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Friday, February 26, 2010

Sirius profitable!

YOU CANNOT BE SIRIUS: For the first time since the merger, Sirius XM posted a quarterly profit, as Q4 revenue rose 6%, to $684 million, from $644 million. And to think that a year ago, the company was close to bankruptcy before being saved by a loan from Liberty Media. During that time, shares have jumped from a nickel to over a buck. Said Mel Karmazin in a conference call: “With auto sales showing signs of recovery, we are well positioned to hopefully grow our promotional base in 2010 and beyond.” Sirius added 257k subscribers during the fourth quarter, bringing the total to18.8 million, and said it expected to add 500k new subscribers this year. (2/26a)

 
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