Summary

Other Scenarios:

Buyer: Sirius Satellite Radio Inc. (SIRI) Last Price: 2.45 Market Cap.: 3.62B
Target: XM Satellite Radio Holdings Inc. (XMSR) Last Price: 10.73 Market Cap.: 3.40B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Consumer 950
Media 145
Broadcasting 30
Radio 17
Entertainment/Programming   35
Television Cable and Broadcast Networks   14
Technology 1,003
Hardware 295
Consumer Electronics 17
Audio 3
Automotive/Marine 4

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Sample Products in Similar Lines of Business

Sample Products in Complementary Lines of Business
Buyer (Total: 11)
  • Sirius Satellite Radio
Target (Total: 4)
  • XM Satellite Radio
Buyer
  • Sirius Satellite Radio
  • Sirius SR Series Home Satellite Radio Tuners
  • Sirius Stiletto Series Satellite Radio Players
  • Sirius S50 Satellite Radio Player
Target
  • XM Mini-Tuner and Home Dock Satellite Radio Bundle
  • XM Direct Tuner Box
  • XM Commander Satellite Radio Tuner & Receiver

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 28)
  • Directed Electronics, Inc. (DEIX)
  • General Electric Company (GE)
  • The Walt Disney Company (DIS)
  • NAVTEQ Corporation (NVT)
Target (Total: 26)
  • General Electric Company (GE)
  • The Boeing Company (BA)
  • The Walt Disney Company (DIS)
  • News Corporation (NWS)
Buyer (Total: 24)
  • Wal-Mart Stores, Inc. (WMT)
  • Toyota Motor Corporation (ADR) (TM)
  • Volkswagen AG (ADR) (VLKAY)
  • Daimler AG (USA) (DAI)
Target (Total: 32)
  • General Motors Corporation (GM)
  • HONDA MOTOR CO., LTD. (ADR) (HMC)
  • Exxon Mobil Corporation (XOM)
  • AT&T Inc. (T)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 973 1,059
Revenue Per Employee 1,029,814.0 1,165,414.0
Total Revenue 249.8 307.7
Total Expenses 399.6 510.8
Other Revenue 0.3 12.4
Cost of Revenue 173.0 250.7
SG&A Expense 191.0 196.1
Research & Development 7.9 9.3
Other Operating Expense 0.0 6.5
Operating Income -149.8 -203.1
Unusual Income 0.0 0.7
LT Debt to Capital 263.15 298.31
Fwd P/E -8.00 -6.21
Fwd P/Rev 3.01 2.52
Book Value -792.7 -984.4
Curr Portion of LTD/Cap Lease 35.8 9.2

Individual Company Summary

Focused

Buyer

Focused (): Consumer > Media > Broadcasting > Radio > Domestic > Satellite Stations

Target

Focused (): Consumer > Media > Broadcasting > Radio > Domestic > Satellite Stations

Revenue/Earnings Summary

Buyer
Fiscal Year:
Quarter:
2008
*  Dec
2007
Dec
2006
Dec
Q1
Rev. (M)
EPS
*  275.1
-0.07
204.0
-0.10
126.7
-0.33
Q2
Rev. (M)
EPS
*  294.4
-0.07
226.4
-0.09
150.1
-0.17
Q3
Rev. (M)
EPS
*  311.6
ÿ
241.8
-0.08
167.1
-0.12
Q4
Rev. (M)
EPS
*  306.0
ÿ
249.8
-0.11
193.4
-0.17
FY
Rev. (M)
EPS
*  1,216.2
-0.31
922.1
-0.39
637.2
-0.79
*  - Estimates
Target
Fiscal Year:
Quarter:
2008
*  Dec
2007
Dec
2006
Dec
Q1
Rev. (M)
EPS
*  311.3
-0.40
264.1
-0.40
208.0
-0.60
Q2
Rev. (M)
EPS
*  325.8
-0.46
277.3
-0.57
227.9
-0.87
Q3
Rev. (M)
EPS
*  337.2
ÿ
287.5
-0.47
240.4
-0.32
Q4
Rev. (M)
EPS
*  359.4
ÿ
307.7
-0.78
257.1
-0.83
FY
Rev. (M)
EPS
*  1,350.6
-1.73
1,136.5
-2.22
933.4
-2.70
*  - Estimates

