Wednesday, April 13, 2011

Sirius (SIRI) and XM Canada Results

After the recent approval of the Sirius (NASDAQ:SIRI) and XM merger in Canada by the Canadian Radio-television and Communications Commission, XM Canada released its financial results, and they looked pretty decent.

For the second quarter, the company reported they enjoyed double digit growth.

Michael Moskowitz, President and Chief Executive Officer of XM Canada said, "As we move towards a merger with Sirius Canada Inc., we continue to maintain solid results and revenue growth. With the economy gaining momentum we are seeing growing interest in our high-quality programming and content. We are extremely pleased with the growth in ARPU and feel optimistic about increasing this metric for the remainder of the fiscal year."

It was the 22nd consecutive quarter XM Canada reported revenue growth, with results coming in at a 13.4 percent improvement. ARPU growth also increased for the third straight quarter, rising $.30 to $11.44. That was largely attributed to the implementation of the Music Royalty fee.

That was offset by an increase in Self-Paying Subscribers, which carry a lower ARPU, along with a boost in subscribers signing up for multi-year plans.

Sirius was trading at $1.8250, gaining $0.015, or 0.83 percent, as of 12:26 PM EDT.

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