Karmazin: Sirius Met Easy Black Friday Goals, Not Cutting Subscription Rates (SIRI)
"We did exactly what we wanted to do for Black Friday," CEO Mel Karmazin said today, "which is not great news because we didn't have high expectations."
Karmazin says Sirius is on track to grow Q4 revenues in the double digits, percentage-wise, according to Reuters. Analysts expect Sirius to post $627 million in Q4 sales, which would represent 12% pro-forma sales growth.
Mel also said:
- He "is confident the company can refinance debt due in 2009." ($1 billion worth.)
- Sirius "will also be able to boost revenues in 2009 and has no immediate plans to cut its subscription prices."
- He also "ruled out any interest in selling Sirius XM in the near term." "We don't feel that we need to be acquired," he said. "You should assume the company is not for sale."
Karmazin spoke at Reuters' media summit, which is not open to non-Reuters journalists.
See Also:
Yes, Sirius XM Can Certainly Go To Zero
Sirius XM CEO: Car Sales Can Tank And We'll Still Be Fine
Sirius XM: Our Christmas Will Suck
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3 Comments
Hatch
said:
Dec. 03, 5:33 PM
This man actively despises every customer and shareholder of the company. It's time to toss Mel Karmazin.
SleepyMan
said:
Dec. 04, 4:10 AM
I'm tired, tired, tired....This comapny and this stock have done more to tire me out than anything I have ever known. The company will survive this crisis and thrive in the future - of that there is no question, no matter what any of the stock analysts predict. The only question is will the real believers - the stockholders, and especially the longs - be rewarded for their loyalty, trust, and faith or will the board of directors dilute the stock by 50 times and lose us much of our hard-earned retirement money. This is a GOOD company - an innovative company that had a good idea and took huge chances and created something good that people wanted and paid for. Please don't destroy the faith that we have in you (Mel and company) by needlessly propping up the stock price so as to make it more attractive to institutional investors. It will go up of its own accord when you get the financing and after the expected synergies make the company profitable next year. Your only job is to get the financing without conceding any more common stock to short. Can't see why the banks are holding out other than to see who blinks first. Don't blink, Mel.
Thomas Wynn
said:
Dec. 04, 9:59 AM
Well said Sleepyman! My sentiments exactly!
Hatch
said:
Dec. 03, 5:33 PM
This man actively despises every customer and shareholder of the company. It's time to toss Mel Karmazin.
SleepyMan
said:
Dec. 04, 4:10 AM
I'm tired, tired, tired....This comapny and this stock have done more to tire me out than anything I have ever known. The company will survive this crisis and thrive in the future - of that there is no question, no matter what any of the stock analysts predict. The only question is will the real believers - the stockholders, and especially the longs - be rewarded for their loyalty, trust, and faith or will the board of directors dilute the stock by 50 times and lose us much of our hard-earned retirement money. This is a GOOD company - an innovative company that had a good idea and took huge chances and created something good that people wanted and paid for. Please don't destroy the faith that we have in you (Mel and company) by needlessly propping up the stock price so as to make it more attractive to institutional investors. It will go up of its own accord when you get the financing and after the expected synergies make the company profitable next year. Your only job is to get the financing without conceding any more common stock to short. Can't see why the banks are holding out other than to see who blinks first. Don't blink, Mel.
Thomas Wynn
said:
Dec. 04, 9:59 AM
Well said Sleepyman! My sentiments exactly!
