XM Canada Reports Strong Quarter, New CEO
[11-16-07 – Satellite Today] Canadian Satellite Radio Holdings Inc. (CSR), which operates as XM Canada, reported a 100 percent increase in revenue for the fourth quarter, the company announced Nov. 14.
Revenue increased to 6.8 million Canadian dollars ($7.1 million) from 3.4 million Canadian dollars ($3.5 million) in the fourth quarter of 2006. XM Canada attributed the increase to their rise in subscribers, adding 32,900 in the most recent quarter. XM Canada had more than doubled its subscriber base, from 151,600 at the end of 2006 to 306,300 in 2007.
"We had an exceptional fourth quarter as our exclusive 10-year agreement with the NHL attracted new subscribers across the country," said John Bitove, Executive Chairman of CSR. "In addition, while retail sales have been slow for much of the year, we are pleased to report that in September the satellite radio category grew by 39 percent, and XM Canada captured 50 percent of all satellite radio sales through major retailers. Canadian consumer appetite for satellite radio is strong and it is clear we are gaining momentum entering the holiday shopping season."
CSR also appointed Michael Moskowitz CEO and president effective Jan. 1. Former CEO and Chairman John Bitove will become executive chairman of CSR.
Moskowitz formerly worked as the President of Americas International for Palm Inc.