XM CANADA SUBSCRIBER BASE GROWS BY 86 PER CENT TO 350,000 SUBSCRIBERS Strong double-digit growth continues with almost all growth in self paying subscribers CNW Canadian Satellite Radio Holdings Inc. ("CSR"), through its XM Canada satellite radio service, announced today it has achieved 350,000 subscribers as of the end of its first quarter ended November 30, 2007. The number of subscribers increased by 86 per cent over the first quarter of last year.
"We are experiencing double-digit growth in our subscriber base due to a significant increase in the number of vehicles that are rolling off the automobile manufacturing line with XM satellite radios and due to the continued improvement in our retail market share with our NHL exclusivity," said John Bitove, Chairman and Chief Executive Officer of XM Canada. "I am also pleased to report that almost all of this growth is in self paying subscribers. The more people are exposed to XM's best-in-class programming and unbeatable sound quality, whether in the car, home or office, on an Air Canada flight or on their mobile phone, the more people are signing up as subscribers and spreading the word.
"XM Canada's retail market share continues to accelerate thanks to our NHL exclusivity, new sleek plug-n-play satellite radios and our growing network of retailers. With the addition of 1,200 Shoppers Drug Mart and Zellers stores for the holiday season, we now have more than 5,500 stores and kiosks across the country, as we enter the largest and most important retail season of the year."
As part of the company's continuing efforts to align its definitions more closely with industry norms, XM Canada's subscriber numbers now include rental cars installed with XM Canada's service for which the Company receives compensation. Excluding rental cars, XM's subscriber base was 338,000 this quarter and 306,300 at the end of the fourth quarter of 2007. XM Canada's agreement with Avis Budget Group, Inc. was completed in March 2007, and therefore there are no rental vehicles in, and therefore no adjustments to, the first and second quarter 2007 subscriber numbers.
The subscriber numbers reported today are based on unaudited results. Please refer to Management's Discussion & Analysis that will be filed in conjunction with the Company's financial results for the first quarter ended November 30, 2007 for greater detail on the subscriber counts. |