TORONTO – XM Canada reported a 53% increase in quarterly revenue to $12.5 million due to subscriber growth and an increase in average monthly subscription revenue per subscriber (ARPU).
ARPU grew 6% to $11.94 for the three months of fiscal 2009 ended November 30, 2008. The company also generated positive cash of $0.5 million, the press release said.
The satellite radio provider isn’t in the black, but loss improved by $7.2 million to $3.3 million in the quarter, up from $10.5 million in the first quarter of 2008.
"Over the past year, we have made prudent strategic decisions to reduce costs and to drive revenue through high return initiatives aimed at growing automotive, optimizing the aftermarket and engendering loyalty. We believe our solid foundation, focused strategy and ability to generate positive cash will help us continue to deliver results and mitigate the impact of a challenging economic climate," said president and CEO Michael Moskowitz, in the release.
