SiriusXM Turns in Stellar Second Quarter Subscriber Rates
By Jeffrey Hill | August 8, 2012
[Satellite TODAY 08-08-12] Satellite broadcaster SiriusXM Radio grew its revenues by 13 percent in the second quarter of 2012 to $838 million on top of a jump in subscribers that prompted its management to boost the company’s annual profit forecast, according to Sirius XM’s latest results issued Aug. 7.
SiriusXM CEO Mel Karmazin said that despite mixed macroeconomic trends, the company added more than 600,000 subscribers in the second quarter, representing a record for the broadcaster during the time after its merger with XM.
“We also attained a record-level free cash flow of $230 million — the highest single quarterly free cash flow figure in SiriusXM’s history,” Karmazin said in a statement. “We are excited to deliver our new SiriusXM on-demand service to our subscribers via the Internet and smartphones, and our program to launch a personalized music feature via these same channels by the end of the year is on track. We are very pleased with the strong operating results we have delivered since the merger, especially our performance in 2012.”
SiriusXM’s adjusted EBITDA for the second quarter was $237 million — a 28 percent increase from the $185 million it reported in the second quarter of 2011.