Sirius XM Shares Up 7% After-Hours, Hello 70 Cents

Sirius XM Radio Inc. (NASDAQ:SIRI) shares are finally back above 70 Cents, a feat not performed since late last summer.  The bullish case for SIRI may have just begun.

Sirius XM added 257,000 net new subscribers during Q4, its highest quarterly growth since Q3 2008. That beat the Street, JPMorgan (NYSE:JPM) was expecting 120,000 net sub additions and RBC was expecting 49,000.

The company also expects to report more than $100 million of free cash flow for 2009, "an extraordinary improvement over the pro forma negative free cash flow of $552 million that the company experienced in 2008," CEO Mel Karmazin said in a canned statement.  Sirius XM now has 18.8 million subscribers. It will report Q4 results in February.

SIRI shares are up 7% after-hours in the 71 to 72 Cents range, congrats longs.