XM Canada Provider Cuts Q2 Loses
April 17, 2007 at 5:45 AM (PT)
CANADIAN SATELLITE RADIO HOLDINGS INC., the operator of satellite radio provider XM CANADA, cut its losses by nearly 40% in the second quarter as it focuses on turning around somewhat disappointing retail sales.
The company pulled losses down to $27.1 million, or 57 cents per share, for the period ended FEBRUARY 28, compared to a loss of $44 million, or $1.05 per share, in the same period last year. XM CANADA posted a subscriber count of 237,500, up from 44,000 subscribers reported in the year-ago quarter.
Yet Pres./COO STEPHEN TAPP said he thinks the company could've done better. "While our holiday sales met our expectations, we're not happy with our retail performance to date," he said.
XM CANADA aims to reach 1 million subscribers by 2010, according to Chairman/CEO JOHN BITLOVE.