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Sirius XM Radio posts strong quarterly profit, stock slips

Sirius XM Radio posts high growth Q1 earnings, adds subscribers, stock still down

Moments ago from New York City, the subscription-based satellite radio company, Sirius XM Radio, published earnings for the first quarter of 2010.

The company reported strong profits of $760.6-million in the quarter, up 11-percent from the same period in 2009.

Income from operations in the period were $157.8-million, up 45-percent YoY.

Net income from operations was up significantly to $93-million, compared to only $43.7-million in Q1 2009.

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Sirius XM Radio Confirms iPhone App

siriusSirius XM Radio has just announced plans to release an iPhone application sometime during the second-quarter. Sirius XM Radio satellite sales have been hit hard mainly because of poor auto sales where the service was an added option on new model cars. XM Radio was also hit hard with the bankruptcy of Circuit City who sold the products.

Sirius XM Radio more recently sold a 40% stake to John Malone’s Liberty Media while a $172 debt was due. The iPhone application be available to all the 19 million current iPhone users, 7 million of which are based in the U.S.

Sirius also said it expects to post EBITDA of more than $300 million by the end of 2009, which would be the first profit recorded by the company.

No price information was released.

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Sirius XM Radio Saved As $172M Debt Deadline Approaches

siriusSirius XP Radio was close to filing for Chapter 11 bankruptcy as a $172 million debt deadline was approaching. Today, Liberty Media struck a $430 million with Sirius. Under the deal, Sirius XM will receive $280 million, $250 million of which today, at 15% with a December 2012 maturity. In the second and final phase of the plan, Sirius will receive $150 million, in exchange for 12.5 million preferred convertible 40% common stock shares. Liberty Media has also agreed to purchase up to $100 million of existing Sirius outstanding debt. Liberty Media will get two seats on the Sirius board part of the deal. The newly raised capital will be used to pay the current $172 million debt and to support continuing operations.

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Sirius XM to File for Bankruptcy

Reports indicate Sirius satellite radio is preparing to file for chapter 11 bankruptcy as the company has hired bankruptcy advisors. Sirius currently holds more than $3 billion of debt and a bankruptcy could see heavyweight partners like Howard Stern off the air as the company would be unable to pay them. The company’s biggest customer base comes from automobile partnerships such as with Ford, which represents more than 20 million listeners and continues to decline thanks to poor car sales. Charles Ergen, founder of EchoStar and Dish Network, has previously offered to give Sirius XM enough capital to meet debt obligations, and also expressed interest in buying out the company. There is no word if a deal could be reached, but it is unlikely given Ergen’s previous offer was turned down.

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