XM Canada announced today that they have passed 400,000 subscribers. For the last quarter, XM Canada added 49,700 new subscribers. The number beat last quarters net additions of 44,000, but was well off the pace of the same quarter last year, which was at over 90,000.
XM Canada PR
Significant milestone reached in just over two years
Canadian Satellite Radio Holdings Inc. ("CSR") (TSX:XSR) announced that as of today XM Canada has achieved 400,000 satellite radio subscribers. This milestone was attained in just over two years.
"An increasing proportion of our subscriber base is coming from our rapidly growing automotive channel, which is a key segment for long-term success in our industry," said Michael Moskowitz, President and Chief Executive Officer of XM Canada. "In addition to strong growth in automotive, we continued to gain momentum this quarter in retail sales due to our NHL exclusivity, strategic partnerships and strong Canadian consumer appetite for satellite radio during the holiday season. This is a pivotal year for XM Canada and we are confident our subscriber growth will continue to accelerate, enabling the company to achieve positive cash flow as early as the fourth quarter of 2008."
The subscriber numbers reported today are based on unaudited results. Please refer to Management's Discussion & Analysis that will be filed in conjunction with the Company's financial results for the second quarter ended February 29, 2008 for greater detail on the subscriber counts.
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