Sirius XM Radio (SIRI) Re-Affirms Guidance

Sirius XM (Nasdaq: SIRI) is giving update and outlook to investors today at its annual meeting. Below are some highlights from Sirius' presentation.

Sirius XM Radio sees 20.6M subscribers in 2009.

Sirius XM Radio sees 2008 revenue $2.4 billion versus consensus of $2.2 billion.
Sirius XM Radio new adjusted EBITDA guidance is a loss of $200 million versus a loss of $300 million.

Sirius XM Radio guidance implies 4Q08 adjusted EBITDA of ($32) mm versus pro forma 4Q07 of ($224) mm, an 86% improvement

Sirius XM Radio will be 22% lower by year-end 2008.
Sirius XM Radio total cost savings of over $35 million annually

2009
Sirius XM Radio guides 2009 sales $2.7 billion versus consensus of $2.66 billion.
Adjusted EBITDA turns positive in 2009
Approximately $300 mm in 2009

Driven by revenue growth and cost cuts / synergies, offset by royalty and revenue share increases.

JPMorgan (NYSE: JPM) and Evercore working on Sirius XM's overall financing plan.

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Sirius XM Radio Inc., formerly Sirius Satellite Radio Inc., is a satellite radio provider in the United States.

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