Sirius XM Radio Grows Subs to 25.8 Million in First Quarter

4:28 AM PST 04/24/2014 by Georg Szalai
Sirius XM Radio CEO Jim Meyer

The satellite radio giant, controlled by John Malone's Liberty Media and led by CEO Jim Meyer, added 266,799 net new subscribers.

Sirius XM Radio on Thursday reported improved first-quarter adjusted earnings amid continued subscriber growth.

The satellite radio company, controlled by John Malone's Liberty Media, added 266,799 subscribers on a net basis in the latest quarter, ending it with a total of 25.8 million paid subscribers, a new company record.

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Sirius, led by CEO Jim Meyer, reported first-quarter adjusted earnings of $121 million, up 46 percent compared with $83 million in the year-ago period. Before adjusting for special items, earnings dropped from $123.4 million to $94.0 million.

Quarterly adjusted operating cash flow, the profitability metric that Sirius focuses on, jumped 28 percent to a record $335 million. Revenue increased 11 percent to $998 million.

Said Meyer: "Our business continues to perform well."

Sirius has predicted that it would add approximately 1.25 million net subscribers this year.

Email: Georg.Szalai@THR.com
Twitter: @georgszalai

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