TORONTO – Despite a 9.4% increase in revenue, Canadian Satellite Radio Holdings, parent of SiriusXM Canada, ended the second quarter with a $2.7 million net loss.
Revenue for the period ended February 29, 2012, was $63.8 million, up from $58.3 million in the second quarter of 2011, while adjusted EBITDA increased 152.4% to $11.9 million from $4.7 million.
The satellite radio provider added 192,600 new customers year-over-year to reach 2.02 million, and self-paying subscribers increased 12.5% to 1.45 million.
“In Q2, we expanded our subscriber base, delivered record revenue and realized further merger-related cost synergies”, said president and CEO Mark Redmond, in a statement. “Looking ahead, we expect to continue to report strong adjusted EBITDA, which in combination with our low capital expenditure requirements, positions us to consistently deliver free cash flow."
