TORONTO – SiriusXM Canada credited subscriber growth for increases in first quarter revenues and profits.
For the period ended November 30, 2015, revenue increased 5.7% to $83.5 million, reflecting growth in its self-paying subscriber base and an increase in Self-Pay ARPU, which grew 1.5% to $12.57. Net income jumped 25.6% to $10.1 million from $8.0 million in Q1 FY2015 as a result of better operational performance and lower depreciation and amortization charges.
Adjusted EBITDA for the quarter grew 2.7% to $23.5 million from $22.9 million in Q1 FY2015. The year-over-year increase was a result of revenue growth partly offset by an increase in the company's copyright fees and higher royalties related to increased revenues.
Sirius XM Canada saw self-paying subscribers grow 5.0% from 1.85 million at this time last year to 1.94 million this quarter, bringing its total subscriber base to 2.71 million.
President and CEO Mark Redmond said that the quarterly results show that the company’s fiscal 2016 is “off to a strong start”, and that he is “intensely focused on further enhancing our subscribers' listening experience”.
“We added close to 14,000 net self-pay subscribers in the quarter as we continue to drive net self-pay annual subscriber growth. We also delivered year-over-year improvements in self-pay ARPU and impressive self-pay churn of 1.93%”, he said in the news release. “At more than 2.7 million total subscribers, we are one of the largest media subscription businesses in Canada.”
