Revenue Up, Loss Narrows At XM Canada
November 7, 2008 at 5:37 AM (PT)
XM CANADA parent CANADIAN SATELLITE RADIO HOLDINGS fourth quarter revenue jumped 72% to C$11.8 million, credited to an increase in XM's Canadian subscriber base. Adjusted operating loss narrowed by about 66% to C$4.1 million, and pre-marketing adjusted operating profit/loss jumped from a loss of C$4.3 million to a gain of C$2 million. Cost per gross addition fell from C$183 to C$125.
"XM CANADA had a very successful year capped by two consecutive quarters of positive cash and our first ever quarter of Pre-Marketing Adjusted Operating Profit," said President/CEO MICHAEL MOSKOWITZ. "Revenue nearly doubled due to our strong import automotive sales, a significant improvement in automotive conversion and growth from both the retail and wireless sectors. Top line revenue growth, together with our sharp focus on maximizing the return on investment, has significantly strengthened our financial performance and cash position. We are confident we can operate our business without having to raise additional capital.
"It is clear that our business strategy is working and we are making great progress towards generating long-term sustainable growth and profitability," continued MOSKOWITZ. "With our solid strategy, sound financial position, an accelerating base of more than half a million total subscribers and 130 channels of the best programming, I am confident we will continue to be CANADA's premium digital audio entertainment and information company for years to come."