Canadian Satellite Radio Holdings Inc., the parent company of satellite radio provider SiriusXM Canada, said Thursday its underlying earnings more than doubled during the second quarter as the company saw record revenues and an increase in subscribers.
The Toronto-based company said its adjusted earnings before income tax, depreciation and amortization were $11.9 million, up from $4.7 million in the comparable period a year before on revenue of $63.8 million, up from a year-earlier $58.3 million.
Total subscribers grew 11% to 2.02 million – among those, self-paying subscribers increased 12.5% to 1.45 million.
The holding company, which merged the XM and Sirius firms last year, reported a net loss of $2.7 million for the quarter, which accounted for a number of one-time items, including a $10-million amortization charge. That compared to a loss of $5.7 million in the comparable period a year earlier.
“In Q2, we expanded our subscriber base, delivered record revenue and realized further merger-related cost synergies,” president and CEO Mark Redmond said in a statement.
“Looking ahead, we expect to continue to report strong adjusted EBITDA, which in combination with our low capital expenditure requirements, positions us to consistently deliver free cash flow.”
Satellite radio companies XM Canada and Sirius Canada Inc., which were competitors, merged officially last June in a deal valued at about $520 million and included $130 million in long-term debt.
Now operating as SiriusXM Canada, it broadcasts more than 120 channels in cars, trucks and boat as well as on wireless devices, online and consumer electronics.
