TORONTO – XM Canada executives said that they are “evaluating the benefits of a Canadian merger” with competitor Sirius satellite radio, but offered no further details during a conference call to discuss the company’s fourth quarter and fiscal 2008 financial results today.
When pressed if the two Canadian satellite radio companies will consolidate like their U.S. counterparts, XM president and CEO Michael Moskowitz said only that there is “no specific timeline” for a decision, and that the company is “looking at all stakeholders”, before firmly turning the conversation back to the company’s financials.
The company press release calls the results “strong” and says the financial highlights of the 2008 fiscal year were the generation of two consecutive quarters of positive cash, and an 86% increase in total revenue to $39.5 million over last fiscal year which they attribute to a growing subscriber base and an increase in ARPU.
“It is clear that our business strategy is working and we are making great progress towards generating long-term sustainable growth and profitability,” continued Moskowitz. “With our solid strategy, sound financial position, an accelerating base of more than half a million total subscribers and 130 channels of the best programming, I am confident we will continue to be Canada’s premium digital audio entertainment and information company for years to come.”
