Updated from 9:55 a.m. EDT
said it will book $300 million in pre-expense earnings this year.
The $300 million earnings before interest depreciation and amortization, or EBITDA, target was the only forecast the satellite radio shop would provide in its conference call Thursday. Given the economic uncertainties, Sirius said it would not make any subscriber or sales projections.
On Wednesday, the New York pay radio broadcaster said it
a 94% year-over-year slowdown in subscriber growth in the most recent quarter, adding a mere 82,945 net new customers, compared with 1.1 million in the year-ago quarter.
Sirius has been hit hard by a consumer shift away from premium subscription radio programming and the slowdown in car sales, which represent the bulk of its potential new customers.
Heavy losses and the perpetual need for new financing have helped push Sirius to the brink. As of Feb. 27, Sirius shares saw the highest increase in short positions among company stocks on the Nasdaq. Sirius short interest increased 8% from Feb. 15 to Feb. 27, according to
. Shorting is essentially a bet that the stock price will fall.
Sirius shares were up 23.5% to 20 cents in recent trading.