According to its latest financial results issued May 1, Sirius XM Radio added a net total of 404,596 subscribers in the first quarter despite raising prices on its service. Though Sirius’ earnings total was largely in line with analysts’ forecasts, the company’s profit status is a sharp leap from its 2011 first quarter mark of $78.1 million.

   Sirius XM, however, grew its first quarter revenue 11 percent compared with the same period last year to $804.7 million, which beat analysts’ first quarter revenue consensus of $803.5 million.

   Sirius ended the quarter with a subscriber base of 22.3 million, which is 8 percent larger than its net customer tally one year ago. The company’s average monthly revenue per subscriber was $11.77 — a 2 percent increase from the 2011 first quarter.

   CEO Mel Karmazin said that while Sirius XM’s financial gains were both stronger and earlier than expected, the company would not change its financial forecast for the 2012 full year. Sirius XM did, however, raise its full-year forecast for subscriber additions from 1.3 million to 1.5 million.

   Karmazin also spoke about Liberty Media Corp. Majority Shareholder John Malone’s effort to obtain regulatory permission to take control of Sirius XM with a 40 percent stake.

   “We believe the [U.S. Federal Communications Commission] FCC will conclude based on precedent that a 40 percent shareholder, even one with influence, is not in de facto control," Karmazin said during a conference call. “I have not heard from the FCC on this matter and I do not know what Liberty Media plans to do otherwise besides keep its options open.”

   Though Karmazin requested approval from the FCC last month to take de facto control of Sirius XM after restrictions on its stake expired, he also denied the existence of any conflict between Sirius XM and Liberty Media. “If the time comes that Liberty’s interests are different than the other 60 percent of shareholders, we will do what we have to do to protect the interest of our 60 percent of shareholders,” he said.

   Liberty acquired its Sirius XM stake in 2009. The stock purchase deal also included a $530 million loan to help Sirius XM avoid bankruptcy.

   Lazard Capital Markets Analyst Barton Crockett said that Sirius XM shareholders are anxious to see how Liberty would proceed with its stake in Sirius XM. “We’d like to see this resolved over the next several months and we’d love to hear what Liberty’s true intentions are,” Crockett said in a research note.