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XM Canada's revenue rises – but their quarterly loss doubles
The Canadian satellite radio operator had a good news/bad news report. The quarterly revenue for Canadian Satellite Radio Holdings rose 53% from the same time last year, and XM Canada also reported an increase in subscribers. The down side was a quarterly loss that nearly doubled from the same time last year, blamed on a $17.3 million foreign exchange currency drop. XM Canada President & CEO Michael Moskowitz looked on the positive, saying, “Despite prevailing economic headwinds, our performance continued to improve in the first quarter of 2009. Over the past year, we have made prudent strategic decisions to reduce costs and to drive revenue through high return initiatives.”
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