Business Description

Buyer

Sirius Satellite Radio Inc. is a satellite radio provider in the United States. The Company offers over 130 channels to its subscribers, 69 channels of 100% commercial-free music and 65 channels of sports, news, talk, entertainment, traffic, weather and data content. Its primary source of revenue is subscription fees, with most of its customers subscribing to SIRIUS on either an annual, semi-annual, quarterly or monthly basis. As of December 31, 2007, the Company had 8,321,785 subscribers. In addition, it derives revenue from activation fees, the sale of advertising on its non-music channels, and the direct sale of SIRIUS radios and accessories. The Company's subscribers receive its service through SIRIUS radios, which are sold primarily by its Website and automakers, consumer electronics retailers and mobile audio dealers. Various brands of SIRIUS radios are Best Buy, Circuit City, Costco, Crutchfield, Sam?s Club, Target and Wal-Mart and through RadioShack.

Target

XM Satellite Radio Holdings Inc. (XM) is a satellite radio service company, providing music, news, talk, information, entertainment and sports programming for reception by vehicle, home and portable radios nationwide and over the Internet to over 9.1 million subscribers. The Company?s channel lineup includes more than 170 digital channels of choice from coast to coast. XM broadcasts from its studios in Washington, District of Columbia, New York City, including Jazz at Lincoln Center, the Country Music Hall of Fame in Nashville and in Chicago. Also included in the XM Radio service, at no additional charge, are the XM customizable sports and stock tickers available to users of certain receivers and other online services. On February 19, 2007, XM and Sirius Satellite Radio Inc. (SIRIUS) entered into an Agreement and Plan of Merger, pursuant to which XM and SIRIUS will combine its businesses through a merger of XM and a newly formed, wholly owned subsidiary of SIRIUS.

Deal Summary

Scenario 1:
Buyer's Share Price: 2.45; Target's Share Price: 10.73; Deal: 100.00%/0.00%/0.00%; Cost of Cash/Debt: 5.00%/6.00%; Years to Amortize Acquired Intangibles: 7;
Scenario 2:
Buyer's Share Price: 2.45; Target's Share Price: 11.80; Deal: 100.00%/0.00%/0.00%; Cost of Cash/Debt: 5.00%/6.00%; Years to Amortize Acquired Intangibles: 7;
Scenario 3:
Buyer's Share Price: 2.45; Target's Share Price: 12.88; Deal: 100.00%/0.00%/0.00%; Cost of Cash/Debt: 5.00%/6.00%; Years to Amortize Acquired Intangibles: 7;
Scenario 4:
Buyer's Share Price: 2.45; Target's Share Price: 13.95; Deal: 100.00%/0.00%/0.00%; Cost of Cash/Debt: 5.00%/6.00%; Years to Amortize Acquired Intangibles: 7;

Deal Scenarios Analytics

  Scenario 1 Scenario 2 Scenario 3 Scenario 4
Financial Analysis
Financing Value 3.30B 3.63B 3.96B 4.29B
Required for deal
Stock 3.30B 3.63B 3.96B 4.29B
Cash 0 0 0 0
Debt 0 0 0 0
Shares
New Shares to be Issued 1.35B 1.48B 1.62B 1.75B
New Shares Outstanding F.D 2.82B 2.95B 3.08B 3.22B
Taxes
New Tax Rate -0.00 -0.00 -0.00 -0.00
EPS
Old FD EPS ÿ ÿ ÿ ÿ
New FD EPS -0.44 -0.42 -0.41 -0.39
Goodwill and Synergy
Goodwill/Intangibles 4.28B 4.61B 4.94B 5.27B
Total Synergy Required for Accretion ÿ ÿ ÿ ÿ
Pro Forma % Ownership
Buyer's 52.15% 49.77% 47.60% 45.61%
Seller's 47.85% 50.23% 52.40% 54.39%
Accretion/Dilution
Per Share ÿ ÿ ÿ ÿ
% Change ÿ ÿ ÿ ÿ
Total Consideration
Cash as % of Total Consideration to increase $0.01 EPS ÿ ÿ ÿ ÿ
Synergy to increase $0.01 EPS 28.03M 29.37M 30.71M 32.05M

