Canadian Satellite Radio Holdings Inc., parent of Sirius XM Canada Inc., today released unaudited financial results for the three- and six-month periods ended February 29, 2012 (Q2 and year-to-date FY2012, respectively) prepared in accordance with International Financial Reporting Standards (IFRS). A summary of IFRS financial results for Q2 and year-to-date FY2012 is attached2. To provide a basis of comparison of the performance of the newly 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 six-month periods ended February 28, 2011. All results are reported in Canadian dollars unless otherwise stated.
Q2 FY2012 Highlights Compared to Combined Information for the Comparative Quarter in 2011
* Adjusted EBITDA increased 152.4% to $11.9 million from $4.7 million in 2011
* Generated $12.0 million in cash from operations in the quarter
* Self-Paying Subscribers increased 12.5% to 1.45 million from 1.29 million at February 28, 2011
* Revenue grew 9.4% to $63.8 million from $58.3 million in 2011
* Fixed cash operating expense decreased 11.2% to $16.9 million from $19.1 million in 2011
* Repaid $11.2 million promissory note to former shareholders of Sirius Canada
* Reported cash and cash equivalents of $36.1 million at February 29, 2012
* Subsequent to quarter end, 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 152.2% to $24.8 million from $9.8 million for same period in 2011
* Generated $22.0 million in cash from operations during the six-months ended February 29, 2012
* Revenue grew 8.0% to $126.9 million from $117.5 million for same period in 2011
* Fixed cash operating expense decreased 15.3% to $32.2 million from $38.0 million for same period in 2011
“With another quarter of strong results, we continue to be one of the fastest growing media companies in Canada,” said Mark Redmond, President and CEO, SiriusXM Canada. “In Q2, we expanded our subscriber base, delivered record revenue and realized further merger-related cost synergies. As a result, we more than doubled Adjusted EBITDA and generated significant cash from operations. In addition, we completed a secondary offering subsequent to quarter-end, substantially increasing the size and liquidity of the Company’s publicly traded float. 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.”
