TORONTO – A lift in SiriusXM Canada’s self-pay subscriber base helped to boost first quarter revenues by 4.4%.
For the period ended November 30, 2016, revenue from $83.5 million to $87.2 million year-over-year, reflecting growth in its self-paying subscriber base. Q1 FY2017 self-pay ARPU dipped 0.2% to $12.54 due to increased promotional activity.
Net income and comprehensive income of $9.8 million was down 2.7% from $10.1 million year-over-year, mainly due to higher operating costs combined with depreciation and amortization, partly offset by increased revenues.
Adjusted EBITDA for the quarter grew 3.1% to $24.2 million from $23.5 million in the same period last year. The improvement was due to higher revenue and lower subsidies and distribution costs, partly offset by higher marketing and revenue share and royalty costs.
Sirius XM Canada saw self-paying subscribers grow 4.6% from 1.93 million at this time last year to 2.03 million this quarter, bringing its total subscriber base to 2.83 million.
SiriusXM Canada president and CEO Mark Redmond said that the company is in the final stage of its planned recapitalization go-private transaction, and is awaiting the CRTC’s decision following its recent public consultation which wrapped up on January 9.
"In the quarter we continued to grow revenue and Adjusted EBITDA along with increasing our subscriber base, including strong growth from the pre-owned vehicle market", said Redmond, in the news release. "In addition, we continued to deliver an unmatched listening experience, including the launch of Volume, the first 24/7 talk radio channel devoted to music, and full coverage of the NBA and NHL seasons.”