Key Ratios

  Buyer Target Scenario 1 Scenario 2 Scenario 3 Scenario 4
Gross Margin % 40.36 32.33 35.92 35.92 35.92 35.92
Operating Margin % -55.65 -45.32 -49.95 -49.95 -49.95 -49.95
Quick Ratio 0.54 0.22 0.4 0.4 0.4 0.4
Current Ratio 0.63 0.49 0.57 0.57 0.57 0.57
Coverage Ratio 0.1 0.23 -0.16 -0.16 -0.16 -0.16
Total Assets 1,694.1 1,609.2 3,303.4 3,303.4 3,303.4 3,303.4
Return on Equity % n/a n/a 70.43 70.43 70.43 70.43
Return on Assets % -33.36 -42.4 -37.89 -37.89 -37.89 -37.89
Cash+ ST Inv. Per Share 0.32 0.51 0.2 0.2 0.2 0.2
Total Debt 1,314.4 1,489.8 2,759.3 2,759.3 2,759.3 2,759.3
Total Debt to Equity % 0 0 -155.27 -155.27 -155.27 -155.27
Total Debt to Tangible Equity % n/a n/a -37.92 -37.92 -37.92 -37.92
Debt to Asset % 77.59 92.58 83.53 83.53 83.53 83.53

Product Details

Sector Buyer Target
Consumer
Media
Broadcasting
The Broadcasting sector represents companies who own Television and Radio nationally broadcast networks and local stations, which transmit programming content via cables, microwave, or satellite. Revenues are generated by advertisers who purchase 'airtime' on the networks' transmissions.
Entertainment/Programming
Companies engaged in the production of motion pictures, music by recording artists, and programming for Radio and Television. Related Post-Production services are also included. This sector also includes Movie Theaters, which feature the films produced by Motion Picture companies.
  
Technology
Hardware
Consumer Electronics
The Consumer Electronics sector encompasses a broad field of electronics that include products such as TVs, VCRs, radios, hi-fi stereo, home theater, handheld and software-based games, as well as other electronic devices intended for home or mobile use.

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Product Details

Sector Buyer Target
Consumer
Media
Broadcasting
Radio
Domestic
Satellite Stations
A communications service provided over a satellite network that is used to relay telecommunications information including voice, data (internet), and video.

Buyer Products:

  • Sirius Satellite Radio

Target Products:

  • XM Satellite Radio
Entertainment/Programming  
Television Cable and Broadcast Networks  
Domestic  
Cable Networks  
English Format  
Music
Programming consisting of music videos, and often includes talk shows and music specials.

Buyer Products:

  • Sirius Satellite Radio
  
Technology
Hardware
Consumer Electronics
Audio
Home
Components
Radio Receivers
Satellite
Radios that receive satellite based transmitter signals.

Buyer Products:

  • Sirius SR Series Home Satellite Radio Tuners

Target Products:

  • XM Mini-Tuner and Home Dock Satellite Radio Bundle
Personal Stereo  
Audio Players  
Radios  
Satellite
Radios which receive satellite based transmitter signals.

Buyer Products:

  • Sirius Stiletto Series Satellite Radio Players
  • Sirius S50 Satellite Radio Player
  
Automotive/Marine
Audio Systems
Audio Units
Satellite Radio Receivers
Consumer-level audio head units that receive radio broadcasts via satellite.

Buyer Products:

  • Sirius Starmate Series Plug & Play Satellite Radio Receivers
  • Sirius XACT Visor Satelittle Radio Receiver
  • Sirius Sportster Series Plug & Play Satellite Radio Receivers
  • Sirius Stratus Series Plug & Play Satellite Radio Receivers
  • Sirius InV Series Plug & Play Satellite Radio Receivers
  • Sirius Streamer Series Plug & Play Satellite Radio Receivers
  • Sirius One Satellite Radio Receiver

Target Products:

