Sirius XM (SIRI) Strong Following Karmazin Presentation

Sirius XM (Nasdaq: SIRI) shares are trading strong Wednesday following the filing of a presentation made by CEO Mel Karmazin at the Annual Meeting of Stockholders.

Highlights include:

• Sees FY11 revs of $3 billion;
  
  
• Adjusted EBITDA of $715 million;
  
  
• Free cash flow growth of $350 million;
  
  
• 21.6 million subscribers in FY11, versus 20.2 million in FY10;
  
  
• Sirius XM was the largest radio company in Q1, with revs of $724 million beating the $640 million put up by Clear Channel (NYSE: CCO);
  
  
• Sees ending cash of $707 million in FY11, increasing to $1.057 billion for FY12; and
  
  
• FY11 churn and conversion rates expected to be stable.

Sirius is up 3.3 percent in the early trading session.

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