SiriusXM Canada Revenue, Income Rise In Fiscal Second Quarter 2016
April 8, 2016 at 4:19 AM (PT)
SIRIUSXM CANADA HOLDINGS INC. fiscal second quarter 2016 revenue rose 5.4% to C$84.4 million, with net income up from a loss of C$25.1 million to a gain of C$28.2 million. Total subscribers grew 4% to 2,653,000, with self-pay subscribers rising 4.8% to 1,952,000 and subscriber acquisition cost up 11.4% to C$39.
"Our growth continued into Q2 fiscal 2016, with record Self-Pay subscribers, top-line improvements and healthy Self-Pay churn levels translating into our highest ever quarterly Adjusted EBITDA," said Pres./CEO MARK REDMOND. "In the quarter, we added approximately 14,000 net Self-Pay subscribers while also executing on key elements of our long-term strategy. We continued to expand our presence in the pre-owned vehicle market with an increased proportion of our gross additions coming from this channel and also executed an agreement with one of ATLANTIC CANADA's largest pre-owned dealership chains. We also participated in the pre-launch of SIRIUSXM 17 at the 2016 CONSUMER ELECTRONICS SHOW held this past JANUARY in LAS VEGAS, NEVADA where we showcased our next-generation platform for audio services that combines satellite radio and two-way LTE connectivity.
"Looking to the remainder of the fiscal year, we continue to face a challenging consumer spending environment in ALBERTA, but we remain confident in our ability to deliver moderate subscriber and revenue growth along with strong Adjusted EBITDA and cash flow. We have a CANADA-wide footprint, an over 70% Original Equipment Manufacturer (OEM) penetration rate, a growing overall addressable market and an unmatched audio entertainment experience that keeps getting better."
The company's board also declared a cash dividend payment of C$0.1050 per Class A Share, C$0.1050 per Class C Share and C$0.0350 per Class B Share, payable on MAY 2nd to shareholders of record on APRIL 15th.