(SIRI) Sirius Satellite Radio $204M revenues and net loss was -$0.10; Estimates were $212 million revenues and -$0.10 EPS.
Its subscribers rose 556,490 to about 6.6 million; Churn rate was 2.3% and subscriber acquisition costs were $104.00. Sirius also reaffirmed about 8 million subscribers and close to $1 Billion in revenues for 2007 with 2.2-2.4% churn rates and $95.00 subscriber acquisition costs.
As far as addressing the merger with XM Satellite Radio (XMSR): The transaction is subject to approval by both companies’ stockholders, the satisfaction of customary closing conditions and regulatory review and approvals, including antitrust agencies and the FCC. The companies expect the transaction to be completed by the end of 2007.
We have not yet seen trades in SIRI, but preliminary indication look to be $3.00 to $3.10 versus the $2.96 close on Monday.
Jon C. Ogg
May 1, 2007
Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.
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