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Latest Satellite News Discussion, Sirius-XM: $2.7bn in 2010 at General Satellite News forum; Sirius-XM: $2.7bn in 2010 Written by Chris Forrester Sunday, 28 February 2010 08:13 This time last year US pay-radio broadcaster ...

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Sirius-XM: $2.7bn in 2010
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Sirius-XM: $2.7bn in 2010 - 28-February-2010, 11:50

Sirius-XM: $2.7bn in 2010
Written by Chris Forrester
Sunday, 28 February 2010 08:13

This time last year US pay-radio broadcaster Sirius-XM was close to bankruptcy. Today the company is looking forward to record revenues, profit, and perhaps even a global market.

Sirius XMs financial results for 2009 released last week included a couple of long-awaited firsts for the company. 2009 was the first full year of positive free cash flow and positive pro forma adjusted income from operations. In fact, operating income was up $599m from 2008 levels of negative $136 million. Keeping the money coming in was the addition of 257,000 subscribers in its Q4, taking its overall subs to 18.8m. All in all Sirius-XM turned in better results than expected, including $189m in free cashflow.

Sirius-XMs outlook for 2010 is even rosier. The company expects 2010 revenue to be $2.7bn (up from $2.53bn), free cash flow to remain positive, and 500,000 net subscribers to be added which will allow the company to exceed its previous subscriber peak of 19 million at the end of 2008. Shareholders, led by John Malones Liberty Media, will also benefit with projected adjusted income from operations rising by 20% this year.

Most important, sales of new cars, the biggest source of Sirius' customers, are looking up. With auto sales showing signs of recovery, we are well positioned to hopefully grow our promotional base in 2010 and beyond," CEO Mel Karmazin said on a conference call with analysts.

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