XM Canada this week reported its financial results for the fiscal year and fourth quarter ended August 31, 2009.

The firm reported that revenues for the fourth quarter and fiscal year were up 17% and 33% respectively over the same periods a year earlier, however, the company still had a net loss for the year of $41.5 million, down from $56.6 million a year earlier.



XM Canada reported total revenue for fiscal 2009 was $52.5 million up from $39.5 million in 2008 while operating expenses were $93.3 million down from $96 million in 2008. The company has now lost over $312 million since its inception.

On the subscriber front, the number of XM subscribers increased 18,000 in the June to August time frame. The total number of self paying subscribers on August 31st was 380,900, up 17,500 during the quarter. Self-paying subscribers are actual customers who paying for the service and do not include subscribers currently in an OEM trial period where the automakers has agreed to pay for all or a portion of the trial period service; or subscribers through wireless providers where XM receives a portion of the revenues.

For the fiscal year 2009, XM Canada added 70,800 self paying customers.

The Average Monthly Subscription Revenue per Subscriber (ARPU) was for the fourth quarter was $11.74, down from $12.06 for the fourth quarters 2008. On a full year basis ARPU was essentially flat year-over-year ($11.88 versus $11.85).

The following are XM subscriber counts since its inception: (the numbers in brackets are the reported number of self paying subscriptions.)
  • August 31, 2009 - 515,800 (380,900)
  • May 31, 2009 - 497,800 (363,400)
  • Feb 28, 2009 - 508,700 (351,200)
  • Nov 30, 2008 - 514,500 (329,300)
  • Aug 31, 2008 - 497,400 (310,100)
  • May 31, 2008 - 439,900 (280,400)
  • Feb 28, 2008 - 395,400 (251,400)
  • Nov 30, 2007 - 350,000 (214,100)
  • Aug 31, 2007 - 306,000 (not reported)
  • May 31, 2007 - 269,900 (not reported)
  • Feb 28, 2007 - 237,500 (136,400)

Previous quarters reporting methodology: ***
  • Nov 30, 2006 - 147,000 (not reported)
  • Aug 31, 2006 - 120,000 (91,200)
  • May 30, 2006 - 80,000 (64,000)
  • Feb 28, 2006 - 50,000 (44,000)

*** XM Canada changed its methodology for counting subscribers in 2007 which makes year over year comparisons difficult. Under its new methodology, XM subscriber counts now include factory-activated automobile subscriptions.

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