Satellite radio operator Sirius XM reports 8.3% increase in Q2 profit to $4.4M

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TORONTO – The parent of satellite radio operator Sirius XM Canada Inc. has reported an increase in both revenue and net profit in its fiscal second quarter.

Sirius XM Canada Holdings Inc. (TSX:XSR) says net earnings in the three months ended Feb. 28 rose 8.3 per cent to $4.4 million from just under 4.1 million a year earlier. Revenue rose 6.8 per cent to $75.5 million from $70.2 million in the comparable year-earlier period.

The number of self-paying subscribers increased 7.8 per cent to 1.8 million from 1.6 million a year earlier, while total subscribership increased to almost 2.4 million from 2.2 million.

“Our growth trend continued in the second quarter of 2014, which led to increases at both our top and bottom line,” president and CEO Mark Redmond said in remarks accompanying the earnings report, which was issued after markets closed.

“While the most significant growth opportunity in the near term remains in the new vehicle market, we made good progress in Q2 with our used vehicle business. We now have more than 1,200 active dealers in the used vehicle program along with a rapidly growing number of trials underway.”

Meanwhile, Redmond said the company has a number of “exciting opportunities with our OEM partners, exclusive content and web-based offering to drive our subscriber and profitability levels higher.”

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