SiriusXM Canada Revenues, Subscriber Count Rise
July 16, 2014 at 4:38 AM (PT)
SIRIUS XM CANADA HOLDINGS INC. fiscal third quarter 2014 revenue rose slightly from C$73.6 million to C$74.5 million, and the company went from net income of C$776,000 to a net loss of C$4.9 million, taking a one-time after-tax debt refinancing charge and including the impact of OEM contract renewals; excluding those numbers, net income was $4 million. The company added 142,200 subscribers, up from 121,900 in third quarter 2013 and surpassing the total 2.5 million subscriber mark.
President and CEO MARK REDMOND said, "The third quarter was an exceptionally busy and exciting time for SIRIUSXM CANADA. In Q3, we reached a milestone of 2.5 million subscribers. We renewed several OEM agreements on beneficial terms, declared dividends totaling $88.3 million, including a $75 million special dividend, refinanced our long-term debt obligation at a substantially lower rate, obtained a $35 million credit facility to bolster the Company's liquidity reserves and signed several partnership agreements in the used vehicle segment of our business. Increasing our subscriber base, holding the line on costs and growing cash flow, remain our top priorities, and during the quarter we were successful in these areas. We remain well positioned for future growth and view the OEM renewals during the quarter as clear evidence of the strong value they ascribe to our service."
The company also declared a cash dividend of C$0.01050 per Class A Share, C$0.1050 per Class C Share and C$0.0350 per Class B Share, payable AUGUST 14th to shareholders of record as of JULY 29th.
In addition, SIRIUSXM CANADA and FORD MOTOR COMPANY OF CANADA have extended their deal for the satellite service to be available with factory installation in most new FORD vehicles, including a six-month prepaid service subscription. REDMOND said, "SIRIUSXM is a great fit for FORD of CANADA and this extension will see SIRIUSXM radios included as factory standard equipment across a majority of FORD models in CANADA. We're proud to continue working with FORD and excited to offer even more new Ford customers the very best in audio entertainment."
And the satellite service has also renewed its contract to air CFL football in 2014 and 2015, including all regular and post-season games in English and MONTRÉAL ALOUETTES and OTTAWA REDBLACKS games in French.