Sirius XM Subs Down, Adjusted Income Up In Q2
August 6, 2009 at 5:00 AM (PT)
SIRIUS XM RADIO has announced Q2 financial and operating results, including $132 million in adjusted income from operations, marking the company's third consecutive quarter of positive adjusted income. The company also announced a 28% decrease in total cash operating expenses since the merger of SIRIUS and XM one year ago. SIRIUS XM also increased its full-year 2009 guidance for adjusted income from operations to over $400 million from over $350 million.
"Just one year ago, combined operations produced negative adjusted income from operations of $61 million," said CEO MEL KARMAZIN. "This year our revenue increase in the second quarter, paired with a $187 million expense reduction, drove an improvement of approximately $193 million in adjusted income from operations to $132 million in second quarter 2009. Based on these results we are increasing guidance again and expect to exceed over $400 million in adjusted income from operations during 2009. Growing our revenue in the face of broad declines in the advertising and automotive markets is a remarkable accomplishment, and we are well positioned for a rebound in auto sales."
Q2 pro forma total revenue was $608 million, up 1% from second quarter 2008 pro forma total revenue of $601 million.
SIRIUS XM ended Q2 with 18,413,435 total subscribers, a decrease of 1% from the second quarter 2008 pro forma total subscribers of 18,576,830 and a decrease of 185,999 from the first quarter 2009 subscribers of 18,599,434.