XM Canada cuts losses, grows revenue, leading into merger

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...