Sirius XM's second-quarter revenue up, raises earnings outlook

Discussion in 'The Howard Stern Show' started by Onehourphoto, Aug 7, 2012.

  1. Onehourphoto

    Onehourphoto Maverick Gold

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    [h=1](more marbles for Howard?)

    Sirius XM's second-quarter revenue up, raises earnings outlook[/h]By Liana B. Baker
    Tue Aug 7, 2012 8:09am EDT


    (Reuters) - Satellite radio company Sirius XM Radio Inc (SIRI.O) posted higher-than-expected quarterly revenue on Tuesday, boosted by price increases, and raised its earnings outlook for the year, sending shares up 3 percent in premarket trading.

    The company, which competes with free Internet radio services such as Pandora Media Inc (P.N), reported a 13 percent rise in second-quarter revenue to $837.5 million. The result beat estimates of $834.38 million, according to Thomson Reuters I/B/E/S.

    Sirius raised its target for adjusted earnings before interest, taxes, depreciation and amortization to $900 million from $875 million and kept its free cash flow expectations at $700 million.

    The company did not give an update on the battle for control with Liberty Media Corp (LMCA.O), its largest shareholder, which is led by billionaire John Malone.
    Sirius Chief Executive Mel Karmazin has been telling Wall Street he will not give up control of Sirius without securing a premium for his shareholders from Liberty. He may update analysts on the dispute later on Tuesday's conference call.

    Excluding a $3 billion income tax benefit related to previous net operating losses, the New York-based company reported earnings of 2 cents per share, which matched analysts' estimates.

    Including the tax benefit, the New York-based company reported net income of $3.13 billion, or 48 cents a share, compared with $173.3 million, or 3 cents a share, a year ago.

    Due to an accounting change, this is the first quarter the company is putting its tax benefits on its balance sheet.

    The company raised its prices for the first time ever at the beginning of the year. The price for its basic package went up to $14.49 a month from $12.95.

    Shares rose 2.3 percent to $2.25 in premarket trading after closing at $2.20 per share on Monday.

    In July, Sirius announced it added 622,042 net subscribers in the second quarter, up 38 percent from a year ago. It now has 22.9 million subscribers.

    It also raised its subscriber and revenue targets last month, fueled partly by strength in the auto industry, where Sirius gets most of its customers.
    (Reporting By Liana B. Baker; editing by Jeffrey Benkoe)
     
  2. Kilroy

    Kilroy Well-Known Member

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    I fucking hate Sirius but I have to admit, it's funny to see them continue to do well after hearing Bubba the other year say over and over that they were going to take a HUGE subscriber hit when he left...then when it didn't come he said, 'Well, they report different, you have to wait a year.."

    It's been a year...no subscriber loss...lol..
     
  3. TaTa Toothy

    TaTa Toothy New Member

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    Maybe less Howard and no Bubba is the key to success.
     
  4. koclem

    koclem .|..O..|. VIP Banned User

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    Bubba's nightclub...

    [​IMG]
     
  5. jyanks

    jyanks Well-Known Member

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    Once they finish Wigman's contract, that will be a huge expense relief off their books.
     
  6. CAPTAIN KIRK

    CAPTAIN KIRK New Member

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    Funny I just got a sell alert for Sirius stock from the Street.com due to the uncertaintany with the Liberty Media take over...
     
  7. Uncle Larry

    Uncle Larry Well-Known Member VIP

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    I like how Sirius pretends that 2012 is the first time they raised prices even though they started charging a "music royalty fee" a few years back. With the price up a bit, maybe it's time for Mel to dump a few more shares after he sold 7 million shares last month.
     
  8. blottomsup

    blottomsup Well-Known Member

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    Maybe Sirius' real bread and butter are the music stations, not the talk stations.
     
  9. Nemo

    Nemo Beer Can Thick Gold

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    pump & dump
    alert!
    :facepalm:
     
  10. CAPTAIN KIRK

    CAPTAIN KIRK New Member

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    The sell alert I just got basically hinted that Sirius are inflating their recent numbers in order to attract buyers ahead of the Liberty Takeover. Prolly Ol' Chiclets teeth Mel's last attempt to cash out on a pump & dump before Malone sends his ass packing..
     
  11. Madipuppy

    Madipuppy Well-Known Member

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    It just proves Howard means nothing to the bottom line of the company. All he is is something to put in the handout when someone buys a new car. He can not show up for the rest of his contract. It means absolutely nothing. If people buy cars, subs go up. Thats it. Howard is irrelevant