  • XM Direct Tuner Box
  • XM Commander Satellite Radio Tuner & Receiver

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Relationship Details

Key Competitors

  Name Dir Rel. Revenue % Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  Apple Inc. n/a 147,791.741 36.29 31.39 5.58 4.48 9.02
Yahoo! Inc. n/a 38,176.059 57.84 61.80 5.48 6.76 7.76
CBS Corporation n/a 15,045.451 12.07 11.30 1.07 1.06 n/a
Clear Channel Communications, Inc. n/a 14,184.581 15.11 18.45 2.08 2.04 n/a
Entravision Communication n/a 645.691 0.00 36.68 2.58 2.63 n/a
Fisher Communications, Inc. n/a 270.857 8.50 n/a 1.69 n/a 1.77
Saga Communications, Inc. n/a 114.890 10.44 10.49 0.80 0.81 n/a
Napster, Inc. n/a 74.520 0.00 -3.87 0.59 0.56 2.03
Buyer
  Apple Inc. n/a 147,791.741 36.29 31.39 5.58 4.48 9.02
Yahoo! Inc. n/a 38,176.059 57.84 61.80 5.48 6.76 7.76
Target
  Apple Inc. n/a 147,791.741 36.29 31.39 5.58 4.48 9.02
QUALCOMM, Inc. n/a 68,715.713 20.08 22.51 7.40 6.90 4.87
Comcast Corporation n/a 60,619.461 23.43 22.29 1.96 1.78 n/a
Time Warner Inc. n/a 53,487.931 12.19 13.49 1.15 1.11 n/a
Matsushita Electric Ind. (ADR) n/a 44,140.171 19.35 17.78 0.52 0.52 1.20
Yahoo! Inc. n/a 38,176.059 57.84 61.80 5.48 6.76 7.76
Sprint Nextel Corporation n/a 18,587.226 0.00 51.31 0.46 0.50 n/a
CBS Corporation n/a 15,045.451 12.07 11.30 1.07 1.06 n/a
Clear Channel Communications, Inc. n/a 14,184.581 15.11 18.45 2.08 2.04 n/a
Crown Castle International Corp. n/a 11,140.619 0.00 -184.90 8.04 7.38 n/a
Gannett Co., Inc. n/a 6,496.585 6.15 6.79 0.87 0.89 n/a
Sirius Satellite Radio Inc. n/a 3,617.631 0.00 -8.00 3.92 3.01 n/a
Astral Media, Inc. n/a 1,920.726 0.00 n/a 0.00 n/a n/a
Corus Entertainment Inc. (USA) n/a 1,487.875 12.10 12.84 1.95 1.88 n/a
Entravision Communication n/a 645.691 0.00 36.68 2.58 2.63 n/a

- Defined by the Company - Defined by Others

Dependent Suppliers

  Name Dir Rel. Revenue % Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  General Electric Company n/a 324,011.196 14.77 14.73 1.84 1.73 19.52
The Walt Disney Company n/a 59,239.338 13.98 13.99 1.63 1.58 66.71
NAVTEQ Corporation n/a 6,929.412 40.07 33.47 8.12 6.71 9.47
Entravision Communication n/a 645.691 0.00 36.68 2.58 2.63 n/a
Loral Space & Communications Ltd. n/a 454.768 0.00 n/a 0.51 n/a 0.77
Delphi Corporation n/a 44.515 0.00 n/a 0.00 n/a n/a
RF Monolithics, Inc. n/a 20.140 0.00 5.53 0.34 0.35 2.42
British Broadcasting Corp. (BBC) n/a n/a n/a n/a n/a n/a n/a
Bloomberg L.P. n/a n/a n/a n/a n/a n/a n/a
National Hockey League n/a n/a n/a n/a n/a n/a n/a
National Association for Stock Car Auto Racing (NASCAR) n/a n/a n/a n/a n/a n/a n/a
Buyer
  Directed Electronics, Inc. 10.00% 48.359 0.00 3.96 0.12 0.13 n/a
General Electric Company n/a 324,011.196 14.77 14.73 1.84 1.73 19.52
Target
  General Electric Company n/a 324,011.196 14.77 14.73 1.84 1.73 19.52
The Boeing Company n/a 60,209.967 14.78 13.21 0.91 0.87 15.72
The Walt Disney Company n/a 59,239.338 13.98 13.99 1.63 1.58 66.71
News Corporation n/a 59,230.056 17.81 16.07 1.94 1.85 24.08
Time Warner Inc. n/a 53,487.931 12.19 13.49 1.15 1.11 n/a
The DIRECTV Group, Inc. n/a 30,534.191 21.04 17.31 1.77 1.55 28.91
Clear Channel Communications, Inc. n/a 14,184.581 15.11 18.45 2.08 2.04 n/a
General Motors Corporation n/a 12,040.081 0.00 -17.81 0.07 0.06 n/a
STMicroelectronics N.V. (ADR) n/a 9,942.355 0.00 12.23 0.99 0.95 1.10
NAVTEQ Corporation n/a 6,929.412 40.07 33.47 8.12 6.71 9.47
Akamai Technologies, Inc. n/a 5,535.819 54.83 24.87 8.70 6.52 6.09
MicroStrategy Incorporated n/a 1,025.278 17.54 16.20 2.92 2.63 10.15

