WINMANWIN
12-30-2003, 03:25 PM
I invested some hard earned cash in this stock recently.You can say It's a gamble, but I'm looking for Superfecta PAYOFFS !
IN THE FUTURE.......;) SIRIUS RADIO
Dear Stockholders, As 2003 draws to a close, I thought it would be appropriate to take a quick look back at the year and see how we positioned ourselves for further growth. I think that you will agree that we made substantial progress in 2003, and that we are gaining momentum. Let me just touch upon some of the more notable events: On December 16, we announced a seven-year agreement with the National Football League to broadcast all NFL games live, nationwide. That means Sirius will be the one place fans can hear all their favorite home teams, no matter where they live or where they may be driving. Sirius will also become the Official Satellite Radio partner of the NFL, with exclusive rights to use the NFL “shield” logo and NFL team trademarks. We regard this agreement as a transforming event in our history, an agreement that clearly separates us from our competitor. In addition to being the only satellite radio provider to bring listeners 100% commercial free music, we are now the only provider to bring sports fans an all-access pass to the NHL, the NBA and now the NFL. Our enthusiasm for this transaction has been echoed by industry observers. One Wall Street analyst captured the essence of the agreement by saying that “the main positive is that the NFL is now a powerful marketing and financial partner with Sirius.” Another calls the NFL agreement, “a major strategic positive” and believes that “SIRI’s product will now be perceived as the sports leader.” We could not have said it better. This transaction, and the investment we are making, $188 million over seven years, shares of our common stock having a fair market value of $32 million, and warrants to purchase 50 million shares of our common, could not have been accomplished had we not successfully and substantially strengthened our financial base. In March, we closed a $1.2 billion recapitalization, which eliminated approximately 91% of our then existing debt and 100% of our preferred stock, and raised $200 million of new equity. We then raised over $200 million in May through a convertible notes offering, $150 million in June through a common stock offering, and an additional $150 million in November through a common stock offering. This puts our cash-on-hand at September 30, pro-forma for the effects of our November common stock offering, at $629 million. This year we also introduced the satellite radio industry’s first dedicated home satellite radio, added portability and lots of new functionality with our Plug and Play radios that can be brought from the car to the home, and developed our first portable boom box. On the automotive front, Chrysler, Dodge, Jeep, Mercedes, Mazda, BMW, Ford, Lincoln, Mercury, Nissan, Infiniti and Audi vehicles all now offer Sirius. Finally, and probably most importantly, we significantly increased our subscriber base. At this time last year, we had fewer than 30,000 subscribers. As we reported in early December, we have now increased our subscriber base to over 200,000. While this growth is truly eye-popping, with the superior content we are now offering to music and sports enthusiasts, this growth in subscribers is only the beginning. In early 2004, we hope to deliver more exciting news and to share with you, our investors, the plans we have in place to enhance the value of your investment in Sirius. In conclusion, I want to personally thank you for your continued interest in, and support of, Sirius throughout 2003. It was a challenging and exciting year in the company's history, and we could not have done it without you. We at Sirius are looking forward to the coming new year, and we would like to wish all of our stockholders a happy, healthy and prosperous 2004. - Joe Clayton
IN THE FUTURE.......;) SIRIUS RADIO
Dear Stockholders, As 2003 draws to a close, I thought it would be appropriate to take a quick look back at the year and see how we positioned ourselves for further growth. I think that you will agree that we made substantial progress in 2003, and that we are gaining momentum. Let me just touch upon some of the more notable events: On December 16, we announced a seven-year agreement with the National Football League to broadcast all NFL games live, nationwide. That means Sirius will be the one place fans can hear all their favorite home teams, no matter where they live or where they may be driving. Sirius will also become the Official Satellite Radio partner of the NFL, with exclusive rights to use the NFL “shield” logo and NFL team trademarks. We regard this agreement as a transforming event in our history, an agreement that clearly separates us from our competitor. In addition to being the only satellite radio provider to bring listeners 100% commercial free music, we are now the only provider to bring sports fans an all-access pass to the NHL, the NBA and now the NFL. Our enthusiasm for this transaction has been echoed by industry observers. One Wall Street analyst captured the essence of the agreement by saying that “the main positive is that the NFL is now a powerful marketing and financial partner with Sirius.” Another calls the NFL agreement, “a major strategic positive” and believes that “SIRI’s product will now be perceived as the sports leader.” We could not have said it better. This transaction, and the investment we are making, $188 million over seven years, shares of our common stock having a fair market value of $32 million, and warrants to purchase 50 million shares of our common, could not have been accomplished had we not successfully and substantially strengthened our financial base. In March, we closed a $1.2 billion recapitalization, which eliminated approximately 91% of our then existing debt and 100% of our preferred stock, and raised $200 million of new equity. We then raised over $200 million in May through a convertible notes offering, $150 million in June through a common stock offering, and an additional $150 million in November through a common stock offering. This puts our cash-on-hand at September 30, pro-forma for the effects of our November common stock offering, at $629 million. This year we also introduced the satellite radio industry’s first dedicated home satellite radio, added portability and lots of new functionality with our Plug and Play radios that can be brought from the car to the home, and developed our first portable boom box. On the automotive front, Chrysler, Dodge, Jeep, Mercedes, Mazda, BMW, Ford, Lincoln, Mercury, Nissan, Infiniti and Audi vehicles all now offer Sirius. Finally, and probably most importantly, we significantly increased our subscriber base. At this time last year, we had fewer than 30,000 subscribers. As we reported in early December, we have now increased our subscriber base to over 200,000. While this growth is truly eye-popping, with the superior content we are now offering to music and sports enthusiasts, this growth in subscribers is only the beginning. In early 2004, we hope to deliver more exciting news and to share with you, our investors, the plans we have in place to enhance the value of your investment in Sirius. In conclusion, I want to personally thank you for your continued interest in, and support of, Sirius throughout 2003. It was a challenging and exciting year in the company's history, and we could not have done it without you. We at Sirius are looking forward to the coming new year, and we would like to wish all of our stockholders a happy, healthy and prosperous 2004. - Joe Clayton