TORONTO – Canadian Satellite Radio Holdings (a.k.a. SiriusXM Canada) announced Thursday the company has managed to surpass 2.2 million subscribers while it finding $20 million in cost synergies for the fiscal year ended August 31, 2012.
The company also recorded annual revenue of $259.6 million, adjusted annual EBITDA of $46.6 million, up 75.6%, and free cash flow of $36.6 million, up 751% year-over-year, says the company’s press release. The company has not yet hit profitability, however. Net loss came in at $4.2 million, much better than 2011’s $17.3 million loss.
"In fiscal 2012, we delivered significant growth in all of our key metrics and further solidified our position as a leader in the Canadian audio entertainment marketplace, with more than 2.2 million subscribers at year end,” said Mark Redmond, president and CEO, in the press release. "Through a combination of double-digit subscriber growth and effective cost management, we expanded our Adjusted EBITDA margin and drove strong free cash flow. We are extremely pleased with our first-year's performance as a merged entity."
"Looking to fiscal 2013, we are confident our growth will continue as we work to increase in-vehicle penetration rates and better leverage opportunities in the pre-owned car market," Redmond continued.