- Defined by the Company - Defined by Others

Key Customers

  Name Dir Rel. Revenue % Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  Wal-Mart Stores, Inc. n/a 222,952.342 17.51 16.42 0.59 0.55 4.59
Toyota Motor Corporation (ADR) n/a 187,214.496 10.51 9.49 0.74 0.73 1.55
Volkswagen AG (ADR) n/a 115,403.497 17.95 16.82 0.68 0.66 2.95
Target Corporation n/a 43,604.832 15.31 15.29 0.69 0.65 2.85
Nissan Motor Co., Ltd. (ADR) n/a 36,402.512 9.85 8.20 0.36 0.37 1.10
Best Buy Co., Inc. n/a 18,360.816 13.05 13.61 0.46 0.42 5.57
Circuit City Stores, Inc. n/a 818.260 0.00 -2.75 0.07 0.07 0.60
Dr. Ing. h. c. F. Porsche AG n/a n/a n/a n/a n/a n/a n/a
Buyer
  Wal-Mart Stores, Inc. n/a 222,952.342 17.51 16.42 0.59 0.55 4.59
Toyota Motor Corporation (ADR) n/a 187,214.496 10.51 9.49 0.74 0.73 1.55
Target
  General Motors Corporation 2.90% 12,040.081 0.00 -17.81 0.07 0.06 n/a
HONDA MOTOR CO., LTD. (ADR) 1.80% 58,585.190 8.33 8.81 0.52 0.49 1.26
Exxon Mobil Corporation n/a 502,551.609 12.38 11.23 1.24 1.07 4.13
AT&T Inc. n/a 226,882.945 18.98 11.87 1.91 1.80 n/a
Wal-Mart Stores, Inc. n/a 222,952.342 17.51 16.42 0.59 0.55 4.59
Toyota Motor Corporation (ADR) n/a 187,214.496 10.51 9.49 0.74 0.73 1.55
Bank of America Corporation n/a 167,581.024 11.32 11.21 1.92 2.23 3.01
Volkswagen AG (ADR) n/a 115,403.497 17.95 16.82 0.68 0.66 2.95
United Parcel Service, Inc. n/a 74,731.930 195.61 17.55 1.50 1.44 8.32
News Corporation n/a 59,230.056 17.81 16.07 1.94 1.85 24.08
Sony Corporation (ADR) n/a 44,493.038 16.53 14.34 0.50 0.51 1.45
Target Corporation n/a 43,604.832 15.31 15.29 0.69 0.65 2.85
Nissan Motor Co., Ltd. (ADR) n/a 36,402.512 9.85 8.20 0.36 0.37 1.10
The DIRECTV Group, Inc. n/a 30,534.191 21.04 17.31 1.77 1.55 28.91
Best Buy Co., Inc. n/a 18,360.816 13.05 13.61 0.46 0.42 5.57

