TORONTO – XM Canada marked its 22nd consecutive quarter of revenue growth, posting a 13.4% in the second quarter.
The satellite radio operator, on track for a June close for its merger with former rival Sirius Canada, reported that revenue for the quarter ended February 28, 2011 was $15.8 million, up from $13.9 million for the same period last year, which it attributed to its growing subscriber base and an increase in average monthly subscription revenue per subscriber (ARPU). Self-paying subscribers grew 11.1% year-over-year from 402,900 to 447,600, while ARPU was up $.30 to $11.44.
The company’s adjusted operating loss, excluding $2.0 million of merger related costs incurred during the quarter, improved by $2.0 million on a year-over-year basis due to the increase in revenue and a $0.9 million reduction in general and administrative costs offset by an increase in cost of revenue of $0.9 million.
"As we move towards a merger with Sirius Canada Inc., we continue to maintain solid results and revenue growth," said president and CEO Michael Moskowitz, in a statement. "With the economy gaining momentum we are seeing growing interest in our high-quality programming and content. We are extremely pleased with the growth in ARPU and feel optimistic about increasing this metric for the remainder of the fiscal year."
Click here for more on the company’s second quarter financial results.
