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SiriusXM Passes 24 Million Subscriber Mark

Satcaster reports Q1 revenues of $897 million

Sirius XM Radio first quarter revenue was $897 million, up 12% from the first quarter 2012 revenue of $805 million.

Net income for the first quarter 2013 and 2012 was $124 million and $108 million, respectively.

The satcaster says subscriber numbers continue to grow. The total paid subscriber base reached 24.4 million, up 9% from the same period a prior year ago.

At the same time, its subscriber acquisition costs continue to decline. While gross additions climbed 16%, total SAC excluding purchase price accounting adjustments fell slightly year-over-year to $138 million in the first quarter of 2013, driving an improvement in SAC per gross addition of 15% to $51 from $60 in the first quarter of 2012. 

New SiriusXM CEO Jim Meyer is especially proud of the SAC cost decline, telling analysts: “We turned in our best first quarter for subscriber additions since the merger.”