Thursday, June 29, 2006

CIBC Weighs in on Satellite Radio

Satellite Standard likes to keep you informed. This morning, CIBC issued the following:

Briefing.com, Live In Play
29-Jun-06, 09:31
Sat Radio: Revising 2Q subscriber ests, shifting retail shares to SIRI - CIBC

CIBC says that following XMSR's product shortages and widely publicized NPD figures for April and May, they are raising their full-year ests for SIRI and lowering estimates for XMSR. They believe that slower industry sales are product & marketing related, not demand driven. They say June/July sales should support this thesis.

The firm is increasing their est. on SIRI for 2Q net adds to 561k, from 532k, which now assumes a 55% retail share (was 52%). They are also increasing our 2H subs ests, resulting in FY subscribers of 6.39 mln, up from 6.29 mln, above consensus of 6.3 mln. and co guidance of 6.2 mln. For XMSR, they are lowering their 2Q net adds est. to 401k (was 462k), below consensus of 436k. They says this assumes lower retail share (45% vs. 48%), reflecting flat retail subs YoY. Firm is also lowering 2H sub ests, resulting in year-end subs of 8.36 mln, from 8.50 mln, and below consensus of 8.47 mln. Firm says 2Q results should reflect continued momentum for SIRI, suggesting better NT appreciation.

6/29/2006 08:05:00 PM

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