TORONTO – Despite an increase in both revenue and subscribers, Canadian Satellite Radio Holdings, parent of SiriusXM Canada, ended its third quarter with a $4.2 million loss.
Revenue for the quarter ended May 31, 2012, was $64.6 million, up 8.1% from $59.7 million in the third quarter of 2011, while adjusted EBITDA increased 69.7% to $9.6 million from $5.6 million.
The satellite radio provider added 214,300 new customers year-over-year to reach 2.1 million, and self-paying subscribers increased 13.4% to 1.5 million.
"Our results to-date are a strong testament to the benefits of the merger”, said president and CEO Mark Redmond, referring to the year-old marriage of former rivals XM Canada and Sirius Canada. “We are being integrated into more new vehicles and are poised to increasingly benefit from the expected rise in auto sales to pre-recession levels in Canada. We remain committed to managing costs and optimizing operating efficiencies, which, in combination with our success in executing on our strategic priorities, should result in continued improvement in our financial performance."
