XM Canada Q1 Revenues Rise
January 15, 2009 at 5:16 AM (PT)
XM CANADA parent CANADIAN SATELLITE RADIO HOLDINGS fiscal first quarter revenues increased 53% to C$12.5 million, with net loss narrowing 31% to C$6.3 million before the effect of currency exchanges; Net loss overall, including currency exchange effects, nearly doubled to C$31.5 million (66 cents/share), based on a C$17.3 million currency loss due to foreign exchange losses.
"Despite prevailing economic headwinds, our performance continued to improve in the first quarter of 2009, reflecting the successful execution of our business strategy," said President and CEO MICHAEL MOSKOWITZ. "Over the past year, we have made prudent strategic decisions to reduce costs and to drive revenue through high return initiatives aimed at growing automotive, optimizing the aftermarket and engendering loyalty. We believe our solid foundation, focused strategy and ability to generate positive cash will help us continue to deliver results and mitigate the impact of a challenging economic climate."