TORONTO – SiriusXM Canada announced a profit of $4.1 million for the second fiscal quarter of 2013, compared to a loss of $2.7 million during the same period in 2012. Net income for the first six months of 2013 rose to $7.3 million, reversring a loss of $6.1 million for the same period a year earlier.
In yesterday’s announcement of its financial results for Q2 FR 2013, SiriusXM Canada reported a 10.8% increase in revenue in its second quarter of 2013 over the same period in 2012 to $70.7 million. Revenue for the first six months increased 10.0% to $139.6 million, up from $126.9 million for the same period in FY2012, said the company as part of its announcement yesterday of financial results for the quarter and year-to-date period ended February 28, 2013.
SiriusXM attributes its Q2 year-over-year improvement to the growth of its subscriber base, as well as an increase in average revenue per user (ARPU), which was $11.60, up from $11.57 in Q2 FY2012. ARPU was slightly lower for the first six months of FY2013 at $11.48, compared to $11.58 for the same period the previous year. The company’s self-paying subscriber base increased 12.8% in Q2 FY2013 to 1,640,800 from 1,454,500 at Feb. 29, 2012.
Adjusted EBITDA in Q2 FY2013 was $19.1 million, representing a 60.6%, or $7.2 million, increase from adjusted EBITDA of $11.9 million in Q2 FY2012. Sirius said the improvement was due to a combination of the company’s top-line growth and a $0.5 million decrease in total operating expenses. For the first six months of 2013, adjusted earnings were $37.1 million, an increase of 49.6%, or $12.3 million, from $24.8 million for the same period in FY2012.
“Our year-over-year top-line improvements highlight our success in executing on our diversified revenue growth strategy,” said Mark Redmond, president and CEO, SiriusXM Canada, in a statement. “We added self-paying subscribers through our new car program and win back initiatives, and we benefited from our price increase. ARPU was up compared to Q2 last year. Reflecting our continued focus on cost efficiencies and profitable growth, we generated record adjusted EBITDA and strong free cash flow.
Redmond added that the company also launched an in-dealership pre-owned vehicle program during in Q2 FY2013. The company says it expects to grow its business in this market as the number of satellite-equipped pre-owned vehicles on the road increases.
