TORONTO – While still not in the black, XM Canada said that a growing subscriber base accounted for a 30% jump in total revenue for its third quarter, marking the company’s 15th consecutive quarter of revenue growth.
Revenue increased by $3.1 million to $13.5 million from for the quarter ended May 31, 2009, up from $10.3 million for the same quarter in 2008. Year-to-date revenue grew 40% to $38.7 million, compared to $27.7 million last year.
The digital audio entertainment company also reported 30% growth in self-paying subscribers – reaching 363,400 in 2009, up from 280,400 in 2008.
"This was a great quarter and significantly, it continues a long-term trend we have established with our business," said president and CEO Michael Moskowitz, in the press release announcing the financial results. "Our bottom line continues to improve as we increase total revenue and self-paying subscribers, progressively reduce costs and benefit from our scalable business model, all the while navigating through very challenging economic times."
Third quarter 2009 net profit of $24.4 million included a foreign exhange gain of $16.4 million and a gain of $22.8 million of debt repurchased in the quarter.
Average monthly subscription revenue per sbscriber (ARPU) was virtually flat year-over-year ($11.97 and $11.99 for the third quarter of 2009 and 2008, respectively), as was cost per gross addition (CPGA), which was $140 and $141 for the third quarter of 2009 and 2008, respectively.
