TORONTO – SiriusXM Canada is back in the black after reporting an 837% jump in profits for its 2016 fiscal year.
For the year ended August 31, 2016, net income was $49.7 million compared to last year’s $6.8 million net loss, while revenues increased 4.7% from $325.9 million to $341.3 million. Adjusted EBITDA was $84.4 million, up 6.5%, from $79.2 million year-over-year.
Sirius XM Canada saw self-paying subscribers grow 4.3% from 1.93 million last year to 2.00 million in FY2016, resulting in a total subscriber base of 2.83 million.
For the fourth quarter, revenue was up 4.4% to $87.4 million year-over-year, net income grew 73.9% to $4.2 million, and adjusted EBITDA of $15.2 million was up 19.1% compared to Q4 FY2015.
SiriusXM Canada president and CEO Mark Redmond said that the company is “working diligently to secure the required CRTC regulatory approval” of its proposed recapitalization go-private transaction. The deal has already received shareholder and Court approval.
At August 31, 2016, the company said that it had total cash of $40.4 million compared to $26.1 million at the same time last year, primarily as a result of its dividend suspension pursuant to its recapitalization go-private transaction.
"We continued to deliver an unmatched listening experience in the quarter with exclusive musical content, such as The Tragically Hip Radio takeover, and extensive sports coverage, while also helping foster Canadian talent through another year of our Canada's Top Comic competition," added Redmond, in a statement. "In addition, as a result of growth in our subscriber base, we realized year-over-year improvements in revenue and Adjusted EBITDA.”
