TORONTO – Canadian Satellite Radio Holdings Inc., parent of SiriusXM Canada, reports the satellite radio provider posted a $3.3-million profit in the quarter ended November 30, 2012, reversing a $3.4-million loss it recorded for the same period last year.
Canada’s only satellite radio provider attributed the 9.2% jump in revenue to $68.9 million on its growing self-paying subscriber base which increased 14.3% to 1.6 million from 1.4 million the year before. SiriusXM Canada broadcasts more than 120 satellite radio channels featuring premier sports, news, talk, entertainment and commercial-free music.
"Fiscal 2013 is off to an excellent start," said Mark Redmond, President and CEO, SiriusXM Canada. "We generated record revenue, adjusted EBITDA and free cash flow, and received a six-year broadcast license renewal from the CRTC. In addition, with the launch of our Best Of programming, new Internet Radio service and mobile streaming apps in the quarter, we enhanced and extended our service offering, better positioning the company for long-term growth. We believe the combination of these premium services, growing new vehicle sales, higher in-vehicle penetration rates and our efforts to better leverage opportunities in the pre-owned car market will fuel our continued success."
Canadian Satellite Radio Holdings also announced today it will be changing its name to Sirius XM Canada Holdings Inc
"This name change is another sign of the success we have had in merging Sirius Canada and XM Canada," added Redmond. "Now, the publicly traded holding company's name aligns with the unified SiriusXM brand that Canadians know and love."
Q1 FY2013 Highlights:
• Adjusted EBITDA increased 39.4% to $18.0 million from $12.9 million in Q1 FY2012
• Self-Paying Subscribers increased 14.3% to 1.6 million from 1.4 million at November 30, 2011
• Revenue grew 9.2% to $68.9 million from $63.1 million for Q1 FY2012
• Net income increased to $3.3 million from a loss of $3.4 million in Q1 FY2012
• Free cash flow increased 51.4% to $13.7 million from $9.1 million for Q1 FY2012
• Cash and cash equivalents of $64.9 million at November 30, 2012
• Declared a special cash dividend of $0.0825 per Class A Subordinated Voting Share and $0.0275 per Class B Voting Share
• Initiated a quarterly dividend of $0.0825 per Class A Share and Class C Non-Voting Shares and $0.0275 per Class B Share
• Obtained a six-year broadcast license renewal from the CRTC
• Launched Best Of programming, enabling subscribers to access premium content from both the Sirius and XM platforms
• Launched enhanced Internet Radio service and mobile listening Apps, that also give subscribers access to on-demand functionality
