Sirius XM Canada reports record Q1 revenues of $76.4M; profit rise 7.3% to $3.5M

TORONTO – Sirius XM Canada Holdings Inc. (TSX: XSR), parent of satellite radio broadcaster Sirius XM Canada Inc., is reporting record first-quarter revenue of $76.4 million and a 7.3 per cent increase in quarterly profits.

The revenue increase, represents a gain of 11 per cent from $68.9 million in the same quarter a year ago, the company said in announcing the results after markets closed Tuesday.

Net profit of $3.5 million was up from $3.2 million in the prior-year period, but was unchanged at on a per share bases at three cents per diluted share.

Meanwhile, the company said the number of self-paying subscribers increase 8.5 per cent to 1.8 million from 1.6 million a year ago, while its overall subscriber base grew to 2.4 million from 2.2 million.

“In the first quarter we posted another quarter of double digit revenue growth and continued to deliver a solid increase in our profitability,” CFO Michael Washinushi said.

“At over $63 million, our cash position is strong, providing ample liquidity and flexibility to support our exciting growth initiatives as well as for us to continue returning capital to shareholders going forward.”

Sirius XM Canada broadcasts more than 120 satellite radio channels featuring premier sports, news, talk, entertainment and commercial-free music.