Update on Sirus from today's Skyreport:
Sirius Radios to Debut in Fourth Quarter
Executives with Sirius Satellite Radio told Wall Street observers Monday that radios for the service will become available in the fourth quarter.
At one point, the company said it thought it could get radios into the market sometime this summer. The first set of radios that will be delivered later in the year will be built with discrete components, and Panasonic will be the first manufacturer to market with Sirius radios, executives said.
Sirius Chairman and CEO David Margolese, in a conference call with analysts, said the company expects radio quantities to be very limited when they first become available in the fourth quarter. Once Panasonic debuts its radios, other manufacturers will shortly follow with their radios, he said.
Despite the sour news, Margolese said he was upbeat about Sirius' future. "We remain extremely positive and very excited about the long term growth prospects," he said.
The company also reiterated that it has enough cash to continue funding its operations. Newly-appointed Chief Financial Officer John Scelfo said the company has more than $400 million in cash on hand, enough to keep the company going for some time.
