Sirius XM Canada posts higher Q4 profits, revenue; chairman Bitove to step down

TORONTO – Sirius XM Canada Holdings Inc. (TSX:XSR) has reported a more than eight per cent increase in fourth-quarter earnings as revenue edged up just under two per cent.

The parent of satellite radio company Sirius XM Canada Inc. also announced that chairman John Bitove plans to step down at the company’s annual meeting in January, but will stand for election as a director.

Tony Viner, a former present of Roggers Media and currently a member of the Sirius XM Canada board and chairman of its audit committee has been nominated to succeed Bitove.

In its earnings report, the company said net income was $4.4 million, up 8.6 per cent from just under $4.1 million in the same 2013 period. The earnings release did not give a per share figure.

Revenue rose 1.8 per cent to $77.1 million from $75.7 million.