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You have to love a CEO who calls

a loss of $194 million, fully $49 million bigger than last year's loss, a "blowout." You have to love someone who calls that kind of loss "a great, great quarter."

And, I have to tell you, if the person saying it weren't


(SIRI) - Get Report

Mel Karmazin, whom I remember as being one of the great CEOs of all time when he was operating alone in radio, I would be throwing the book at him. I would be hitting him in every venue I have. I would be criticizing him from here to the ionosphere.

Instead, I marvel and laugh. It was so funny that I did a spit take when he said it, literally spitting coffee on my tie.

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It is true that Sirius had great subscriber growth. It is true that the company had lower churn.

But it also is true that this company is losing money

hand over fist

. I would have preferred a less Patrick Byrne approach, maybe something saying that earnings do matter and even though we are losing lots of money, we remain confident that we can turn those losses around. I prefer that to the hyperbole of greatness that I heard, if only because there are so many companies that are doing well, that are putting big numbers up, that are in the playoffs, that to hear this boasting about a loss that is almost $200 million makes me think that I am in Wonderland. The Red Queen's off her head with this one.

What do you do if you own the stock? Nothing. It is an option,

a call option on the promise of 2007, the promise of cash flow positive numbers out two years.

Until then, it might be worth holding

just for the entertainment value!

But let's be sure about something: A good quarter is a quarter where you make a lot of money, a great quarter is where you make a huge amount of money and a really great quarter is when you tell us you will make even


money next year.

A bad quarter?

When you lose money.

James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS by

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