SIRIUS XM Radio Inc. (SIRI - Analyst Report) declared its financial results for the first quarter of 2011 that barely met the Zacks Consensus Estimates. Quarterly GAAP net income was $78.1 million or 1 cent per share compared with a net income of $41.6 million or 1 cent per share in the prior-year quarter. First quarter EPS of 1 cent was exactly in line with the Zacks Consensus Estimate.
Quarterly total revenue of $723.8 million was an improvement of 9% year over year, and slightly below the Zacks Consensus Estimate of $726 million. The year-over-year revenue growth was primarily attributable to an increase in the subscriber base, higher sale of "Best of" programming, and rate increases to the company's multi-subscription and Internet packages.
Quarterly total operating expenses were $559.7 million compared with $538.6 million in the year-ago quarter. Operating income, in the first quarter of 2011, was $164.2 million compared with an operating income of $125.1 million in the year-ago quarter. Quarterly adjusted EBITDA was $181.4 million compared with $157.8 million in the prior-year quarter.
During the first quarter of 2011, SIRIUS XM generated $18.1 million of cash from operations compared with a cash consumption of $37.7 million in the prior-year quarter. Free cash flow (cash flow from operations less capital expenditures) in the reported quarter was a negative $16.8 million compared with a negative $127.2 million in the year-ago quarter.
At the end of the first quarter of 2011, SIRIUS XM had $433.7 million cash and cash equivalents and $2,766.8 million of outstanding debt compared with $586.7 million cash and cash equivalents and $2,891.7 million of outstanding debt at the end of fiscal 2010. At the end of the reported quarter, debt-to-capitalization ratio was 0.90 compared with 0.93 at the end of fiscal 2010.
Quarterly total revenue of $723.8 million was an improvement of 9% year over year, and slightly below the Zacks Consensus Estimate of $726 million. The year-over-year revenue growth was primarily attributable to an increase in the subscriber base, higher sale of "Best of" programming, and rate increases to the company's multi-subscription and Internet packages.
Quarterly total operating expenses were $559.7 million compared with $538.6 million in the year-ago quarter. Operating income, in the first quarter of 2011, was $164.2 million compared with an operating income of $125.1 million in the year-ago quarter. Quarterly adjusted EBITDA was $181.4 million compared with $157.8 million in the prior-year quarter.
During the first quarter of 2011, SIRIUS XM generated $18.1 million of cash from operations compared with a cash consumption of $37.7 million in the prior-year quarter. Free cash flow (cash flow from operations less capital expenditures) in the reported quarter was a negative $16.8 million compared with a negative $127.2 million in the year-ago quarter.
At the end of the first quarter of 2011, SIRIUS XM had $433.7 million cash and cash equivalents and $2,766.8 million of outstanding debt compared with $586.7 million cash and cash equivalents and $2,891.7 million of outstanding debt at the end of fiscal 2010. At the end of the reported quarter, debt-to-capitalization ratio was 0.90 compared with 0.93 at the end of fiscal 2010.
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