By Steve Garcia
Today Sirius XM (NASDAQ:SIRI) CEO Mel Karmazin gave the company’s Q1 2010 results. Among the metrics was a 1 cent positive earnings per share (EPS). Karmazin also let it be known that as of last week’s numbers, Sirius XM had over 19 million subscribers already this year, with just a third of the 2nd quarter complete. The company is also among the top 8% of NASDAQ stocks based on Market Cap. Mel also let shareholders know that delisting fears and the specter of a reverse split to satisfy those fears was over. Sirius XM has also been able to pay off some debt; and reduce interest expense to a less than 9 % unsecured rate on the most recent debt re finance. The company, which struggled after the merger approval in 2008; and nearly went bankrupt in early 2009, continues to report an astounding turnaround quarter after quarter since obtaining a short term, though costly loan from Liberty Media and John Malone. The short term financing was costly in that it resulted in Liberty Media obtaining 40% of the company through the loan agreement. Sirius XM repaid all outstanding balances from that short term loan in a very timely fashion.
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