TORONTO – SiriusXM Canada credited momentum for its strong start to 2014 which saw it post “record” first quarter revenues.
For the quarter ended November 30, 2013, revenue grew 11.0% to $76.4 million from $68.9 million in the same period last year, while net income increased 7.3% to $3.5 million from $3.3 million in Q1 2013.
Adjusted EBITDA increased 9.4% to $19.6 million from $18.0 million year-over-year which the company said was a result of its top-line growth, partly offset by increases in cost of revenue and marketing expenses.
Self-Paying subscribers improved to 1.8 million from 1.6 million last year, while total subscribers were 2.42 million at quarter-end, up from 2.22 million.
"The momentum we built in 2013 has continued into 2014, resulting in a strong start to the new fiscal year," said president and CEO Mark Redmond, in a statement. “Looking ahead to the remainder of the fiscal year and beyond, we see good opportunities to maintain our growth momentum by capitalizing on strong sales in the new vehicle segment, increasing our penetration rate with OEM partners, expanding our pre-owned vehicle program and providing an enhanced overall customer experience with new technologies."