- Defined by the Company - Defined by Others

Key Partners

  Name Dir Rel. Revenue % Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  General Electric Company n/a 324,011.196 14.77 14.73 1.84 1.73 19.52
Wal-Mart Stores, Inc. n/a 222,952.342 17.51 16.42 0.59 0.55 4.59
Toyota Motor Corporation (ADR) n/a 187,214.496 10.51 9.49 0.74 0.73 1.55
Daimler AG (USA) n/a 80,703.971 13.09 9.02 0.52 0.51 1.65
The Walt Disney Company n/a 59,239.338 13.98 13.99 1.63 1.58 66.71
News Corporation n/a 59,230.056 17.81 16.07 1.94 1.85 24.08
Time Warner Inc. n/a 53,487.931 12.19 13.49 1.15 1.11 n/a
Target Corporation n/a 43,604.832 15.31 15.29 0.69 0.65 2.85
Circuit City Stores, Inc. n/a 818.260 0.00 -2.75 0.07 0.07 0.60
Entravision Communication n/a 645.691 0.00 36.68 2.58 2.63 n/a
Audiovox Corporation n/a 244.316 24.05 34.31 0.44 0.42 0.75
Directed Electronics, Inc. n/a 48.359 0.00 3.96 0.12 0.13 n/a
Delphi Corporation n/a 44.515 0.00 n/a 0.00 n/a n/a
National Hockey League n/a n/a n/a n/a n/a n/a n/a
British Broadcasting Corp. (BBC) n/a n/a n/a n/a n/a n/a n/a
Bloomberg L.P. n/a n/a n/a n/a n/a n/a n/a
National Association for Stock Car Auto Racing (NASCAR) n/a n/a n/a n/a n/a n/a n/a
Buyer
  General Electric Company n/a 324,011.196 14.77 14.73 1.84 1.73 19.52
Wal-Mart Stores, Inc. n/a 222,952.342 17.51 16.42 0.59 0.55 4.59
Target
  General Electric Company n/a 324,011.196 14.77 14.73 1.84 1.73 19.52
Microsoft Corporation n/a 283,118.305 16.70 16.04 4.89 4.66 12.64
Wal-Mart Stores, Inc. n/a 222,952.342 17.51 16.42 0.59 0.55 4.59
Toyota Motor Corporation (ADR) n/a 187,214.496 10.51 9.49 0.74 0.73 1.55
Daimler AG (USA) n/a 80,703.971 13.09 9.02 0.52 0.51 1.65
The Boeing Company n/a 60,209.967 14.78 13.21 0.91 0.87 15.72

