TORONTO – There were over 350,000 XM Canada satellite radio subscribers at the end of November.
The number of subscribers increased by 86% over the first quarter of last year, says the company’s press release.
"We are experiencing double-digit growth in our subscriber base due to a significant increase in the number of vehicles that are rolling off the automobile manufacturing line with XM satellite radios and due to the continued improvement in our retail market share with our NHL exclusivity," said John Bitove, chairman and CEO of XM Canada.
"I am also pleased to report that almost all of this growth is in self paying subscribers.”
As part of the company’s continuing efforts to align its definitions more closely with industry norms, XM Canada’s subscriber numbers now include rental cars installed with XM Canada’s service for which the company receives compensation. Excluding rental cars, XM’s subscriber base was 338,000 this quarter and 306,300 at the end of the fourth quarter of 2007. XM Canada’s agreement with Avis Budget Group, Inc. was completed in March 2007, and therefore there are no rental vehicles in, and therefore no adjustments to, the first and second quarter 2007 subscriber numbers.
The subscriber numbers reported today are based on unaudited results.
