Sirius XM Reports Higher Fourth-Quarter Profit

 

Sirius XM Radio announced that its fourth quarter revenue and income were both up from the same time the previous year.

Revenue came in at $892 million, a 14 percent bump. Net income was at $156 million, a significant increase from $71 million in the fourth quarter of the previous year.

Overall, the company highlighted how it was adding customers.

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"Thanks to the outstanding team at Sirius XM, we capped a great 2012 with a strong fourth quarter, adding more than 500,000 net new subscribers and attaining outstanding revenue, adjusted EBITDA, and free cash flow," said Jim Meyer, chief executive of the company.

Sirius XM also revealed full year financials for 2012.

The satellite radio company said that it had added 2 million customers last year to reach a base of 23.9 million overall. The subscriber growth represents the best year since Sirius and XM merged in 2007.

For the full financial year, the company had $3.4 billion in revenue, up 13 percent from the previous year, and $3.5 billion in net income, up from $427 million in 2011. (The net income figure includes a $3 billion income tax benefit.)

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