TORONTO – Canadian Satellite Radio Holdings, parent of SiriusXM Canada, saw its revenues for 2011 jump by 17.9%.
Revenues for fiscal year 2011, ended August 31, were $238.7 million, up from from $202.5 million in 2010, while net income was $17.9 million compared to $15.7 million. Fourth quarter revenues for the recently merged entity improved 13.4% to $61.4 million, from $54.1 million year-over-year, and EBITDA , adjusted to account for merger costs, was $11 million, up from $4.4 million last year.
Canada’s only satellite radio provider saw subscribers grow 14.5% to reach 2.0 million from 1.7 million at year end 2010. Self-paying subscribers increased to 1.4 million from 1.2 million at this time last year.
"Our fourth quarter performance reflects some of the early cost synergies from the merger, and we currently anticipate fully realizing our goal of approximately $20 million in synergies on an annualized basis over the coming quarters”, said president and CEO Mark Redmond, in a statement. “Backed by an unrivaled product offering and the strongest audio content in the marketplace, we believe we have the right strategy and resources in place to continue delivering strong financial results. We are very optimistic about fiscal 2012 and our ability to drive improvements in profit, cash, OEM business, achieve cost synergies and maintain a high level of subscriber satisfaction."
