Sirius XM Swings to Fourth-Quarter Profit
The satellite radio company ended 2011 with a record subscriber count of 21.9 million and projects net additions of 1.3 million this year.
Sirius XM Radio on Thursday reported improved fourth-quarter financials and said it hit a record subscriber count of 21.9 million at the end of 2011.
The satellite radio firm posted quarterly earnings of $71.3 million, compared with a year-ago loss of $81.4 million.
Revenue rose 7 percent to $784 million as the company added 542,966 net subscribers in the fourth quarter, up from 328,789 in the year-ago period.
Sirius XM CEO Mel Karmazin lauded "another record-setting year in 2011." For 2012, he forecast growth in revenue, adjusted operating cash flow and subscribers. Net subscriber additions should hit 1.3 million this year, Sirius projected.