Sirius XM Radio Inc. (NASDAQ:SIRI)reported strong growth in the first quarter fiscal 2011 revenues by adding record net subscribers during the reported period.
Revenues reportedly increased 9% year-over-year to $724 million from revenue of $664 million reported in the first quarter of fiscal 2010. Net subscriber addition was up 118% to 373,064 from 171,441 in the first quarter of 2010. The increase in the subscriber was in consequence to an increase in auto sales specifically in sales of U.S. light vehicle sales, new vehicle penetration and returning activations.
The Company’s ARPU (Average Revenue Per User) increased by $0.04 to $11.52 while the SAC (Subscriber Acquisition Cost) declined by $2 to $57 due to the increase of 19% recorded by Sirius in its gross subscribers.
Income from operations was up 31.19% to $164.172 million on a margin of 22.68% as compared to income from operations of $125.14 million reported in the first quarter of fiscal 2010 earned on a margin of 18.85%.
Net income increased 73.63% on the higher addition of gross subscriber recorded by Sirius to $78.121 million or $0.01 per diluted share as compared to the prior year period net income of $41.598 million or $0.01 per diluted share.
Free cash flow during the quarter improved to ($17) million from ($127) million with the increase in the Company’s Adjusted EBITDA being 15% year-over-year to $181 million excluding the impact of share based compensation.
Sirius is expecting to deliver in line fiscal 2011 results with revenues estimated to be around $3 billion and net adjusted EBITDA to be $715 million on a growth of net subscriber count of 1.4 million in 2011.
Sirius XM Radio Inc. shares were up 8.32% at its closing price of $2.07 on very high volume trading of 243.86 million shares. Its market capitalization stood at $8.14 billion on 3.93 billion shares outstanding.
Sirius XM Radio Inc. is engaged in broadcasting the Company’s music, sports, news, talk, entertainment, traffic and weather channels in the United States on a subscription fee basis through its two satellite radio systems.
Revenues reportedly increased 9% year-over-year to $724 million from revenue of $664 million reported in the first quarter of fiscal 2010. Net subscriber addition was up 118% to 373,064 from 171,441 in the first quarter of 2010. The increase in the subscriber was in consequence to an increase in auto sales specifically in sales of U.S. light vehicle sales, new vehicle penetration and returning activations.
The Company’s ARPU (Average Revenue Per User) increased by $0.04 to $11.52 while the SAC (Subscriber Acquisition Cost) declined by $2 to $57 due to the increase of 19% recorded by Sirius in its gross subscribers.
Income from operations was up 31.19% to $164.172 million on a margin of 22.68% as compared to income from operations of $125.14 million reported in the first quarter of fiscal 2010 earned on a margin of 18.85%.
Net income increased 73.63% on the higher addition of gross subscriber recorded by Sirius to $78.121 million or $0.01 per diluted share as compared to the prior year period net income of $41.598 million or $0.01 per diluted share.
Sirius is expecting to deliver in line fiscal 2011 results with revenues estimated to be around $3 billion and net adjusted EBITDA to be $715 million on a growth of net subscriber count of 1.4 million in 2011.
Sirius XM Radio Inc. shares were up 8.32% at its closing price of $2.07 on very high volume trading of 243.86 million shares. Its market capitalization stood at $8.14 billion on 3.93 billion shares outstanding.
Sirius XM Radio Inc. is engaged in broadcasting the Company’s music, sports, news, talk, entertainment, traffic and weather channels in the United States on a subscription fee basis through its two satellite radio systems.
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