- Oct 12, 2006
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Sirius XM Radio Inc. swung to a fourth-quarter profit amid year-earlier charges related to Sirius' merger with XM Radio as the company said revenue grew and it added subscribers.
Looking ahead, the company said it expects to add more than 500,000 net subscribers in 2010 and post full-year revenue of more than $2.7 billion. Analysts polled by Thomson Reuters had forecast revenue of $2.79 billion.
Shares of Sirius XM jumped 5.5% to $1.16 premarket.
The satellite-radio provider teetered on the edge of bankruptcy before receiving a cash infusion from Liberty Media Corp. last year. Since then, Sirius has cut operating costs, seen improvements to its revenue and bottom line and projected generating the first positive free-cash-flow year in the company's history for 2009.
Sirius posted a profit of $14.2 million, or less than one cent a share, compared with a year-earlier loss of $245.8 million, or eight cents. Revenue grew 8.7% to $676.2 million.
Analysts polled by Thomson Reuters had expected a 2-cent loss on revenue of $664 million.
Sirius added 257,028 subscribers during the quarter, triple the prior year's rate, and putting the total at 18.8 million. That, though, is down slightly from the 19 million at the end of 2008. Subscribership fell earlier in 2009 amid the recession.
Churn, or subscriber turnover, was up to 2% from 1.8% for self-pay customers, while subscriber acquisition costs were down 8.6%. Average revenue per subscriber increased 2.5%.
Looking ahead, the company said it expects to add more than 500,000 net subscribers in 2010 and post full-year revenue of more than $2.7 billion. Analysts polled by Thomson Reuters had forecast revenue of $2.79 billion.
Shares of Sirius XM jumped 5.5% to $1.16 premarket.
The satellite-radio provider teetered on the edge of bankruptcy before receiving a cash infusion from Liberty Media Corp. last year. Since then, Sirius has cut operating costs, seen improvements to its revenue and bottom line and projected generating the first positive free-cash-flow year in the company's history for 2009.
Sirius posted a profit of $14.2 million, or less than one cent a share, compared with a year-earlier loss of $245.8 million, or eight cents. Revenue grew 8.7% to $676.2 million.
Analysts polled by Thomson Reuters had expected a 2-cent loss on revenue of $664 million.
Sirius added 257,028 subscribers during the quarter, triple the prior year's rate, and putting the total at 18.8 million. That, though, is down slightly from the 19 million at the end of 2008. Subscribership fell earlier in 2009 amid the recession.
Churn, or subscriber turnover, was up to 2% from 1.8% for self-pay customers, while subscriber acquisition costs were down 8.6%. Average revenue per subscriber increased 2.5%.
