XM Canada Posts Q1 Loss
January 12, 2007 at 5:43 AM (PT)
XM CANADA parent CANADIAN SATELLITE RADIO HOLDINGS posted a net loss of C$23.9 million (50 cents/share) for fiscal first quarter. Subscriber acquisition costs shrank from fourth quarter's C$59 to C$46 per unit, but cost per gross addition rose from fourth quarter's C$242 to C$311 due to advance holiday ad spending.
Revenue rose 12% from fourth quarter to C$3.8 million. The company is not comparing this quarter's numbers to those of the same quarter a year ago because XM CANADA was only operational for eight days of the corresponding 2005 quarter. XM CANADA reached the 147,000 subscriber mark by NOVEMBER 30.
Chairman/CEO JOHN I. BITOVE said, "We continue to build our subscriber base and will work to enhance our already extensive automotive network and innovative multi-channel communication partnerships. Our goal at XM CANADA is to be available anywhere and at any time with the best in satellite radio programming. Simply put, XM CANADA is now positioned as CANADA's premium digital audio entertainment and information company."