XM Canada Q3 Revenues Rise
July 16, 2009 at 5:09 AM (PT)
Revenue rose 30% to C$13.5 million for CANADIAN SATELLITE RADIO HOLDINGS, parent of XM CANADA, in fiscal third quarter, with net profit of C$24.4 million (49 cents/share), which includes a foreign exchange gain of $16.4 million and a gain of $22.8 million of debt repurchased in the third quarter of 2009). The increase in revenues came despite a decline in self-paying subscribers from second quarter from 395,400 to 363.400, although the year-to-year comparison is up from 280,400. Total subscribers also fell from second quarter (508,700 to 497,800) but was up from a year earlier (439,900).
"This was a great quarter and significantly, it continues a long-term trend we have established with our business," said Pres./CEO MICHAEL MOSKOWITZ. "Our bottom line continues to improve as we increase total revenue and self-paying subscribers, progressively reduce costs and benefit from our scalable business model, all the while navigating through very challenging economic times.
"We continue to focus on sustainable and profitable growth for the long term. This has led to a number of important initiatives with OEM importers, our partnerships with wireless service providers to deliver our content to smart phones, and our recent debt repurchase, which improves the strength and flexibility of our capital structure. We continue to fortify our platform and ensure that XM CANADA is well positioned to benefit from an economic recovery."