Sirius Satellite Radio Inc. said revenue has increased 25 percent to $283 million, total subscribers have exceeded 8.9 million and adjusted loss from operations fell 70 percent.According to its preliminary second quarter 2008 financial results, Sirius had 8.924 million subscribers, thanks to total gross subscriber additions of 1.029 million.
Retail subscribers increased 7% in 2Q08 to 4.677 million while OEM subscribers increased 53% year-over-year to 4.247 million. Sirius added 279,820 new net subscribers for the quarter, consisting of 246,221 from the OEM channel and 33,599 from the retail channel.
Average monthly self-pay churn rate was 1.6% for the quarter, down from 2.1% in first quarter 2008. Conversion rate is estimated to be approximately 48% for the second quarter, up from a conversion rate of approximately 47% in the first quarter of this year.
Total revenue for the quarter is expected to be approximately $283 million, an increase of 25% year-over-year. Operating expenses, excluding depreciation and stock based compensation, are expected to remain approximately flat in 2Q08 as compared to the same period last year. Second quarter 2008 adjusted loss from operations is expected to be approximately $24 million, an improvement of 70% from the adjusted loss from operations of $79 million in the second quarter 2007.
It all looks good except for the low net sub gain--Was hoping for 400s
The stock not moving up very much,maybe soon,end of August,lets have a meeting on it.Call Jesse Jackson.
1st time Sirius reported conversion rate - 48% also a little low.
Looks like XM is doing a better job with keeping customers on free trials. This number needs t improve over the coming quarters towards the 55% range.
Sirius net subs really dropped off the last 2 quarters - seems like they have hit the same wall that XM did about 1 1/2 years ago with churn.
Sirius ended '07 with 8.2 million and many analysts were expecting them to get to 10 million as a stand alone, but based on these #'s I think they could only get to about 9.7 or so. Many predicted Sirius would never catch XM and they were correct.
Anyhow, it doesn't matter anymore as we have 1 company with 18.5 million subs now, over 20 million by year end.
hmm first quarter where the market % actually increased for XM vs Sirius.
of course it was only .11% more on XM side
:)
It appears Sirius cut costs, but this does not appear on surface to be a very good quarter.
Not good, but not unexpected. Would you subscribe prior to all this bullshit? No. Until we start seeing the sports from both on each receiver, and the public knows this, things are going to stay flat.
And the stock doesn't move a bit! How much does Sirius have to prove itself?
Per my theory in the forum of why XMSR would beat SIRI in the end.
XMSR = 322K net
Siri = 279K
Mel's timing was impeccable. He takes XM just before the world realizes that he's only holding a pair of nines. That's why Mel is Mel.
This is all fine. Adjusted for the holiday season combined subs are 2.8-3.2 million subs which add 330 million to the top line and 210 million to the bottom line.
Mel actually was holding a Joker and he took the pot
What's up with the complete lack of trading this morning and why hasn't the spread closed completely ?
HALTED
Doesn't appear halted, just light volume ?
You have to hand it to Mel.
The instant he seals his 4.6:1 deal, suddenly, Sirius cannot beat XM in the sub-getting business anymore.
The man knows how to cut a deal, no doubt about it. He is an expert negotiator, and ran over the amateurs at XM. Mel had the good sense to know that Stern was a temporary boost, and did the deal when SIRI was at the top and XM was at its bottom.
Negotiate when you are strong and your opponent is weak. XM shareholders got screwed hard, Sirius shareholders made out like bandits. No way should this have been a 50/50 split.
XM management destroyed its shareholders. Just destroyed them.
How could this merger be such a non-event ?
CNBC hasn't even mentioned it. Sirius/XM have said nothing, FCC doesn't report anything on their site.
After this battle of 500 days, you would think it would be a big story.
Ah, the blogger basher is back in full manic depressive regailia.
The world is back on it's axis.
Didn't XM have a huge advantage with MLB this quarter?
Sirius always takes the advantage in teh 3rd & 4th quarter because of NFL & Stern (Fathers day) and 4th quarter again because of the same reasons and they are just stronger at retail.
XM has gone negative last 2 quarters at retail and Sirius has still posted gains, which is better for bottom line because of less subsidies.
In typical Max fashion posting about his opinion of someone instead of about the topic. Poor form....
"Ah, the blogger basher is back in full manic depressive regailia.
The world is back on it's axis.
Posted by: Max | July 28, 2008 9:50 AM"
Gotta hand it to Mel. He's one hell of a businessman.
SIRI would never had caught XM in subs, just as many predicted, but Mel slipped in with his "pair of nines" (as Plowboy stated) and took XM as they fell for the bluff (barely holding a pair of 10's).
All is moot now as they will become one. SIRI shareholders: you lucked out big time. Don't ever think you didn't. You gambled and won......barely. Hell, I might just jump back in and go long on the combined entity. Who knows.
Not trying to start a war here, but SIRI barely beat XM in the first quarter, what was SIRI's excuse for the lackluster quarter?
XM almost won, and that's with no sports advantage during that time period whatsoever.
I doubt MLB was that much of a swing. It's all about OEM's, in which XM clearly had the advantage.
Sirius' all in churn was extremely high in 1st 2 quarters , but no reason to fight or argue anymore since they are now 1. The 1 year free trials were starting to hit them hard.
I'm not sure the pair of 9's versus pair of 10's analogy is that accurate - I'd say Mel was holding a 2 7 off suit while XM had a 2 8 off suit.
So why are both of these down 6 and 7 % today and 0 news out there?
I'm not sure the pair of 9's versus pair of 10's analogy is that accurate - I'd say Mel was holding a 2 7 off suit while XM had a 2 8 off suit.
Posted by: JB | July 28, 2008 10:30 AM
How true JB!
It was a battle of "who's holding the least-worst"!
The board jerk off:
"In typical Max fashion posting about his opinion of someone instead of about the topic. Poor form...."
Yeah- POOR, IGNORANT SATRAD FANBOYS!!
Fucking retard.....
If the financials are so great then this is just another reason why the merger is not needed and should never have been allowed.
But goddamn if I'm not loving you short sighted stockholders that thought this was going to get you out of a bind only to see no movement on the share price cry. If the fans of the service are feeling pretty down on it, so will everyone else. Merger be damned, I still see this company either going under or being bought out and turned into FM radio within 3 years.
Content is NOT king. I bought SDARS for uncencored talk. Don't care about sports, I can see that on TV. Don't really even care about music, I have CD's and an mp3 player for that. Sirius music sucks balls anyway. How about a no music option for the "a la carte" scam.
"Content is NOT king. I bought SDARS for uncencored talk."
You just contradicted yourself. And if you pay $12.95 a month just to hear people talk dirty, well......
Accurate photo. That car is a "sub".