and my participation in this forum. Is this the type of forum that Tyler is going to run? To allow Yahoo type of posters and posts here???
And zcurzan is 100% correct. You threw it in all of our faces, with your "Put this in your pipe and smoke it" post -- you only did that to claim you were correct and I was wrong. When in fact, you were wrong.
As I stated in the other thread, the PR that came out today is a Sirius PR. It is not an XM PR. XM is not listed as a source, nor contact, nor are any of their employees, managers or directors quoted in it. The PR had nothing to do with an XM Annual or Quarterly Report, which is what the Dow Jones article was in reference to. I remind you that your very first post in this thread quoted the Dow Jones article -- and you later said, "it looks to me like xm reported them today (Last update: 6/29/2008 5:55:51 AM ) based on this post." This is all that I challenged in this thread... and continue to challenge.
I have to reiterate my first point -- that I certainly hope that Tyler isn't going to allow posters to post personal attacks on others... just because the poster was challenged. This is a forum, where we are here to discuss, debate and learn -- we are not here to personally attack each other, as you do not learn from posts like that. You only reduce yourself to the lowest common denominator when you do that. And hurt your credibility significantly.
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Last edited by homer985; 06-30-2008 at 12:14 PM.
No homer. I did it to show that the poster I gave credit to was right. Both you and Newman decided to attack me yesterday.you only did that to claim you were correct and I was wrong. When in fact, you were wrong.
Here's an idea homer. Don't respond to my posts. Don't attempt to belittle me and things will be great. You and newman shot the messenger yesterday. Funny thing, you continue to do it today.
Oh I get it... it's a threat. Either I do things your way, or you'll personally attack me.
BTW, you said this above:
Ahh, but you did:
"it looks to me like xm reported them today (Last update: 6/29/2008 5:55:51 AM ) based on this post."
http://siriusbuzz.com/forum/showthread.php?t=490
"check the date of the link....
SEC filings have not been updated since friday. Tomorrow you will see it."
http://messages.finance.yahoo.com/St...=1&frt=2&off=1
Again, I didn't challenge you quoting a rumor -- I only challenged you claiming that the quarterly report came out, or that it would be released on Monday; I said nothing about the rumor or you. I suggest you go back and re-read the thread above.
In fact, I came in to this thread, saying that I agree with Newman and that I do not expect to see XM's report come out on Monday. I said nothing about you at all. After a response by you again saying that Dow is reporting that XM's quarterly report came out on Sunday -- I pointed out that MSFT also had one of those Dow Jones articles come out too. Your next response was the "Pipe" post.
I was just disagreeing with you.
Last edited by Newman; 06-30-2008 at 05:02 PM. Reason: Personal attacks removed. Keep it clean gentlemen.
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