- Defined by the Company - Defined by Others

Financials

Scenario 1:
Buyer's Share Price: 2.45; Target's Share Price: 10.73; Deal: 100.00%/0.00%/0.00%; Cost of Cash/Debt: 5.00%/6.00%; Years to Amortize Acquired Intangibles: 7;
Scenario 2:
Buyer's Share Price: 2.45; Target's Share Price: 11.80; Deal: 100.00%/0.00%/0.00%; Cost of Cash/Debt: 5.00%/6.00%; Years to Amortize Acquired Intangibles: 7;
Scenario 3:
Buyer's Share Price: 2.45; Target's Share Price: 12.88; Deal: 100.00%/0.00%/0.00%; Cost of Cash/Debt: 5.00%/6.00%; Years to Amortize Acquired Intangibles: 7;
Scenario 4:
Buyer's Share Price: 2.45; Target's Share Price: 13.95; Deal: 100.00%/0.00%/0.00%; Cost of Cash/Debt: 5.00%/6.00%; Years to Amortize Acquired Intangibles: 7;
  Buyer Target Scenario 1 Scenario 2 Scenario 3 Scenario 4
Income Statement
Operating Items
Revenue 918.4 1,092.3 2,010.7 2,010.7 2,010.7 2,010.7
Other Revenue 3.7 44.2 47.9 47.9 47.9 47.9
Total Revenue 922.1 1,136.5 2,058.6 2,058.6 2,058.6 2,058.6
Cost of Revenue 550.0 769.1 1,319.1 1,319.1 1,319.1 1,319.1
SG&A Expense 737.1 632.6 1,369.7 1,369.7 1,369.7 1,369.7
Depreciation & Amortization 106.8 187.2 294.0 294.0 294.0 294.0
Research & Development 41.3 33.1 74.4 74.4 74.4 74.4
Interest Expense 0.0 0.0 0.0 0.0 0.0 0.0
Other Operating Expense 0.0 26.0 26.0 26.0 26.0 26.0
Unusual Expense (Income) 0.0 3.7 3.7 3.7 3.7 3.7
Total Expenses 1,435.2 1,651.7 3,086.8 3,086.8 3,086.8 3,086.8
Operating Income -513.1 -515.1 -1,028.2 -1,028.2 -1,028.2 -1,028.2
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng -49.8 -119.0 -168.8 -168.8 -168.8 -168.8
Other, Net 0.0 -49.2 -49.1 -49.1 -49.1 -49.1
Income Before Taxes -562.8 -683.3 -1,246.1 -1,246.1 -1,246.1 -1,246.1
Income Taxes 2.4 -0.9 5.4 5.4 5.4 5.4
Income After Taxes -565.3 -682.4 -1,251.5 -1,251.5 -1,251.5 -1,251.5
Net Income - Excl. Xord. Items -565.3 -682.4 -1,251.5 -1,251.5 -1,251.5 -1,251.5
Net Income - Incl. Xord. Items -565.3 -682.4 -1,251.5 -1,251.5 -1,251.5 -1,251.5
Income Avail. to Common -565.3 -682.4 -1,251.5 -1,251.5 -1,251.5 -1,251.5
Share Items
Basic Avg. Shares Outstanding 1,468.2 307.6 2,815.2 2,949.9 3,084.6 3,219.3
Basic EPS - Excl. Xord. Items n/a n/a -0.44 -0.42 -0.41 -0.39
Basic EPS - Incl. Xord. Items n/a n/a -0.44 -0.42 -0.41 -0.39
Full Dilution Adjustment 0.0 0.0 n/a n/a n/a n/a
Fully Diluted Shares Outstanding 1,468.2 307.6 2,815.2 2,949.9 3,084.6 3,219.3
F.D. EPS - Excl. Xord. Items n/a n/a -0.44 -0.42 -0.41 -0.39
F.D. EPS - Incl. Xord. Items n/a n/a -0.44 -0.42 -0.41 -0.39
Balance Sheet
Assets
Cash and Equivalents 438.8 156.7 595.5 595.5 595.5 595.5
ST Investments 35.5 0.0 35.5 35.5 35.5 35.5
Accounts Receivable 104.1 18.0 122.1 122.1 122.1 122.1
Inventory 29.5 0.0 29.5 29.5 29.5 29.5
Prepayments and Advances 31.4 148.0 179.4 179.4 179.4 179.4
Other Current Assets 39.6 0.0 39.6 39.6 39.6 39.6
Current Assets 678.9 386.3 1,065.2 1,065.2 1,065.2 1,065.2
PPE 0.0 1,814.3 1,814.3 1,814.3 1,814.3 1,814.3
Accum D&A 0.0 -952.8 -952.8 -952.8 -952.8 -952.8
PPE, Net 806.3 861.5 1,667.8 1,667.8 1,667.8 1,667.8
Goodwill & Intangibles 83.7 141.4 4,509.6 4,839.6 5,169.6 5,499.7
Long Term Investments 18.0 37.0 55.0 55.0 55.0 55.0
Other Assets 0.0 0.0 0.0 0.0 0.0 0.0
Other LT Assets 107.4 179.6 287.0 287.0 287.0 287.0
Total Assets 1,694.1 1,609.2 3,303.4 3,303.4 3,303.4 3,303.4
Liabilities
Accounts Payable 0.0 120.8 120.8 120.8 120.8 120.8
Payable/Accrued 464.9 0.0 464.9 464.9 464.9 464.9
Accrued Expenses 24.8 232.9 257.7 257.7 257.7 257.7
ST Debt 0.0 0.0 0.0 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 35.8 9.2 45.0 45.0 45.0 45.0
Other (Current) Liabilities 548.3 426.3 974.6 974.6 974.6 974.6
Current Liab. 1,073.8 789.1 1,863.0 1,863.0 1,863.0 1,863.0
LT Debt 1,278.6 1,480.6 2,759.3 2,759.3 2,759.3 2,759.3
Total LT Debt 1,278.6 1,480.6 2,759.3 2,759.3 2,759.3 2,759.3
Minority Interest (BS) 0.0 59.7 59.7 59.7 59.7 59.7
Other LT Liab. 134.4 264.0 398.4 398.4 398.4 398.4
Total Liabilities 2,486.9 2,593.5 5,080.4 5,080.4 5,080.4 5,080.4
Shareholders Equity