SiriusXM Canada Delivers Continued Growth with Record Revenue in Fiscal 2012 Third Quarter
Canadian Satellite Radio Holdings Inc., parent of Sirius XM Canada Inc., released unaudited financial results for the three- and nine-month periods ended May 31, 2012 (Q3 and year-to-date FY2012, respectively) prepared in accordance with International Financial Reporting Standards (IFRS). A summary of IFRS financial results for Q3 and year-to-date FY2012 is attached1. To provide a basis of comparison of the performance of the combined entity formed through the merger of Sirius Canada and XM Canada, the Company has also provided unaudited combined financial information (referred to as "Combined Information") for the comparative three- and nine-month periods ended May 31, 2011. All results are reported in Canadian dollars unless otherwise stated.
Q3 FY2012 Highlights Compared to Combined Information for the Comparative Quarter in 2011
• Adjusted EBITDA increased 69.7% to $9.6 million from $5.6 million in Q3 FY2011
• Self-Paying Subscribers increased 13.4% to 1.5 million from 1.3 million at May 31, 2011
• Revenue increased 8.1% to $64.6 million from $59.7 million in Q3 FY2011
• Free cash flow up 35% to $7.3 million from $5.4 million in Q3 FY2011
• Reported cash and cash equivalents of $42.5 million at May 31, 2012
• Completed a secondary offering on a bought deal basis for an aggregate of 8,000,000 Class A Subordinate Voting Shares of the Company
Year-to-date FY2012 Highlights Compared to Combined Information for the Comparative Period in 2011
• Adjusted EBITDA increased 122.1% to $34.3 million from $15.5 million for the same period in FY2011
• Revenue grew 8.0% to $191.5 million from $177.3 million for the same period in FY2011
• Free cash flow up 445% to $28.1 million, from $5.2 million for the same period in FY2011
"We continue to drive significant year-over-year growth in Adjusted EBITDA and free cash flow through subscriber additions and cost synergies," said Mark Redmond, President and CEO, SiriusXM Canada. "Our results to-date are a strong testament to the benefits of the merger. We are being integrated into more new vehicles and are poised to increasingly benefit from the expected rise in auto sales to pre-recession levels in Canada. We remain committed to managing costs and optimizing operating efficiencies, which, in combination with our success in executing on our strategic priorities, should result in continued improvement in our financial performance."