SiriusXM marks 2013 as first full year of profit

TORONTO – Record annual revenue, fueled by subscriber growth, helped to power SiriusXM Canada to its first full year of positive net income. Revenue grew 11.3% to $288.9 million from $259.6 million in FY2012 for the year ended August 31, 2013 (FY2013). Net Income increased to $12.2 million from a net loss of $4.2 million last year, and adjusted EBITDA increased 47.6% to $68.7 million from $46.6 million in FY2012 as a result of the company's top-line growth combined with a decrease in administrative and IT expenses, which was offset, in part, by a higher cost of revenue and marketing...