Canadian Satellite Radio Holdings Inc., parent of XM Canada and Sirius Canada, said Thursday that its losses deepened to $3.5 million in the fourth quarter.
The holding company, which recently merged the XM and Sirius firms, said the loss compared to $2.6 million in the same three months ended Aug. 31 a year earlier.
Revenue grew to $61.4 million from $54.1 million.
Total subscribers rose to 1.98 million from 1.73 million, of which paying subscribers increased to 1.39 million from 1.21 million.
“Our fourth quarter performance reflects some of the early cost synergies from the merger, and we currently anticipate fully realizing our goal of approximately $20 million in synergies on an annualized basis over the coming quarters,” said SiriusXM Canada president and CEO Mark Redmond.
The merger of the two companies was completed in June, when the combined company also closed its refinancing. It now has about $146 million in long-term debt.
For the year, the company reported a loss of $16.7 million compared to $22.7 million the year ended Aug. 31, 2010. Revenue increased nearly 18% to $238.7 million from $202.5 million.
Canadian Satellite Radio Holdings operates as SiriusXM Canada, which has more than 120 satellite radio channels.
