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Technology Stocks : Sirius Satellite Radio (SIRI)
SIRI 20.70+2.7%3:59 PM EST

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To: bryston who wrote (59)5/14/2000 7:08:00 AM
From: Manfred Sondermann  Read Replies (1) of 8420
 
Hi Bryston, yes you are probably right that DM was speaking
of EBITDA, and not EBIT. But according to an analysis of
Merrill Lynch (09/99) the difference between EBITDA and EBIT is only about $60 - $70 million in the times between 2001 and 2004, and both have about the same time of break
even. (According to the conservative ML report in early 2004). In the long run, ie. till 2008, depreciation and amortization stay at about $70 million per year.
After all, this D&A is already included in the break even
"costs" of the 2 million subscribers, so it should not affect my estimation of net earnings.

Manfred
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