Sirius Ending 2008 With 22% Less Staff

Sirius also reaffirmed revenue forecasts of $2.4 billion this year and $2.7 billion in 2009. Analysts' expectations are more cautious for this year, forecasting $2.2 billion in revenue, but are in line with management's prospects for 2009.

The company said $995 million of debt is due next year. It is holding talks with debt holders as well as new investors in an effort to ease its repayment schedule.

In October, Sirius exchanged $30.5 million of debt held by institutions for 67 million common shares -- equaling 45 cents for each share received by debt holders. On Thursday afternoon, Sirius shares traded up a penny at 14 cents, well off the $3.89 they traded at a year ago. Amid the downturn in global markets, Sirius shares have lost nearly all of their value.

But the company wants to execute a reverse stock split to boost its stock price, a proposal put to shareholders at the annual meeting on Thursday. Sirius said its shares must trade at $1 or higher to continue listing on the Nasdaq.

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