Posted by Bram Teitelman on Fri, Feb 26, 2010 at 4:12 pm
radio company SiriusXM has just posted their first quarterly profit since the two companies merged in 2008. Billboard.biz reports that thye posted a fourth quarter net income of $14.2 million. They had lost $245.8 million in the same time period a year ago. And if you bought stock in the company back then, you’re doing great. They had been as low as 5 cents/share last year, around the same time they almost had to declare bankruptcy. Stocks ended the day at about $1/share today.
There’s better news ahead for SiriusXM as well. While the recession isn’t over yet, car sales are starting to pick up. Many new cars come with a trial subscription to the satellite company, whose rock channels include Liquid Metal (what up, Jose?) and Octane, as well as Hair Nation and the ‘classic rock that rocks’ channel Buzzsaw. Since those cars sold count as subscriptions, that’ll help as well, and SiriusXM expects about 500,000 more subscriptions to their already-sizable 18.8 million they ended 2009 with.