Sirius Satellite Radio (SIRI) is trading up 3.2% at $4.22 pre-market after reporting narrower losses and higher subscribers.It posted losses of -$0.12 on EPS and revenues of $167.1 million, but estimates were -$0.14 and $167 million. On an adjusted basis pre-options the losses would have been -$0.09 on non-GAAP EPS. Sirius ended with more than 5.1 million paying subscribers after adding some 441,101 subscribers in the quarter. It reaffirmed a projected 6.3 million subscribers by year-end and put its churn rate at about 1.8% (churn was 2% for this quarter). It also put 2006 revenues at roughly $615 million, although street estimates are $623 million; and it expects an operating loss of $565 million on an adjusted basis.Its subscriber acquisition costs were $80.9 million in the quarter, although it attributed the higher costs to radio shipments and increases in certain new chip sets needed to support subscriber additions.Sirius did note that it may reach positive cash flow in the fourth quarter, and put 2007 revenues at about $1 Billion. Mel Karmazin said that only Clear Channel and CBS Radio will be larger on the terrestrial side after next year.Shares of XM Satellite Radio (XMSR) are down 0.4% at $13.44 pre-market on thin volume, but it rose sharply after its own earnings on Monday. SIRI closed up almost 7% after XMSR reported earnings.Jon C. OggNovember 8, 2006
Sirius Up On Narrower Losses
Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
Top Gaining Stocks
Top Losing Stocks