Reversing its subscriber erosion from earlier in the year, Sirius XM reports that it added 257,028 net subscribers in Q4 of 2009. The satellite radio company ended with year with 18,772,758 subscribers.
CEO Mel Karmazin is also crowing about the company’s profitability.
“Based on preliminary financial data, we expect to report over $100 million of free cash flow for 2009, an extraordinary improvement over the pro forma negative free cash flow of $552 million that the company experienced in 2008. This is the first year in our history that we have generated positive free cash flow for the entire year,” Karmazin noted.
“Our fourth quarter subscriber results mark two consecutive quarters of net subscriber additions for Sirius XM and are the highest since the third quarter of 2008. Improvements in automotive sales, conversion rates and better than anticipated self-pay churn suggest that the outlook for the auto sector and the effects of the economy on our business are beginning to improve,” Karmazin said.
Sirius XM said it will release detailed financial results for 2009 in February.
