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TODAY'S HEADLINES
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November 11, 2008
[Satellite Today 11-11-08] Canadian Satellite Radio Holdings Inc., which offers the XM Satellite Radio service in Canada, XM Canada, narrowed its annual net loss for fiscal 2008 to Cdn. $74.3 million (U.S. $63.5) as company revenues rose to $39.5 million ($33.7 million) from $21 million ($17.9 million).
XM Canada said it lost $1.55 ($1.34) per share for its fiscal year ending Aug. 31 compared with a net loss of $84.6 million ($72.3 million) or $1.78 ($1.52) per share in 2007.
CEO Michael Moskowitz said that his company’s key priorities of managing its cost structure and driving the highest value initiatives are paying off. “We ended the fiscal year with two consecutive quarters of positive cash flow,” he said. “For the first time we reported pre-marketing adjusted operating profit of over $2 million ($1.7 million).”
Moskowitz said that XM Canada sees “significant opportunities for growth” in 2009 in the automotive sector, which represents 42 percent of the company’s self-paying subscribers, up from just 28 percent from 2007.
During 2009, XM Canada said it will work to boost customer loyalty and retention, target current subscribers with multiple radios and accelerate the rate of factory installations in Canada.
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