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TODAY'S HEADLINES
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November 11, 2008
[Satellite Today 11-11-08] Sirius XM Radio reported a strong third quarter with pro forma revenue increases of 16 percent from the same quarter in 2007 at $613 million, subscriber increase of 17 percent at 18.9 million and a 64 percent improvement in the pro forma adjusted loss from operation at $37 million.
Self-pay customer churn for the company remains at 1.7 percent.
Mel Karmazin, CEO of Sirius commented, "We have provided new long term financial and operating projections based upon slower auto production and greater cost savings and we now anticipate positive free cash flow of $1 billion in 2012."
Sirius XM's pro forma net loss was $217 million, or $0.09 per share, for the third quarter of 2008, compared to a pro forma net loss of $265.5 million, or $0.18 per share, in the third quarter 2007.
The company said its actual third quarter and nine-month results include only two months of operations of XM Satellite Radio from its acquisition on Jul. 28. 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.
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